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.

How long will it take CHP to get hold of a drilling rig and start drilling tests, once they have the go ahead for Primavera? If this is months rather than weeks there could be quite a wait for news, unless there are further updates on Alea and other developments in the meantime.
LL

LL, Rigs apparently scheduled for April/July; it's in the operator's, Ecopetrel's, interest to get rigs there as quickly as possible.

Thanks Sharesure,
I read that Chaco have earmarked $1.25m for the first phase programme which will be borne 100% by Chaco. $50k will be to re-process and re-interpret existing seismic, and $1.2m is to drill 3 shallow wells.
Is Ecopetrol a joint participant on Primavera or is it to be Expet and Argosy Energy?
Cheers,
LL

LL, Ecopetrel are expected to start drilling Alea in the second quarter 06; I believe that you are right that it is Argosy and Expet which wiould do the drilling in the Primovera block. All have an incentive to drill as soon as they can get a rig, so hopefully a similar timescale.

Sharesure - this meeting is on Thursday right? and a decision is excepted anytime after that?

last days below 20p .

What year ?

News before the end of the month - T10 buying should start tomorrow or Wednesday, not sure if it is the last day below 20, but the constant buying over the next few days should push it back to about 18pence alone, the RNS should then take us to 25pence, and then it is upto the institutes and PI's to see where the SP goes from there, no doubt there will be profit taking(have to say I'll be one of them), but reading through advfn, there seems to be alot of long term holders - not sure if this is the next cne, but certainly has alot of potential a good buy at these levels. Sorry guys only in for a short term rise as I have my eye on something else for the long term, but good luck to all short and long termers here as it looks like a good company

TFC
Bonjour Jamie, you don't seem to share the same enthusiasm that others have for this share...as a respected poster and with your links to the oil industry, I would welcome your views on Chaco.
Thanks in anticipation.
LL

Remind me - is J'amie the subjunctive case?

Stockdog,
I'd tell you if I knew what it was! lol
LL

LL, I'm not sure strict conjugation applies in the Fens does it?

it is interesting that with the meeting being held this week that Chaco have conservatively said they expect to hear by the end of the month.
reality suggests they would know within a short time of the meeting ending

Tokyo & brianrog It seems that the mistake on the last documentation was a Ministry one therefore it may be an item that they will prioritise to sort out early on in their meeting. Suspect that the confirmation may be available very soon on Thursday.

sharesure. are you able to update us with the further information you mentioned earlier this month, or will you post it after th RNS?

ps any information is greatly appreciated.

TIA

Sharesure - I'm reassured that the documentation error appears to be a Ministry one rather than a Chaco one. The latter really wouldn't look good!

Well fingers crossed for Thursday, it's a long termer for me anyway but a little rise would be reassuring!

Vistauk I am compiling a list of future events but until the RNS is released on Primavera it isn't possible to complete it. The Primavera block, apart from being very oily - as shown by several surrounding fields and also what the company has extracted from the seismic records they now have - will make such a big impact on CHP's existing reserves. I don't regard Thursday's meeting as anything other than a rectification of an admin. error.

Sharesure,
Your posts are as always appreciated
Good to see the sp is holding steady

Sharesure
With the time difference I assume we coukln't expect an RNS until Fri am at the earliest?