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.

Thanks MPH. Although a good start this is not the extent of the deals which my source says they are in for. I'll try to find out more.

I am hearing the same sharesure, more to come.

WDBM still buying at high bid

Are you guys hearing more news to come today, or AGM?

cc

Sharesure, MPH, the existing RNS I would say falls short of what people were expecting and perhaps most of the RNS issued has been built into the price.

It seems to me that alot of people at the moment are not sure what to do, the RNS does not give us a great deal of detail and so difficult to value the news, are you aware of any more information to come out and have you heard when to expect it.

CC & Stewart, Am pretty certain this is only a small start but am trying to find out more. The fact that WDBM are still high bid suggests this is not the only bit of news that is in the pipeline. Two separate sources I have were suggesting some much more lucrative deals were afoot.

pwehaps they will use the AGM to elaborate ??

Thanks for the update ss. I think a few of us without your 'contacts' are feeling a little bit in limbo at the moment. Surely with the amount of time we have been waiting for this RNS they should be able to give more details.

cc

Morning all

I suspect that the announcement this morning is the first of a series. Or, alternatively, this is what was required to confirm Graeme Stevens appointment to the board prior to the AGM.

They are certainly keeping information out of the market at the moment. What is the price of the placing? What is the size of the field?

I think that these questions will be answered in the very near future and that anyone not invested may miss out on the big one.

This is not the big one, but it opens the door to that announcement.

Alfred

Alfred,

"Potential oil reserves will not be known until work is completed", so we aren't going to get that info for some time.

cc

Alfred,Sharesure

As ever many thanks for your informative comments I am sure you are correct and much more to come, I suspect that the AGM together with trying to complete the deals has been very difficult for them, one must remember that at the moment Chaco is a very small team and people can only do so much in the time allowed.

I think the first part of the Chairmans statement is probably a clue.

There are a few sellers driving this back off highs today. Strange as the AGM is so close and the likelyhood of more news either just before or shortly afterwards is very high.

MPH Tried to get more info. Seems like the AGM will yield more. Was confirmed to me that this deal with Repsol is just a starter of what should be a steady flow of news on assets. A relief as today's announcements really was well short of what was expected and presumably was done to help dampen speculation.

Sharesure
Thanks for the information-Do you think we will still hit 15p in the short term?

well i have now got 300000. of these.looking forward to agm.

Bodeng, there are so many unanswered questions in today's RNS and it doesn't contain any of the info. I had so, I think that this is a holding announcement and I would expect more to be said on Wed. at the AGM. As for sp until Wed. I don't really have a feel for where this should go to but I have no intention of selling yet as I am pretty certain this is only the first of their deals. The other thing to remember is Paraguay; no mention of it today but I was told that there is more to say on that as well.

WDBM supported the price all afternoon which is very encouraging.

MPH, I reckon that does mean that we are right to believe there is more to come either on wed. or very soon afterwards.

Sharesure I believe so. I will not be selling any of my holding with so many questions unanswered. They are not telling us the whole story yet, probably because they cannot. IMO their are numerous subtle clues in the RNS pointing to the fact that this is not the "big" piece of news holders have been waiting for.