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.

From what I am picking up there is a lot of CHP activity the first half of this week. I suspect that CHP are not able to force the pace of official releases of licences from the Colombian authorities even if deadlines for counter bids have expired. When we were waiting for the Alea deal news it took alot longer but it was very good when it came through. I am not concerned about the timing other than it is always a pity to see an sp drift downwards from boredom. I remain convinced about the quality of this stock's potential to be brilliant over a six month period. CHP has so many different opportunities in addition to the substantial value of the Alea deal.

According to a post from Amelanchier on advfn, Evil Kneivel has bought 2 million shares at 6p in the placing.

This is confirmed by kjkelly.

'Amelanchier, your news is verified by the man himself in his diaries on Tom Winnifrith's site. Re Chaco Evil Knievel says.... My man who knows reckons that 10p is the first stop and if it signs off on a deal it is working on then this will be a multi bagger.'

mabel

Isn't that SP sensitive info - and is EK at liberty to disclose such info - unless of course the RNS is tomorrow morning ???

Baza

Mabel, I doubt EK would have been able to participate in the Placing buying only 2m shares. Apart from that I would agree with the rest although first breather target is 12p and then on upwards as news of the various deals they are negotiating gets announced

I'm inclined to agree sharesure. I can't believe he would have access to the placing for a mere 120k's worth.

More plausable is that he has seen how good the chaco story is and has been quietly accumulating a long position in the open market.

I've been sitting and watching for long enough - I'm in now!

Patience is definitely the keyword on this stock

Has anyone got any timescales for likely oil production from Alea? TIA.

Dibbles, 6 months was an estimate I was told by a contact who had been presented to, and that was over a month ago. Although that seems quite quick the reasoning was that the logistics to be overcome were not considered to be that great.

Couldn`t resist just bought another 222000 of these little gems.Hope im`e right.

Copy of EK post on other bb,

hamblet,

There is no confusion: I took 2m CHP in the placing at 6p. I am told that if CHP really gets lucky this is a 200p stock.

Simon Cawkwell

cc.

He has taken 2m - so he is going to talk it up - well lets hope so - but I think he is being greedy - I have set my sell order at 1.75 !!!

Baza

What will be the price if they are not so lucky 1 ?

What has luck got to do with it - this is a fine company in the making. It will take hard work, guts and a bit of finaace along with a shrewd management team to make this fly.

Baza

Lots of buying activity now

Although the main focus for shareholders is the outcome of the TEA legislation applications in Colombia it's also worth watching the imminent outcome of some drilling CDS are doing in Paraguay on a block close to one held by CHP.
If there is oil in the quantities a lot of oil folk think there is in that region CHP could become the South American 'Cairn Energy' (CNE) and look what happened to that even though its recoverable oil is probably only around 600,000 barrels.

Sharesure,has there been a placing yet to raise funds to get oil out of the ground,if so do you know at what price. Why no movement in the price today, or is that down to the fact that a placing has happened at a lower price.Any thoughts would be welcome as your posts are very informative.Nice to have Simon Cawkwell onboard, im`e sure he doesn`t buy duff shares willy nilly.

A lot of sells went through towards the end ?

Baza

pisces, Thanks, hope what I post helps. I don't know anything about the Placing (other than when I asked to be included I was told I would be better off buying my shares in the market since they would go at a premium), but if it had been settled it would have to be announced. I am not concerned at it taking time - it may mean that they are striving for a better placing price and need to await a little more news from Colombia in order to convince the institutions that they are not paying too much. That is only conjecture on my part - it's what I would do if I was Martin Groak.
As for EK's appearent purchase, if it's true, just mystified as to what took him so long since the potential news we have all been waiting for is not even wuithin CHP's control; we all have to await the workings of Colombia's Hydrocarbons Ministry and it probably is more productive to wait rather than be to pushy with them.

Slow start today!!!