Result of AGM

5 Oct 2005 14:40

Chaco Resources PLC05 October 2005 CHACO RESOURCES PLC ("Chaco" or "the Company") AGM AND LICENSE APPLICATIONS At the Annual General Meeting of the Company held on Wednesday 5 October 2005,all the resolutions set out in the Notice of Meeting dated 5 September 2005 werecarried unanimously on a show of hands. On 3 October 2005, the Company announced a farm-in agreement to join RepsolExploracion Colombia to exploit an undeveloped oil field in the Putumayo Basinof Colombia, where an existing well had flowed at 533 BPD prior to being pluggedin 1988. At the Annual General Meeting, Graeme Stephens, the newly appointed technicaldirector of the Company, identified the Alea Field in the Guara Block as beingthe oil field in question and in which the Company will earn a 25% interest.Graeme Stephens went on to outline further exploration and production licenseapplications the Company had made through its partners in Colombia to acquire a55% interest in two blocks in the Llanos Basin. He emphasised that these were,at this stage, just applications and there was no certainty of the outcome. Jon Pither, the Chairman commented "I would like to congratulate my co-directorson their very concrete achievement in securing this significant contract withRepsol in Colombia." Chaco Resources plc (AIM Trading Symbol: CHP) has offices in the UK, WesternAustralia and Paraguay and intends to open an office in Colombia shortly. Enquiries:- Chaco Resources plcMartin Groak:- 07949-209 301Website:- www.chacoplc.com Daniel Stewart & Company plcMarc Young:- 0207-776 6550 This information is provided by RNS The company news service from the London Stock Exchange