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.

Nearly 1M sells showing in the last 45 minutes, not sure if thats people panicking with no news or some know something, any thoughts

I expect it's people panicking, they've waited for the RNS, been very underwhelmed and perhaps gave it till midday today until they bailed.

WDBM has bought nearly every single one of those sells, I don't think its wise to take the opposite view to an insider!

MPH, thanks for the info and I agree with your views, I will continue to hold medium and long, tax wise it is very beneficial.

Stewart, like me you prefer to make invesment decisions with all the information in front of you. It's only a case of hours, a day at max before we see the full picture.

Don't forget that people like sharesure will be asking very probing questions today and even if the the management can't release news to the market you can be sure they will hint/slip up and give away some very valuable information.

This is one little private investor thats still holding!
Like you said MPH, its good to have someone like sharesure there asking some very probing questions and i`m sure he will make some sense of it.
Hurry back sharesure!
DB66

I think we should expect the price to slip even further, currently

1:4 @7.7:7.95 and 50k : 200k - with only WDBM on the high bid - and a gap down to 7.5

Baza

Doen it goes
Now 1:1 @7.2:7.3 and 50k v 50k

Now the question is - are these sells the result of no news/bad news at the AGM - or panic selling in ignorance ??

ouch!

7.10 bid 7.15 offer it must be the news from the AGM.

Glad i got out a few weeks ago, cant see this recovering anytime soon. This is deffo a long term one

Good luck to all.

bhunt....probably the former (and a bit of both)...lack of new news/further developments, who knows? we'll see this evening once all is revealed...does'nt look good.

Beware of insiders bearing gifts.

another drop coming?

Well this is certainly flushing out the "traders" I wouldn't be surprised if this now climbed back up steadily now. I would be very tempted to buy that batch off WINS at 7.11 if I wasn't fully loaded.

Hands up all those brave ones who bought at 7.11 !

Offer back to 7.5 MMMmmmmmmmm and bid back up to 7.2 - profit already

WDBM now high bid looking for more sellers to grab stock from

It is a bad day generally all round from what i can see,so maybe this and a bit of panic selling are driving price down.
Hurry up sharesure before everyone sells.
DB66

The price has fallen because people expected news and it did not arrive. That is it. The company now has oil reserves. It has ex Lasmo chief Greame Stevens - the most knowledgable oil man in Colombia. The potential of this company remains as enormous today as it did yesterday. The price will recover. I have not sold any of my shares and am very confident about the short and long term future of this company.

Alfred

Result of AGM


RNS Number:2565S
Chaco Resources PLC
05 October 2005


CHACO RESOURCES PLC

("Chaco" or "the Company")

AGM AND LICENSE APPLICATIONS

At the Annual General Meeting of the Company held on Wednesday 5 October 2005,
all the resolutions set out in the Notice of Meeting dated 5 September 2005 were
carried unanimously on a show of hands.

On 3 October 2005, the Company announced a farm-in agreement to join Repsol
Exploracion Colombia to exploit an undeveloped oil field in the Putumayo Basin
of Colombia, where an existing well had flowed at 533 BPD prior to being plugged
in 1988.

At the Annual General Meeting, Graeme Stephens, the newly appointed technical
director of the Company, identified the Alea Field in the Guara Block as being
the oil field in question and in which the Company will earn a 25% interest.
Graeme Stephens went on to outline further exploration and production license
applications the Company had made through its partners in Colombia to acquire a
55% interest in two blocks in the Llanos Basin. He emphasised that these were,
at this stage, just applications and there was no certainty of the outcome.

Jon Pither, the Chairman commented "I would like to congratulate my co-directors
on their very concrete achievement in securing this significant contract with
Repsol in Colombia."






Chaco Resources plc (AIM Trading Symbol: CHP) has offices in the UK, Western
Australia and Paraguay and intends to open an office in Colombia shortly.

Enquiries:-

Chaco Resources plc
Martin Groak:- 07949-209 301
Website:- www.chacoplc.com

Daniel Stewart & Company plc
Marc Young:- 0207-776 6550



This information is provided b