Chaco Resources Plc, 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.