Chaco Announces Board, Management Changes

Chaco Resources plc, the oil and gas explorer and developer focused in South America, on Tuesday announced the following Board changes.

Jon Pither, Deputy Chairman, Doug Jendry and Martin Groak, non-executive Directors, and Nicola Brookes, Finance Director will stand down from the Board with immediate effect. John Morris, non-executive Director will resign with effect from 2 May 2007.

John Nicholas ("Nick") Harrison FCA, 48, has been appointed Finance Director with immediate effect. Mr Harrison, a graduate of Liverpool University, qualified with Arthur Anderson and subsequently worked at Deloitte, Midland Bank (International) and Coopers & Lybrand in Africa. Nick was Finance Director of Pet City PLC and has been Finance Director of a number of private companies with international activities. Mr Harrison is currently a director of ATL Telecom Limited, RAM, Westleigh Investments Limited, West Country Business Systems (Holdings) Limited, West Country Business Systems Limited, M J Associates Limited, Westleigh Investments Holdings Limited, MA Digital Group Limited, RAM (106) Limited and All Mass Cladding Systems Limited. In the previous 5 years Mr Harrison was a director of Powerchannel Limited.

Save for the above, there is no further information required to be disclosed under paragraph (g) of Schedule 2 of the AIM Rules, with respect to the appointment of Mr Harrison.

Brian James ACCA, 45, will take on the role of Company Secretary, currently held by David Parsons.

The new management team will be appointing new non-executive Directors in the months ahead and will update the market accordingly.

The Company will be moving its Registered Office to Lakeside, Fountain Lane, St Mellons, Cardiff CF3 0FB with effect from 2 May 2007.

Giles Clarke, Chairman of Chaco Resources plc said:

"I welcome Nick Harrison and Brian James to the Company. Nick and Brian have many years of financial experience which I am sure will be of great value to our business and its shareholders as we build on our platform for future growth in South America.

"I would like to thank our departing Directors for their contribution to the Company."