Prospectus re Admission to the Official List - Heritage Oil

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RPS EnergyHeritage Oil – Competent Persons ReportThe resulting individual well performance profiles are shown in Figure 32, below.500015.0Average yearly oil rate (stb/d)4000300020001000Low caseMedium caseHigh case12.09.06.03.0Cumulative oil production (MMstb)00.00 5 10 15 20 25 30Production yearFigure 32: Assumed Well Profiles for Miran Wells22FEB2008034345646.5. Facilities and CostsBased on a p50 recoverable volume of 534 MMstb RPS has assumed that a prospect could be tied into theNorthern Iraq Pipeline System which is being planned by a consortium of Oil Companies and Governmententities. The plan is to have several hubs and transfer stations so that any prospects/fields are within arange of 60km of the collection system. The cost of developing Miran would be in the order of S1.2 billionwith operating costs expected to be US$100 MM/annum.7. ECONOMICS7.1. Valuation Assumptions7.1.1. GeneralThe effective date of this report is 30/09/2007 and is used as the discount date for the valuation. All valuesare post-tax and have been expressed over a range of discount rates. An annual inflation rate of 2 per cent.has been assumed and is applied to both costs and revenues.118
RPS EnergyHeritage Oil – Competent Persons Report7.1.2. Oil PricesThe valuation has been based on a long term forecast for Brent as shown in Table 31 and Figure 32. Thisforecast represents RPS Energy’s base case forecast. A Low Price Case and High Price Case are alsoshown in the Table and have been used for price sensitivity purposes.Low Price Case Base Price Case High Price Case(US$/bbl, MOD) (US$/bbl, MOD) (US$/bbl, MOD)4Q 2007 ................................... 88.6 88.6 88.62008 ..................................... 80.0 85.0 90.02009 ..................................... 73.0 82.0 91.02010 ..................................... 68.0 80.0 92.52011 ..................................... 62.0 78.0 95.02012 ..................................... 58.0 77.0 97.42013 ..................................... 55.2 77.3 99.42014 ..................................... 56.3 78.8 101.42015 ..................................... 57.4 80.4 103.42016 ..................................... 58.6 82.0 105.42017 ..................................... 59.8 83.7 107.62018 ..................................... 60.9 85.3 109.72019 ..................................... 62.2 87.0 111.92020 ..................................... 63.4 88.8 114.12021 ..................................... 64.7 90.6 116.42022 onwards ............................... +2% p.a. +2% p.a. +2% p.a.Table 31:RPS Forecast Price CasesThese Low Base and High price forecasts represent US$50/bbl, US$70/bbl and US$90/bbl real long-termoil prices.100.0090.0080.0070.00Brent ($/bbl)60.0050.0040.0030.0020.00Forecast price ($ MOD)10.00Forecast price ($ 2008)0.0022FEB2008034347122008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021Figure 32: RPS Base Forecast Price119
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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
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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 119: 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
Page 169 and 170: 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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