Chaco Resources Holders Board

Uponthelowdown - 02 Jan 2007 04:38 - 1824 of 1831
M/L I wish I could wave a magic wand and give precise dates for drilling and road building. On the latter Metaoil's success in Puerto Lopez region is producing Oil ideal for use in making asphalt and they are increasing production to 100m barrels a day. There is an objective correlative here in terms of a logistical critical path.
Other elements are involved; for instance the Colombian Govt to achieve a target for annual production. 3bn barrels?, stated elsewhere several times.
In this regard Chaco need Ecopetrol, as has been indicated when I asked the pertinent question, 'Ecopetrol's major backer and interested party is the Colombian Govt and we need that sort of backing'. There are two other parties involved in Alea. I leave it to your investigative powers to pick one of them as a potential for increasing % of holding here. I will leave the nomination to Sharesure but it is not Ecopetrol.
The Colombian Govt is joining together with the Peruvian Govt to explore the Maranon basin which straddles Peruvian/Colombian border and to some extent maybe the Ecuadorian border. Ecopetrol in particular is investing heavily here and Gran Tierra has taken on cross border projects already. Both GT and Ecopetrol are Chaco partners. Alea is in the north-eastern part of region on Ecuadorian border on the Colombian side.
This latter factor makes our stake in Alea a lot more 'interesting'.
The first week in Feb is purely tongue in cheek. The second week would be much more preferable as it is not only my birthday but also Chinese new year..the last being irrelevant overall unless they become a consumer of our new production, of course. Rememebr 38m barrels was based on the first tapped well that was 'off-centre' They intend to drill a step out well in what they believe is a more central location. Do they need the road in there first to achieve this? I doubt it but they will to bring out the results. There is a gravel road to the site but they need an all-weather, all year round, one. That can be built once they have results to justify it. Those expectations are much higher now than the 38m first mooted. Much higher!
There is a lot to look forward to. Don't expect it all to be revealed in a composite RNS sometime next week, or first week in Feb come to that, but it may not be far off that date imo.
CHP went to 18p last year purely on original prospects in Alea alone. We have a fair bit more to crow about now in Primavera and Puerto Lopez. Global Energy could make a positive statement on their Primavera drilling anytime about now.
I am not giving any guarantees on drilling as that is next to impossible in the oil business for a variety of reasons. We will get more indicative dates for Alea very soon, I believe.
Paraguay news from Petrobras is on immediate horizon and that could affect the sp radically.
Good luck.