LONDON (AFX) - Chaco Resources PLC said it is proposing the reverse takeover
of two Paraguayan companies -- Amerisur SA and Bohemia SA -- from Candey SA and
Daniel Sztern in exchange for 27,322,404 new ordinary shares in the company.
It also plans to raise up to 750,000 stg before expenses in a placing of
36,585,365 new ordinary shares.
The company's shares were suspended on Sept 3 and it said it expects this to
be lifted today. It has called an EGM for Nov 15 to approve the acquisition and
placing plans.
Amerisur holds two oil and gas prospecting permits in Paraguay and is the
registered applicant for exploration and exploitation concession contracts over
the same permit areas. Bohemia holds registered applications for an oil and gas
prospecting permit in Paraguay and for an exploration and exploitation
concession contract over the same area.
The exploration areas covered by these three applications comprise a total of
approximately 48,000 square kilometres of the Curypayty and Parana Basins.
Chaco said these basins extend respectively into Bolivia and Brazil, where
commercial oil and gas production has been established for many years from
similar geological sections.

Bugz, in case you don't have L2 WDBM is a buyer, high bid @8.15.
He's been there most of the day.

I see the reason this is dropping today is purely MM's scaring out a few sellers as the RNS is delayed. We saw it a few fridays ago, they gave the tree a good old shake to scoop up any loose stock, what happened on monday.....it made all the gains back and went to new highs!!! Same old tricks.

Shrewd move those that are following WBDM's lead today. I guess Merrill won't be giving much stock at 8.5 before running.

(Edited)

bugz....it's not a huge drop....the market today has clouded the picture....mm's maybe using this as an opportunity to shake out some sellers prior to news....as mentioned earlier....time will tell....perhaps read and learn should be read as 'watch and learn' when all hell's let loose....I feel something big is coming whatever it is (just hope it's good!!).

Well I threw my whole student loan in at 8.46 so lets just hope all hell is let loose soon! ;) I'll have no beer money!!!!

Bugz, no beer money!!!!!!! Thats a step too far. LOL. Good luck.

Reasons to be cheerful from Alfred Palfret on ADVFN this morning:

'If they had not been successful in their application then according to LSE rules they would have had to come to the market to announce this. They have not. Further, they had every opportunity to say that they know of no reason for the recent price moves. Again they did not. Yes, we 'know' that the news will be good. I have been buying more this morning.

Alfred'

Makes sense to me!


stateside

Hi stewart 3250
sorry for the delay, quoted from money week "shares in this oil and gas explorer should be boosted by the high oil price, but the group active in south america ,with a main focus on paraguay, is for risk takers only BUY
lindos

I think today was probablythe last 'shake out' before we get to hear some news. I would expect WDBM to be after any stock quite strongly tomorrow, with a real likelyhood of an RNS this week. I'd like to think that all the paperwork is in place for tomorrow but this has already proved to give rise to 'false dawns'. All I think we can be really sure about is that what we expect to happen will happen and that we are in the closing stages before the next phase (developing the Colombian wells and exploring Paraguay) begins.

Sharesure,
Can you please stop stating " RNS this week" every day. This statement of yours has become a joke. I dont care when RNS comes out. I have invested in this company for long term. So if the RNS comes out tomorrow or next month it does not makes any difference to me as long as it is good news.

"I don't care when RNS comes out"

Perhaps it's best you toddle off back to where you came from then kaysmart because plenty of other holders DO care and are actively monitoring their investment for developments.

I am inclined to agree with your comments sharesure, the RNS has been delayed far longer than most expected and although this is frustrating for holders who want to see the facts of chacos progress I believe the delay to be a very good sign.
A big deal is naturally going to take time to prepare. If the news was insignificant then the management could have thrown out a token RNS weeks ago. The fact that they haven't tells me it's looking good.

MPH, Agree with your comments. But probably best to ignore her and maybe she'll take your advice. Would be interested to hear how WDBM are doing on the bid later.

Can someone please explain what on earth is going on here? Are they trying to get people spooked into selling cheap to build their stock or is it more serious.....The same message is going on the YOO board!!!!

MM's are getting people spooked, that is their business, weak holders will sell, I have just topped up with another 50,000 @ 8p, you need patience and confidence with what you are doing, although i agree it can be a bit nervy.

The bid still dropping and hardly anyone selling.......hang in there everyone.....bought in at 5.5 and 8.5 so this better fly!!! Ineed to pay the ex mrs off!!!!!!!

Spot on stewart, an MM shake nothing more, theres no volume going through.

WDBM has been buying stock all day, he's no mug. He won't be buying on the way down during a shake out if he doesn't expect it to lift back above highs.

The MM's aren't stupid, they know what price level will start jangling the nerves of the weaker investor.

She will be sorry she left !!

Stewart well done on your 8p purchase. That price is no longer available. 8.1p now

Thanks mate, just would like to have that RNS out regarding Colombia, they must update the market very soon

Anyone can tell which MM is WINS? Thanks

arkantos, WINS has just moved up on the offer from 8.1 to 8.2

It didn't take much to scare him off!

Yes I see M_P_H. I have a hate-love relationship with them!! (just kiddin').
In any case, I think some are trying to buy as much as possible.