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.

Update on earlier post. The best part is yet to come on this one. The two exploration deals are just that, speculative but may prove to be worthwhile. The better part should be announced within two weeks and involves a development deal.

Good news this morning but better news to come soon. ppl selling on the fact issue
hoping to get back in a bit lower down b4 main news.

Taken from advfn
suesean1 - 9 Aug'05 - 09:52 - 2309 of 2319 edit

better to come.

Question; where would you find the largest gas reserve in the world?









Answer
The mouth of the Bolivian well at Tarija (the largest gas reserve in the world) is connected to the Independencia 1 well 100 kilometers distant in the Gabino Mendoza area in Paraguayan territory.

I have been told that the 'better to come' is an imminent oil producing deal; the other announcements today were to do with exploration, except the tail end piece about Colombia. In my view that is the one to watch out for an announcement on, and possibly as soon as later this month. If the exploration deals work out that is just 'extras'

Maybe a long wait now, as always in this game.

forest, I heard that a decision on the main deal is due on the 19 August. ie next Friday. If it goes CHP's way they will be really well set up in oil production, much more predictable than the exploration deals announced yesterday. The mgt. team here are considered top class by my mining contacts so expect them to win.

Well just decided to join you guys on a speculative punt with 25000 (shares that is - not 's)

Baza

Welcome aboard! This promises to be a good punt and without needing to wait too long.

Sharesure hi,
I notice on other bb's they are not so sure the next news will be an actual production deal.
You seem fairly sure it will be, do you have specific reasons for this view?

dibbles, yes, I do. I rate this being a reality by next weekend or very soon after that.

I reckon the sells v buys pattern showing today should revert to buys oustripping sales fairly rapidly as next Friday's deadline approaches and others realise they have sold on the wrong news.

Got in at 5.45p, you can let it move up now.

Hold on! I might want to buy some more next week

Good thinking, cancel that last instruction!!!!!!!

Really think that this is going to be share of the week; some interesting Buys. Would think that second half of this week is going to produce news on the Colombia oil deal. If it goes CHP's way, and there are a few options on that front, this stock will go vertical. The downside in the current market looks negligible.

CHP is marking time this morning. Some very small buys, way different from some of the larger blocks of shares bought yesterday. Past few days it seems that many long-standing Gold Mines of Sardinia shareholders are using this opportunity to move on; reckon that will prove to be an expensive mistake. If GED can be capitalised at 66m based on producing 2000 barrels/day CHP do not have to produce much to warrant a trebling of the sp. The Colombian prospect could be much larger than that.

Correction to earlier post. GED now has a mkt. cap of 93.6m. It gets its oil from Colombia, so is a good reference point for what CHP will become if it gets the development deal it is currently awaiting news on.

Two days running someone has sold 500k+ so they obviously don't see the potential.
Nice trickle of buys coming through today though.

dibbles, Don't forget there are a lot of ex GMS shareholders on Chaco's register from before the name change and subsequent transformation from trying to deal with Italian bureaucracy to get gold mining rights in Sardinia to now exploring/producing oil. The Paraguayan licences are supposed to be in very promising areas, but the anticipated Colombian production deal is an altogether different league.
GED is valued at 93.6m and produces 2,000 b/d in Colombia. CHP's deal would give them 10,000 b/d; that would give CHP a mkt. cap. of 468m, equivalent to 1.20/share! Even if it took three/six months to get that production to that level, any announcement this week that they have secured this contract will provide a share price hike like nothing seen this year, including White Nile.

Sharesure, assuming it were as big as 10,000b/d why would the current holder let that slip through their fingers?