Prospectus re Admission to the Official List - Heritage Oil

RPS EnergyHeritage Oil – Competent Persons ReportThese evaluations are reported herein for completeness, but RPS does not warrant these estimates.Mean Unrisked STOIIP(100% basis) (MMstb)Block 3AConceptual Structure D .......................................... 464Block 1Conceptual Structure F .......................................... 2,925Conceptual Structure G .......................................... 2,925Total of Mean ............................................ 6,314Table 25:Heritage Conceptual Leads Mean Un-Risked STOIP (100 per cent. Basis) Not Reviewed by RPS)5.7. Petroleum Engineering5.7.1. Production Profiles for Kingfisher and Other Block 3A ProspectsThe Kingfisher well was tested in both the -1 and -1A well-bores; the former well-bore tested an isolatedsand, so RPS have concentrated on the latter tests, which are summarised below, including results of theRPS independent well test analyses.Interval Max Oil Rate Gas Rate Choke WHFPPTAWell DST (m MD) (stb/d) (MMscf/d) (‘‘) (psig) K (mD) S AP1KF-1 ...... 1 2,344-2,339 2,965 64/64 238 206 2.4 27-322,361-2,367(21 m interval)KF-1A ..... 2 2,302-2,290 2,533 0.363 64/64 157 414 2.1 31(12 m interval)KF-1A ..... 3 2,260-2,271 4,669 0.363 64/64 130 2,380 1.2 32-33(11 m interval)Table 26:Summary of Kingfisher-1A Well TestsAs can be seen, the reservoir quality is excellent, although there is a significant contrast between separatesands. The produced fluids from all these tests are similar, and fluid properties are summarised below. TheGOR is low and the fluid is highly under-saturated, so a solution gas drive will not develop.Depth p r T r p b B oi R si oDST Well (m MD) (psia) ( o F) (psia) (rb/stb) (scf/stb) g/cm 3 cp o APIDST2 ............. KF-1 1,785.0 2,566 171 1,035 1.11 161 0.808 6.0 31.1DST1 ............. KF-1A 2,355.5 316 187 1,285 1.17 263 0.790 4.0 31.1DST2 ............. KF-1A 2,296.0 3,189 186 1,320 1.15 254 0.800 4.5 31.2DST3 ............. KF-1A 2,265.5 3,148 186 1,255 1.15 221 0.793 3.5 31.1Table 27:Summary of Kingfisher-1 Fluid PropertiesThe volumes in Block 3A are being categorised as either Contingent Resources or Prospective Resourcesat this stage of project maturity, and we have therefore used a number of assumptions to construct profilesfor a highly conceptual development of Kingfisher, that would be ‘‘scalable’’ to similar prospects or leads inBlock 3A. These assumptions are given in Table 28.1P 2P 3PRecovery Factor .............................................. 20% 30% 40%Implied Resources (14) (MMstb) .................................... 10 90 424Recovery per well (MMstb) ...................................... 5 7.5 10URR per year ................................................ 9% 9% 10%GOR (scf/stb) ................................................ 235 235 235Table 28:Assumptions Used For Profiles(14) This refers to Kingfisher only.114