Prospectus re Admission to the Official List - Heritage Oil

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RPS EnergyHeritage Oil – Competent Persons ReportFigure 21:Average Reservoir Pressure from Full Field Simulation22FEB200803404094Heritage has used a ‘‘downside’’ geological scenario in the simulator, as is necessary for the developmentplan submitted to the authorities. The above output shows oil rate building up to some 1,200 m 3 /d(7,548 stb/d) following water injection which builds to a peak rate of 2,800 m 3 /d (17,611 bbl/d). This rateeventually far exceeds voidage and the reservoir is re-pressurised (Figure 21), although in practice it is notnecessary to exceed initial reservoir pressure. This case consists of a total of 49 producers, and 32 injectors,as shown below in the drilling schedule for the Company’s ‘‘p90’’ and ‘‘p50’’ cases.2007 2008 2009 2010 2011 2012 2013 2014 2015p90New Producers ....................... 2 4 8 16 16 2Cumulative Producers .................. 3 7 15 31 47 49New Injectors ........................ 4 8 8 12Cumulative Injectors ................... 0 0 4 12 20 32Total in Year ..................... 2 4 12 24 24 14p50New Producers ....................... 2 4 8 16 14 14 13 10 2Cumulative Producers .................. 3 7 15 31 45 59 72 82 84New Injectors ........................ 4 8 8 8 9 8 1Cumulative Injectors ................... 0 0 0 8 16 24 33 41 46Total in Year ..................... 0 4 12 24 22 22 22 18 3Table 19:The p90 and p50 Drilling Schedule for Zapadno ChumpasskoyeThe simulation work is reasonable, but of course is not matched to a sustained period of history (and isthus less reliable than it will be once more performance data become available). The two producers have(to the effective date) produced some 0.048 MMstb. Some of the rates achieved by wells in the simulatorsurpass those rates seen in the field to date, albeit in just two wells. We have used the above drillingschedule, the rate build-up from the simulator, but reduced rates to construct a production profile for our1P case; we have also allowed for downtime that is likely to occur to well, pump, facility, and pipelineavailability.102
RPS EnergyHeritage Oil – Competent Persons ReportOur p50 case is scaled to honour potentially higher initial well rates and an improved recovery factor, andalso the p50 scenario drilling schedule (a total of 84 producers and 46 injectors). The Company has not yetcreated a p10 scenario. To do this, we have used the area of the field inside the 1 m net pay contour todetermine the well count, an assumption of improved well rates (600 stb/d) and recovery factor. Theresulting profiles are shown in Figure 22 to Figure 24 (note: in all these figures, the 2007 rate is the averagefor the period 1 October to 31 December, 2007).7,0006,0005,000Gross Oil Rate (stb/d)4,0003,0002,0001,000027FEB2008043328822007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028Figure 22: 1P Production Profile for Zapadno Chumpasskoye18,00016,00014,000Gross Oil Rate (stb/d)12,00010,0008,0006,0004,0002,000020072008200920102011Figure 23:201220132014201520162017201820192020202120222023202420252026202720282P Production Profile for Zapadno Chumpasskoye27FEB2008043330812029203020312032103
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This document comprises a prospectu
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SUMMARY INFORMATIONThis summary mus
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Summary Consolidated Income Stateme
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Summary Consolidated Cash Flow Stat
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Production from the Zapadno Chumpas
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Given the geographic spread of the
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RISK FACTORSAny investment in the O
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wells may change as a result of low
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which could have a materially adver
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Failure to obtain additional financ
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contractual or pricing terms, both
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years. In addition, since December
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UgandaUganda is among the poorest c
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Market Price of the Ordinary Shares
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DIRECTORS, CORPORATE SECRETARY, SEN
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EXPECTED TIMETABLE OF PRINCIPAL EVE
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CurrenciesAll references in this do
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PART I—INFORMATION ON THE GROUPOV
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Strong management and technical tea
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the availability of existing infras
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In 2005, the Group acquired a 95 pe
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The Group acquired a 10 per cent. i
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The Group is the operator and has a
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exploration wells. The total estima
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The Group has also entered into a s
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Pakistan has current proved hydroca
Page 53 and 54: operational by drawing up an Enviro
Page 55 and 56: Mr. Buckingham has never had any as
Page 57 and 58: Date2007 ........ On 18 January 200
Page 59 and 60: (3) One common share of Heritage Ho
Page 61 and 62: (f) General Sir Michael WilkesGener
Page 63 and 64: Remuneration CommitteeThe Remunerat
Page 65 and 66: Goldsworth House, Denton Way, Golds
Page 67 and 68: ResourcesA summary of the gross Con
Page 69 and 70: The post tax Net Present Value (NPV
Page 71 and 72: RPS EnergyHeritage Oil - Competent
Page 103: RPS EnergyHeritage Oil - Competent
Page 135 and 136: Summary Consolidated Balance Sheets
Page 137 and 138: Summary Consolidated Balance Sheets
Page 139 and 140: locks during the first three and a
Page 141 and 142: On 2 October 2007, the Group execut
Page 143 and 144: of amplitude anomalies, further sup
Page 145 and 146: The increase in operating expenses
Page 147 and 148: 5.11 Discontinued OperationsThe res
Page 149 and 150: 6. RESULTS OF CONTINUING OPERATIONS
Page 151 and 152: 6.7 Foreign Exchange LossesThere wa
Page 153 and 154: 6.14 Capital ExpendituresThe follow
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7.3 Petroleum and Natural Gas Reven
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7.14 Capital ExpendituresAdditions
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10. LIQUIDITY AND CAPITAL RESOURCES
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Year Ended 31 December 2005 Prepare
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Intangible E&E assets related to ea
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11.2 The year ended 31 December 200
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(c) Reconciliation of loss for the
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Year Ended 31 December 2004 Prepare
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PART VII—FINANCIAL INFORMATIONA.
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DeclarationFor the purposes of Pros
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HERITAGE OIL LIMITEDNOTES TO BALANC
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AUDITED AND UNAUDITED FINANCIAL INF
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HERITAGE OIL CORPORATIONCONSOLIDATE
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HERITAGE OIL CORPORATIONNOTES TO CO
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Intangible E&E assets related to ea
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k) InvestmentsThe Group classifies
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usually when legal title passes to
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iii) IFRIC 12, ‘‘Service conces
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v) Liquidity riskLiquidity risk is
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ii) DerivativesDerivatives are reco
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5 Other finance costsNine-month per
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Congo to the other partners in the
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No assets have been pledged as secu
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31 December 30 September2005 2006 2
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16 Trade and other payables31 Decem
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A reconciliation of the asset retir
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21 Loss per shareThe following tabl
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25 Commitments and contingenciesHer
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In November 2007, the Group farmed-
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Reconciliation of loss for the year
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At the end of the last reporting pe
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Reconciliation of cash flow stateme
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At 31 December 2006, this has resul
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AUDITED FINANCIAL STATEMENTS RELATI
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AUDITORS’ REPORT TO THE SHAREHOLD
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HERITAGE OIL CORPORATIONNOTES TO CO
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effective as hedges, both at incept
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A ceiling test was undertaken at De
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6. Share capital:(a) Authorized:Unl
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fair value of stock options are amo
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C. PRO FORMA FINANCIAL INFORMATION
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PRO FORMA NET ASSET STATEMENTThe fo
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Production assumptionsProduction du
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Macroeconomic assumptionsThe Direct
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Accordingly, the Illustrative Proje
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Arrangement AgreementPursuant to th
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PART X—ADDITIONAL INFORMATION1. R
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(ii) no share or loan capital of th
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(j)In Alberta, the principal jurisd
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nominal amount has been paid up of
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instrument of transfer (in the case
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up on all the shares conferring tha
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(B) may be a director or other offi
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and is in default for a period of 1
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(c)have sufficient moneys, assets o
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(e)against surrender of the Exchang
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e, to the extent that the same is r
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(g)(ii) by arranging for the credit
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(b) rights, options or warrants oth
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any provision of provincial, territ
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7.5 None of the major shareholders
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Position stillDirector/Senior Manag
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employment or terminates his or her
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All rights of a holder of Exchangea
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agreement of this nature. These cir
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to change. Where the Company pays a
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As part of an agreement reached in
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(x) Foreign Property Information Re
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19. DOCUMENTS AVAILABLE FOR INSPECT
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declared and unpaid dividends on ea
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‘‘DTR’’‘‘DutchCo’’
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‘‘ISIN’’‘‘ITA’’‘
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anniversary of the Effective Date a
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‘‘Support Agreement’’‘‘
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emaining quantities recovered will
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