Chaco Resources Plc, the oil and gas explorer and developer focused in South America announces that drilling has commenced at its Cachapa well on the Primavera block in the Llanos Basin in 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 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.
