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.

Closing multi-party, multi-national deals is not easy, but much of it is done by email these days. Perversely, this lengthens the process. In the old days, a draft agreement was produced, after agreement at a meeting had been reached, attempting to reflect that agreement as accurately as possible. After a couple of rounds being circulated for comment and re-draft, it was usually pretty much there. These days a draft is issued by the controlling party of the document as a first round challenge of their negotiating position to all other parties. The permutations for comments on the draft, followed by comments on the comments on the comments - even on issues which are not strictly relevant to the interests of the commentator - can lead to many weeks of finaigling and finessing. This process is often brought to a head by a conference call. However, a physical meeting of all parties round a table can make real progress on an otherwise intransigent position.

I wouldn't be surprised if it has just taken this long to agree on documentation for signature - not so much a function of physical distances between the parties, more of commercial and legal differences, especially if any banks and/or security documents are involved across national boundaries and legal jurisdictions.

I guess the AGM puts a cap on it though - unless they miss that too.

sd

From ADVFN

valentine - 27 Sep'05 - 11:23 - 4015
Interesting item, depending on moral point of view.. Mention of Repsol and Putumayo region. US Govt introduce 18,000 peacekeepers plus baggage to placate local 'terrorists' in region in effort to safely extract known oil resource.
Seem to be succeeding?

http://tania.blythe-systems.com/pipermail/nytr/Week-of-Mon-20041018/007950.html


stateside

400k T Trade @ 8.35

MPH, one for 400,000 and another for 250,000 , yep it has been deleted

Stewart the 250k was deleted on my feed?

A geniune miskey or a sly signal if you've got your cynics hat on!

AGM is getting nearer-so is news!

Sharesure, Are you about? I assume matters are the same, nothing new, price still holding up well.

Stewart, Position is still the same; guess we all just have to let them tie up these deals as soon as they can. I am sure they have every incentive to want to get them finished.

Are directors still in Columbia, if so they must have a lot to iron out?
Still waiting patiently & considering top-up today.

Sharesure, Thanks for that, its a pain but I am happy to wait have held since they were 2.93p, now average about 5.5p so cannot complain.

I thought that article in The Times read very well, very surprised it did not attract more buyers or move the SP, by the way hope you did not mind my email.

Stewart re email, not at all. It is frustrating having to wait but it seems WDBM are still soaking up stock.Being insiders they wouldn't do that if they were in the least worried about this being anything but great news. It would be nice if the delay has been caused by the deals being more extensive than they are reckoned to be. Roll on getting confirmatory news of even the 3 areas that are believed to be involved.

Odds on they are going to make an announcement (whatever the news is) at the AGM.

blackdown,

I don't think they can do that. Price sensitive info has to be given to the market first. So maybe on the morning of the AGM but not at the AGM.
Surely the board would not want to go into an AGM knowing they have to watch every word they say so as not to breach FSA guidelines. The AGM would also be an ideal time to welcome and introduce Graeme Stephens to the fold.
Got to be sooooooooon............

cc

Can'y wait !!!!

Baza

News today would be welcome or the weekend will seem very long!

Sharesure,

Are you hearing anything ref the announcement being before the AGM? It would seem a pointless meeting without the biggest news in the companies history to 'chat' about! I'm confident of the outcome (15p-25p) and am prepared to wait but God it's getting tedious!!!!!
These 7am starts are killing me!

cc

Small tick up.

De Broe positioning himself as prime buyer now

cleverclogs

Sharesure's computer went in for fixing yesterday.

He cannot post until he gets it back - hopefully later today.

MPH

Thank you for your reassuring post above.


stateside

Mind my ignorance, when is the AGM date.

5 October, next Wednesday