Chelsea Oil and Gas Ltd. (fka COGLF)

[hillzman]

Actually, the drilling is on adjacent leases, not on ATP582. Typical pr for AUCAF is about nearby activities or huge finds on some of the leases where they have fractions of 1% overriding interest. On their website (http://www.aussieoil.com/site/index.htm) take a look at the WI/ORRI page. It still lists ATP582 at 100%, but they now state only 50% in the most recent PR. The ATP582 may eventually turn out to be the most valuable as long as AUCAF can hang onto some WI%. Unfortunately, during the time I've followed this, there's not much that's happened to affect the bottom line for AUCAF and it's shareholders. In the Cooper Basin, AUCAF pr'ed that they had raised $4.5 million to drill 3 wells. Next thing you know they pr that they've arranged a carried interest with Holloman for the 3 wells. Holloman did manage to drill one well of the three well commitment in the Cooper Basin, but that well was disappointing. They (HENC) have been looking for someone to help them drill the additional wells. Maybe "someday" there will be wells drilled on AUCAF's WI concessions but I'm not holding my breath. Hype doesn't move this anymore.