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.

Predicting how soon we can get news on this seems to be hopeless. I am told that it is all down to the complications of different time zones and 4-5 countries being involved. Agree with Stateside that we may have to wait a little longer but still expect the news to be as good as it has always been thought to be.
MPH watching where WDBM are on the bid is a great pointer. They have 26.5% of this stock in their nominee holdings and are concistently high on the bid. They are sure to be 'insiders' on this, so their confidence is a good bellweather as to how this will turn out.
Some may be spooked by the time it is taking; that's their call, I'm staying put.

Sharesure, please continue to post as much as you are allowed to.
Some posters do not seem to appreciate your info. I for one appreciate your guidance on an expected RNS release.

Too many investors are caught up in the PRECISE date that the news will be out. It is irrelevant when the news is coming, for me the most important thing is that the news is there, it's in the pipeline and we can expect it at any time. Any guidance that sharesure or other informed posters can give is a bonus.

May I just add without wanting to move off topic too much that holders of Petrel (PET) have been waiting for an RNS regarding an Iraq oilfield development contract. While I am aware the type of news is different, my point is the same.

Some investors have sold out after the good speculative rise earlier in the week. Those with more patience were still in at 14:53 today when the RNS was released.

They were rewarded with an immediate 150% share price lift.



I will continue to hold firm in CHP until we see the news.

I also believe that patience will be rewarded.

The company has to clarify the position.

I expect a positive RNS - but it is unlikely to be published before Friday.

stateside

Thanks MPH; its as much an annoyance to me that when you get info. eg predicted RNS dates, they do not materialise. In the case of CHP I am certain it is for understandable logistical reasons of time zones and countries, nevermind that the holiday season hasn't finished. I look forward to CHP outstripping PET's performance! It proves that if you aren't on board before the announcement you won't get on board for the initial ride. I'd rather have a ten bagger than a three bagger even if it required a little more nerve and patience.

Sharesure,

I do hope this outstrips PET, just patience is required now and a steady hand to keep off the sell button.

Do you really think this is a potential 10 bagger. That would value the company at some 340m. What do you base this on, they would need significant production to justify that valuation.

MM, That's what a few of us (not all who post here) have pieced together for the potential of the TEA snatch in Colombia. We just need patience, probably not too much , to watch this become a reality.

Item on the world news this morning: government of Ecuador is going to try and increase its % of oil revenues via 'partnering' agreements from 20 to 50. Hope this isn't going to be a South American trend!

Blackdown, They'll probably find that is a very stupid move; short term gain, long term pain. If other SA countries have the sense to avoid following suit, Ecuador's loss will be the rest of the region's gain. With Colombia, the reason they brought in the TEA legislation was to encourage oil companies to be more pro-active; I doubt they'd follow Ecuador or any other country with such a dumb move.

Anyone on this thread read the Report & Accounts. Although we are all focussed on hearing news re Colombia which in my view is where the imminent sp uplift will come from, the exploration areas in Paraguay (about 20% of the size of UK) medium term look very promising.

All quiet on the western front this morning. All watching the cricket!

Nice opportunity to top up pre announcement.

MPH, Any evidence that WDBM are high on the bid this morning? Very strange how little T/O either way today. Hope Statesides' info re tomorrow is right.

Sharesure, no-one apart from WINS have moved their quote since yesterday.
WDBM is happy to pick up stock at 8.5, he gave us some super support yesterday when the other MM's were trying to spoof it.
He held firm and we saw a tick up. A great sign IMO.

Very positive article about Chaco.

http://www.minesite.com/storyFull.php?storySeq=2972

sp holding well considering it's Friday and no news... as yet.
MPH any news on where WDBM are on the bid?
Alfred, are you getting any info on how CHP are getting on with the funding? I heard that it was going to a premium on the current price, 25% higher, but not sure how reliable that source is.

Encouraging to see the price hold steady despite some weaker holders selling pre weekend. Market Makers all happy to soak up the stock, not daring to drop the offer in case it attracts some buyers they can't supply to.

I'm looking forward to next weeks RNS.

Next week? thought it was meant to be this week after there was not one last week. Where are people getting these "dates" for an RNS?

Did anyone here read the minesite article?

"Details are yet to be released but the buzz in OZ is that Chaco is close to sealing a deal which could see it move rapidly from would-be explorer to junior producer via a well placed joint venture with an oil major".

First time I've seen mention of production in print.

Tipped as a buy in money week

lindos, can you post the article from money week

Sharesure great tip ! i`m 50% up but tempted to bank the profit as i have lost out many times before.
Are you still confident there is more to come,as i don`t want to bank to early if this is just the start.
If only i had a crystal ball,any way i will be looking out for your next share tip in anticipation.
db66