shares magazine4 Jan 2007 13:32
Investors wait patiently for Chaco Time
A busy 2007 could breath life into Chaco's share price after a pretty disappointing last year or so. The Latin America based oil explorer plans to start drilling on 3 projects, Platanillo,Peuto LopezOeste, and first up the Primavera prospect in Colombia. But the company admits that it may have to be flexible, with neither the timing nor the drilling logistics easy to predict.
In the meantime, with no revenues as yet, losses widening for the 6 months to end of September going from £380k to £590k.
However Chacos management remain convinced that 2007 will be the watershed that its investors are hoping for, a year in which it should make the sizeable transition from pure explorer to a producing company.
Shares says: a breakthrough is on the cards but further patience is required for now
.by Steven Frazer (Shares Mag)