Prospectus re Admission to the Official List - Heritage Oil

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 Heritage’s estimated meanSTOIIP for conceptual structure E was 804 million barrels.This has been replaced by four prospects carrying a mean unrisked STOIIP (100 per cent.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