Prospectus re Admission to the Official List - Heritage Oil

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RPS EnergyHeritage Oil – Competent Persons Report6. KURDISTAN—MIRAN BLOCKThe Miran Block is located in the highly petroliferous Chemchemal-Butmah Embayment which forms partof the foothills adjacent to the NW-SE trending Zagros Fold Belt. The Miran Block lies about 60 km to theNE of the super giant Kirkuk oilfield.6.1. Data AvailableExploration of this area is at a very early stage. No seismic data have been acquired and no wells have beendrilled in the block. A satellite image indicating surface topography plus a geological land-useinterpretation based on satellite imagery were the only information available.6.2. GeologyThe Miran Block encompasses the whole of the surface expression of the large undrilled Miran structure,which covers an area of about 700 sq km. This structure lies on trend and 40 km to the SE of the giant TaqTaq oilfield (currently under development) and about 20 km to the NE of the potentially large, but onlylightly appraised, Chemchemal gas condensate discovery.The satellite image interpretation indicates that the Miran structure is an elongate anticlinal feature with aNW-SE trending fold axis parallel to the trend of the Zagros Fold Belt.By analogy with the Taq Taq field potentially productive horizons could be expected for the LateCretaceous Shiranish and Kometan Formations and the Early Cretaceous Qamchuqa Formation. TheShiranish and Kometan Formations are both limestones with low porosity (
RPS EnergyHeritage Oil – Competent Persons Report6.4. Reservoir EngineeringRPS has created production profiles for input to the Miran economics, based on our knowledge of theoffset fields and other standard, petroleum engineering assumptions. The general assumptions used aregiven in Table 30.Low Medium HighProduction Wells ............... 26 52 79Dry hole wells ................. 3 5 8Water Injection wells ............ 0 13 20Total wells .................... 29 70 107STOIIP (MMstb) ............... 909 1,963 3,511in fracture (MMstb) ............. 236 533 954in Matrix (MMstb) .............. 673 1,430 2,557Recovery estimate .............. 60% of fracture only 60% of fracture + 70% of fracture +15% of Matrix 20% of MatrixReserves (MMstb) .............. 142 534 1179Recovery Factor ................ 0.16 0.27 0.34Peak field oil rate, bopd .......... 50,000 150,000 300,000Ave cum/producer (MMstb/well) .... 5.4 10.3 14.9Associated gas (Bscf) ............ 120 454 1,002Peak field gas rate, MMscf/d ....... 45 130 260Field life (years) ................ 25 30 30Table 30:Assumptions Used in Miran ProfilesRPS has made the following additional assumptions in developing these profiles: — The maximum number of wells drilled per year is 10 wells for the low and medium cases, 20 wells forhigh case. The annual well effective decline rate is 26 per cent. for low case with initial well rate at 3,500 stb/d for1 year, 18 per cent. for medium case with initial well rate at 4,000 stb/d for 2 years and 15 per cent. forhigh case with initial well rate at 4,500 for 3 years. These are compared with the previous work onsimilar fields case, with the assumption that production is from fractures only—initial, stabilised wellrate at 5,000 stb/d for 3 years followed by an annual decline of 18 per cent. Depending on the development plan, in the medium and high cases, some gas injectors maybe required. Recovery per well assumptions are: ~ 5 MMstb/well for the low case, ~10 MMstb/well for themedium case and ~15 MMstb/well for the high case (which gives the well count).117
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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
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Remuneration CommitteeThe Remunerat
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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 117: 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
Page 163 and 164: Intangible E&E assets related to ea
Page 165 and 166: 11.2 The year ended 31 December 200
Page 167 and 168: (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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