Prospectus re Admission to the Official List - Heritage Oil

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RPS EnergyHeritage Oil – Competent Persons ReportThe wide range between the p90 and p10 STOIIP reflects the inherent uncertainty in the continuity of thetested sands and in particular the shallowest sand in Kingfisher 1A, which RPS interprets to be a channelsand.The estimated in place and recoverable Prospective Resources in Uganda Blocks 1 and 3A are given inTable 23. Recovery factors of 20, 30 and 40 per cent. have been applied deterministically to the p90, 050and p10 in-place volumes, respectively.STOIIPProspective Resources(MMstb)(MMstb)Low Best High Low Best High GPoS(p90) (p50) (p10) Mean (p90) (p50) (p10) Mean (%)Block 3AKingfisher main (Basal Sand) .......... 275 704 1,746 890 55 211 698 267 35Kingfisher north (P1/M6) ............. 22 105 243 123 4 32 97 37 43Kingfisher north (Basal sand) .......... 69 188 478 240 14 56 191 72 29Pelican main (P1/M6) ............... 59 195 529 257 12 59 212 77 38Pelican main (Basal sand) ............ 178 422 968 517 36 127 387 155 29Pelican north (P1/M6) ............... 1 7 22 9 0 2 9 3 18Pelican north (Basal sand) ............ 7 15 33 18 1 5 13 5 23Pelican shallow (P1/M6) .............. 21 51 118 63 4 15 47 19 18Pelican shallow (Basal sand) ........... 30 69 154 82 6 21 62 25 24Pelican west (P1/M6) ................ 11 38 102 49 2 11 41 15 23Pelican west (Basal sand) ............. 63 146 323 174 13 44 129 52 23Pelican (light blue) ................. 48 176 574 261 10 53 230 78 18Pelican (light green) ................ 48 176 574 261 10 53 230 78 18Lead A (P1/M6) ................... 23 231 1,399 511 5 69 560 153 13Lead A (Basal sand) ................ 111 368 1,224 562 22 110 490 169 9Lead B (P1/M6) ................... 68 277 829 381 14 83 332 114 13Lead B (Basal sand) ................ 32 102 333 154 6 31 133 46 9Lead C (P1/M6) ................... 339 1,241 3,345 1,620 68 372 1,338 486 12Lead C (Basal sand) ................ 139 589 2,531 1,101 28 177 1,012 330 9Block 1Buffalo .......................... 444 1,375 3,305 1,678 111 344 826 420 20Crocodile ........................ 65 124 228 138 16 31 57 35 20Giraffe .......................... 139 305 643 356 35 76 161 89 20Hartebeest ....................... 32 97 255 124 8 24 64 31 20Total Mean .................. 9,569 2,756† Arithmetic summation of individual P90, P50 and P10 quantities will not produce a total P90, P50 and P10. The process ofstatistical addition will, as a result of the central limit theorem, produce a P90 that is greater than the arithmetic sum of allP90 quantities and a P10 that is less than the arithmetic sum of all P10 quantities. The arithmetic sum of the mean quantitieshowever is always equal the mean of the distribution produced by the process of statistical addition.Table 23:Block 1 & 3A—STOIIP and Prospective Resource Estimates (On-block, 100 per cent. Basis)112
RPS EnergyHeritage Oil – Competent Persons ReportGiven the range of resources in the Albert Basin, the gross risked recoverable Contingent and Prospectiveresources have been consolidated stochastically and the p90, p50, p10 and mean is quoted in Table 24and presented graphically in Figure 29.Gross Risked Recoverable Resources (MMstb)p90 p50 p10 Mean280 793 1,731 923Table 24:Consolidation of Gross Risked Recoverable Resources in Blocks 1 and 3A Reviewed by RPSTotal Risked Recoverable Resources120%100%Cumulative exceedance probability80%60%40%20%Figure 29:0%0 500 1000 1500 2000 2500 3000 3500 4000 4500 5000Gross risked recoverable resources22FEB200803434111Consolidation of Gross Risked Recoverable Resources in Blocks 1 and 3A Reviewed by RPS (MMstb)5.6. Other ProspectivityIn an effort to obtain a full valuation of the potential prospectivity of all of their acreage in Uganda and toplan future exploration strategies, Heritage made estimates of the potential that the under-explored areasmay offer. This was beyond the scope of the RPS evaluation. Heritage recognises conceptual leads in areasbeyond seismic control. These conceptual leads are based on Heritage’s extensive regional and structuralknowledge of the area together with evidence gleaned from satellite imagery.Heritage advises that a conceptual lead E, previously carried in their prospect inventory, was postulated tobe present in the southern part of Block 1. This area has since been covered by seismic data which resultedin the identification of the Buffalo prospect in the location of conceptual structure E, as well as threeadditional prospects being mapped using the new seismic data in that vicinity. Heritage’s estimated meanSTOIIP for conceptual structure E was 804 million barrels.This has been replaced by four prospects carrying a mean unrisked STOIIP (100 per cent. basis) in excessof 2 billion barrels, as estimated by RPS.At the time of this report, Heritage carry three conceptual leads in their portfolio: two of which are locatedin the northern part of Block 1 and one in the south-western extremity of Block 3A. The prospectiveresources calculated by Heritage for these three structures are in Table 25:113
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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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(3) One common share of Heritage Ho
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(f) General Sir Michael WilkesGener
Page 63 and 64: Remuneration CommitteeThe Remunerat
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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 113: 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
Page 161 and 162: Year Ended 31 December 2005 Prepare
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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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Prospectus re Admission to the Official List - Heritage Oil

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