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.

That reads much better, a 55% interest in the next applications, why did they not say that earlier, also in the Llanos area much easier to extract

55%, that's excellent. Much more like the sort of figures we were talking earlier.

My understanding is that the company (i.e. Graeme Stevens) knows exactly how much oil is there and that these fields have significant reserves. Llanos is a light sweet crude area - the stuff US refineries need.

They have confidence that they will secure a 55% stake of probably hundreds of millions of barrels of oil.

Alfred

Alfred,

I am surprised the price has not started to rise on the back of that RNS, it sounds very good to me, no mention of Placing price yet though.

There is a summary on the ADVFN board of the AGM by Victor, ha is a disgruntled holder from GMS days so a little biased to say the least, but its worth a read, I can copy and paste here if you cannot get it, its a bit of a long read mind.

stewart - not a member of advfm - so yes please to the Copy & paste request

baza

Although posted above, today's RNS not shown on MoneyAM stockwatch board

Apologies

The above is fact mixed with fiction. He takes every opportunity to throw doubts into the mix and he has been very clever this time to spook people furher. Victor has his own agenda to get the sp down.

I would advise reading the official version of the AGM from Chaco.

Further, although the company emphasises that the applications have not yet been granted, the company must be very confident of being successful. Just like last time when they said that 'if successful Graeme Stevens will join the board'.

Alfred

Alfred,

I fully agree with you and I pointed out to people on this board prior to posting, I felt that it was worth a read, it gives people an idea of what happened although as I said before I posted it is very biased and yes he clearly has his own agenda.

Have you thoughts on the selling price, I thought the RNS was very bullish and felt sure it would move the price North.

I look forward to reading Sharesure's own report on the AGM once he returns from London

Some post AGM buying now as WDBM pushes the bid higher.

A very interesting read even if it has started to put doubts in my head!!
The next 2-3 weeks should make things clearer if that post is correct.
DB66

Now 2:1 @ 7.25:7.5 and 100k:50k

db66,

I posted the above so people could get a flavour of the meeting but remember Victor is a very bitter individual because of dealings with the company under the names GMS, I do not know what happened but it had made him a very disgruntled shareholder.

I assume it is something to do with a dillution, but that should not matter to us in October 2005, I have him filtered again in ADVFN so that is what I think of his comments, however some people on here did want to see the summary so I felt it not unreasonable to post, if anyone has an issue with the post let me know, I have no concerns with removing it.

Stewart - I would leave it - you have given good health warnings to all to read with a pinch of salt - thats my view - but being selfish - now that I have read it - I dont mind if you do delete it

baza

I will do as full account as soon as I can later but the post which Stewart has copied from another thread comes as a surprise to me . I was with three others at the meeting and our take was very different. At the previous EGM there was only one other private shareholder who I did not know. He made some factuous comments and in the end two of the shareholders (one of which was me) told him to shut up because he was being gratuitously rude and really couldn't make a coherent point. Chairman John Pither was more than patient with him. The odd thing is I didn't see him there this time so if he claims to have been at both meetings then he must have been in heavy disguise today!!
My summary of today is that CHP will go very well ( quite capable of having 400m barrels of recoverable oil in the near future if their plans turn out as they hope. Certainly there will be some things that change but even if they only achieve 25% of that it is still a huge figure for a company the size of Chaco. Also the comment re the placing for the deal just announced is being done at the moment and I doudt that it will be allowed to go at under 8p from what I gkeaned. Much more later or early tomorrow.

Stew,

I would remove it and not give the loon the time of day. We have put up with months of insane dribble from this clown for months on advfn, he is cleverly putting doubt into minds and I personnally would not help him in any way.

cc

Thanks sharesure, very kind of you to take the time to post your summary for those of us who could not attend. I look forward to reading it.

I am waiting for a phone call from a shareholder who also attended. I will post any extra info he gives me if not already covered.

Stewart thanks for posting i like to read other peoples comments but what i`m really looking forward to is sharesures posting later tonight or tomorrow.
Its good to have someone who`s willing and able to spend the time at these AGM`s
DB66

Sharesure, I am going to remove Victor's post as I posted it for a general overview and I do not want to cause mischief, it was posted with many warnings, but there it has gone.

Sharesure I hope you were not offended it was just that some on here wanted an idea of how matters went, it would seem some untruths were stated and for that I apologise.

Sharesure - thanks for that quick feedback - really looking forward to your analysis and feedback later as you always present a balanced view.

Apologies if I have upset some re the post from ADVFM for asking it to be posted.

baza