19
February 2007
CHACO RESOURCES PLC
(“Chaco” or ”The
Company”)
PRIMAVERA
UPDATE FOR CACHAPA #1 WELL & NEW AREA
Chaco
Resources Plc (AIM: CHP), the oil and gas explorer and developer focused in
South America announces that the spud date for the Cachapa #1 well on the
Primavera block, Colombia, is now anticipated to be in the first half of March
2007.
The
Operator, Gran Tierra Energy Inc, has advised that the rig is currently in Colombia
and is being assembled and serviced before moving to the Cachapa wellsite.
Negotiations
for a new exploration project are proceeding satisfactorily and we hope to be
in a position to make an announcement in a few weeks time.
Competent person: Technical information in this announcement
has been reviewed by Graeme Stephens, the Company's Technical Director. Mr
Stephens is a qualified geologist and has been a member of the American
Association of Petroleum Geologists since 1970.
For further
information contact:
Nicola Brookes, Finance Director
Chaco Resources plc
Tel: 01494 431195
|
Lindsay
Mair
Daniel
Stewart & Company plc
Tel No:
0207 776 6550
|
Clare Irvine
Parkgreen Communications
Tel: 0207 851 7480
|
Notes to Editors:
Background
Chaco Resources Plc is an oil and
gas exploration and production company whose strategy is to pursue hydrocarbon
exploration and development opportunities in South America.
Chaco currently operates in Paraguay
and Colombia.
The Primavera block was Chaco’s third
venture in Colombia
where a fundamental change in the fiscal laws and an overhaul of
the state's management of hydrocarbon exploration and production permits has
created a very favourable investment environment. Chaco has teamed up with
strategic joint-venture partners (Expet S.A.)
who have many years of experience operating in Colombia and through whom it has
been seeking to participate in exploration and production (E&P) concessions
The Carbonera Sandstones are a well established, productive
reservoir formation in the Llanos basin. The 97 bbls of oil recovered in the El
Miedo # 4 Well, immediately to the East of the Primavera block, were from a
sandstone of the Carbonera formation.
The
Cachapa well will be the first of a proposed four well drilling program to be
undertaken in 2007 on the Primavera and Platanillo Blocks and will represent a
significant milestone in Chaco’s corporate development. This will be the
first well drilled by Chaco since its move
into the oil and gas sector.
For further information on this and Chaco’s other
interests in Colombia and Paraguay
please see the website www.chacoplc.com
Chaco Resources plc has offices in the UK, Western Australia,
Paraguay and Colombia.
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