Prospectus re Admission to the Official List - Heritage Oil

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RPS EnergyHeritage Oil – Competent Persons ReportFigure 26:Reservoir Section in Kingfisher 1A22FEB200803423317Source: HeritageThe Kingfisher structure is a 3-way dip closure against the southern basin-bounding fault (Figure 27). Themaximum areal closure is approximately 45 sq km. A deeper, probably Miocene basal sand, was theprimary target of the well but the vertical well and first sidetrack encountered basement before reachingthe primary target. A second sidetrack, which kicked off below the tested zones, was abandoned due tomechanical problems before reaching the Early Miocene target.Figure 27:RPS Cycle P1/M6 Depth Map, Block 3A22FEB200803425435108
RPS EnergyHeritage Oil – Competent Persons Report5.4.2. MappingHeritage has mapped 4 horizons that have been reviewed and modified by RPS: Kingfisher P1/M6—interpretation of this unit is fairly robust over the 3D area. Seismic data qualitydrops around the faults in Kingfisher but deeper units show the general trend of the data. RPS hasreinterpreted the area and modified the fault interpretation in the area of Kingfisher Northand Pelican Kingfisher basal sand—Interpretation of this unit is fairly robust over the Kingfisher 3D. Again, RPShas modified the fault interpretation in the area around Kingfisher North and Pelican Pliocene Light Blue—Interpretation of this unit is good over the area mapped, although more faultsexist than those interpreted by Heritage G: Near Top Zone 2—Seismic quality around the leads is very poor, consequently fault and horizoninterpretation is open to question. Structures formed are caused by slight inflections in theinterpretation around faults that may be seismic artefacts.5.4.3. ProspectivityIn addition to Kingfisher, Heritage has identified two further prospects along the basin bounding fault:Kingfisher North and Pelican. RPS has further separated the Pelican structure into three segments; PelicanMain, Pelican North and Pelican Shallow. The eastern area of the Pelican prospect is in a complexstructural zone where the basin bounding fault is met by a parallel intra-basinal fault. The Pelican Northand Shallow prospects are separated by significant vertical offset from the main Pelican prospect. A furtherprospect, Pelican West, is also a three-way dip structure but bounds the intra-basinal fault that convergeswith the main basin-bounding fault at Pelican. Heritage has identified a further three leads from 2Dseismic data. These leads are broad, shallow anticlines and 3 way dip closures against intra-basinal faults.Each prospect and lead in Block 3A has dual targets in the Pliocene and Miocene.Heritage has used time structure maps to determine the extent of prospects and a simplified area-thicknessapproach has been used to calculate GRV. RPS has re-gridded their modified TWT horizons and createddepth maps using a simple depth conversion using average velocities calculated from the time-depthrelationship seen at Kingfisher-1.Block 1 lies at the Northern end of the Albert Basin where the Nile exits Lake Albert. There is no wellcontrol in the block. The block lies updip of the Lake Albert source kitchen, and is at the focal point ofpotential hydrocarbon migration from the basin depocentre. Heritage has identified four very shallow (lessthan 600 m) and potentially very large prospects in the area of existing seismic coverage in Block 1. Theseare named Buffalo, Crocodile, Giraffe and Hartebeest (Figure 28).109
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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
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operational by drawing up an Enviro
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Mr. Buckingham has never had any as
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Date2007 ........ On 18 January 200
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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 109: 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
Page 155 and 156: 7.3 Petroleum and Natural Gas Reven
Page 157 and 158: 7.14 Capital ExpendituresAdditions
Page 159 and 160: 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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