AMER.L Regulatory News (AMER)

5 Apr 2007 14:45

Chaco Resources PLC05 April 2007 5th April 2007 Chaco Resources plc ("Chaco" or "the Company")) Cachapa #1 drilling result Chaco Resources Plc (AIM: CHP), the oil and gas explorer and developer focusedin South America, announces that drilling on the Cachapa well on the Primaverablock in the Llanos Basin in Colombia has completed. The well, which was operated by Gran Tierra Energy, was drilled to 3,551ft into basement did notencounter commercial quantities of hydrocarbons and has been plugged andabandoned. Chaco Resources had a 55% interest in the well. The Company has gained some valuable experience and information which will be used within itsportfolio. The drilling rig will shortly be moved to the Sayona-1 location within thePrimavera Block. Chaco and its partners, Gran Tierra Energy Colombia and Expet SA applied for thePrimavera contract in September 2005, approximately a year and a half before thepresent management team assumed control of Chaco. The current exploration phaseterminates in May 2007. Competent person: Technical information in this announcement has been reviewedby John Wardle Ph.D., the Company's Chief Executive. John Wardle Ph.D has 23years experience in the industry, having worked for BP, Britoil, Emerald Energyand Pebercan, and is a trained drilling engineer. - Ends - For further information, call: Jerry Keen, Blue Oar - 020 7448 4492 Billy Clegg/Caroline Stewart, FD - 0207 831 3113 This information is provided by RNS The company news service from the London Stock Exchange