Chelsea Oil and Gas Ltd. (fka COGLF)

[loneieagle]

Does anyone following AUCAF understand how to calculate what the potential revenue is for any of the wells that have been mentioned in the PR's. For example, one PR includes the following two paragraphs:

The Mulberry-Gimboola-Endeavour Field is part of the Tintaburra Oil Field on ACOR's ORRI under ATP-299 and is estimated to contain around 84 million barrels of proved plus probable oil in place or approximately $5,036,640,000, at current market prices.

ACOR owns .0575 of 1% ORRI under ATP-299.

Does that mean that the gross revenue AUCAF can expect is:

5,036,640,000 X .0575 * 1% = $2,896,068

And does ORRI mean that there are no expenses associated with this income, since it is not a "working interest"?

I'm just trying to understand all the terminology and numbers that are used in these PR's. If anybody KNOWS this stuff, any explanation would be appreciated. Thanks