AMER.L Regulatory News (AMER)

28 Jun 2007 07:04

Chaco Resources PLC28 June 2007 28th June 2007 07.00am Chaco Resources PLC ("the Company") AGM Trading Update Chaco Resources PLC, (to be re-named Amerisur Resources PLC) holds its AnnualGeneral Meeting ("AGM") today at 9.30am. At that meeting, Giles Clarke, Chairman will make the following comments: "The new management team at Chaco has made a satisfactory start and our keyprojects in Colombia are progressing according to programme." In addition, John Wardle, CEO will give the following update: "On the Fenix project in the Middle Magdalena Valley we expect the topographicalsurveys currently under way to be completed by the end of August, and that dataprocessing of the 3D seismic obtained would commence in September." "In addition, the Joint Operations Agreement ("JOA") between Ecopetrol, Repsoland Amerisur in the Alea field was signed on 22 June, only the second JOA eversigned by Ecopetrol. The re-opening of the existing well at Alea and drillingof two further wells are on track for calendar Q3/Q4 2007 as advised. We arecurrently in negotiations with Repsol to increase our working interest in theAlea field by acquiring some or all of their working interest." "Our operator Ecopetrol has secured a rig capable of drilling to the requireddepth which has allowed our JV to bring forward the drilling of Platanillo 1.This is now scheduled for Q3 2007 with the re entry of Alea 1 scheduled forearly Q4" "The Company is evaluating in detail several investment opportunities inColombia which fit the Company's announced strategy of acquiring near term oractual production fields." "I am also pleased to report that we have received the independentreinterpretation study of the pre-existing San Pedro ( Paraguay ) 2D seismicdata which is currently under review." "I am optimistic that we will report good progress this year in our goal ofbecoming a oil producer in Colombia." Proposed Change of Name and Placing Subject to shareholder approval at the AGM, the Company's name will be changedfrom Chaco Resources PLC to Amerisur Resources PLC. In addition, approval fromshareholders will also be sought for the proposed placing announced on 24th May2007 to raise £15m before expenses through the issue of 250 million new ordinaryshares at 6 pence per share. Dealings in the existing and new shares of theCompany are expected to commence on 29th June 2007 under the ticker AMER.L. Afurther announcement will be made later today. Ends ENQUIRIES: Billy Clegg/Caroline Stewart, Tel: +44 (0)207 831 3113 Financial Dynamics Jerry Keen/Romil Patel/Rhod Cruwys, Tel: +44 (0)20 7448 4400 Blue Oar Securities Plc This information is provided by RNS The company news service from the London Stock Exchange