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.

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

Dibbles, ignorance on their part? maybe to use up losses? thinking 'we've been here before'? which we haven't since this a new mgt. team. Other than that I can't help. Guess we have all had a stock somewhere in our investing life which we have sold, only to then see it rocket. I have had two like that where the idea was right but my patience wore out. I hope this is their time to experience the same thing. It hurts!

Sharesure, I didn't mean current chp holders, I meant current holders of the TEA?

Dibbles - 'Cos they need access to a lot more capital over the next 3 years to pay for exploration, analysis and eventually drilling - so they needed access to the best market in the world for it - London AIM.

Sharesure - where do you get the 10k b/d figure from? I haven't come across it in my research.

sd

Dibbles, sorry, misunderstood the question. There are a few large exploration companies which have been unsuccessful in South America for a range of reasons - lack of local contacts at the right level, not having the right locals on the ground, lack of political connections etc, before one factors in the risks of drilling failures. There are one or two large exploration companies which have already stated that they are scaling down what they do in South America. So maybe they will just abandon trying to compete with smaller, and more nimble, outfits like CHP.
Stockdog, it came from someone I know in the mining sector who is, more often than not, very well informed. I rounded down what I was told. We have not got long to wait to see if he is right this time. CHP's mgt. team are well regarded so it might pay to follow them anyway, with or without my contact's comments.

OK Sharesure, thanks.

v. interesting, thanks, sharesure - still watching - no spare dosh today.

sd

sharesure...please......

if i see an rns along the lines of what you have posted then i will fall off of my chair...all due respect but cmon...

eco

ecopjh, OK, for the sake of your safety just keep a cushion handy on the floor. Emerald Energy has just given further news on its oil strike in Colombia. So we'll see if my source is on the button very soon.

Seems a few others think that an announcement is imminent; up 0.17p and very few sells. CHP is beginning to look pregnant again! Looks very promising.

Sharesure i bought into these on a bit of a whim after reading your comments on the Griffin Minning thread and i think you might have called these right.Even if there is no announcement on Friday i think your comments of there being little downside are true.
Fingers crossed
DB66

guys, 5.9p to 120p overnight - do us a favour!!! i think a lot of people are going to be disappointed on Friday. even if there is an rns and it is positive it can't match this level of expectation.

the company only has a NAV of 1.5M; has only 1m in cash; has no revenue.

i hold because i consider the future potential to be good in paraguay and colombia. but i expect it to be gradual over time not a friday big bang.

let's get real.

WDIK, PDYOR.

camlad

camlad, you are being selective in your interpretation if you got your overnight 1.20/share expectation from my post #87 ; you will see that I mentioned 3-6 months to get the production going. Nobody would sensibly expect any full potential to be immediately reflected in the price but you would have to admit that in the current mkt., where oil is flavour of the month, the confirmation of something more certain than just a drilling programme is bound to set a company like CHP on a very good sp trajectory. Obviously they need to pull off the deal longer standing shareholders have been following for a few months, but if they do, I am going to be right in my prediction.

sharesure,

in #87 you said "even if it took 3 to 6 months" not that "it would take 3 to 6 months" - hence my (and not only my) interpretation. you also talk about 10000bopd which is greater than 2.5 times EEN who have 3 (or 4) wells actually in production. so chp is going to sign a deal and acquire enormous production facilities? will it use its whole 1m in cash? or perhaps issue another 1000M shares?

in #96 your interpretation of the EEN drilling/operations update implies (IMHO) a new oil strike which wasn't the case

also chp do not even have a drilling program as you suggest in #100.

and from what I've seen this week oil is not flavour of the month as the sector (as a whole) is taking a pounding.

i think people are creating unrealistic and unachievable expectations of chp in the short term. i expect there to be a positive rns in the near future but it can't match up to what some are expecting in the short term given where the company is today.

in many ways the expected positive rns is already in the price - hence the recent rise.

all the above IMHO. WDIK, PDYOR.

camlad

camlad, we'll have to differ about the effect on the sp; it's too nice a day to argue and so I am going out to enjoy it and await Friday, which I would put my money on, or whenever next week if it cannot be this week that news comes out.

Good end to the day. I think I'm not the only shareholder who thinks an announcement will be soon. Has anyone else had a market research firm ring them in the last few days to ask how they view the company (ie risk profile) and who recommended it to them? Sounded bogus to me, so would like to know what others thought if they too were approached.

The CHP announcement is still likely to be tomorrow, IMO.. If it goes CHP's way it will transform the company. The shares should then respond very positively

Hope so Sharesure, it will take my mind off some of my slower holdings at the moment...

Just moved to a new price level; hopefully this is about to happen?

Interesting series of buys this afternoon, some quite sizeable. Looks imminent for an RNS