Prospectus re Admission to the Official List - Heritage Oil

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RPS EnergyHeritage Oil – Competent Persons Report7.3.5. Valuation Summary—West BukhaThe post-tax valuation of the net Heritage share is shown in Table 35 at various discount rates.Post-Tax Net Present ValueEconomic(US$ Million, Money of the Day)Net Heritage Share Limit (1) 5% 7.5% 10% 12.5% 15%Proved Reserves (1P) ........................... 2037 15.5 13.2 11.4 9.9 8.7Proved plus Probable Reserves (2P) ................. 2037 39.9 35.1 31.3 28.3 25.7Proved plus Probable plus Possible Reserves (3P) ....... 2037 79.7 68.6 60.2 53.6 48.3Note 1: Economic limit represents last year of input forecast productionTable 35:West Bukha Post-Tax Valuation (Net Heritage Share)West Bukha reserves are summarised in Table 36, below.Heritage Net Heritage NetGross Working EntitlementRemaining Interest Reserves at BaseReserves Reserves Case Price Forecast(MMstb) (MMstb) (MMstb)OilProved Reserves (1P) ............................. 9.1 0.906 0.5280Proved plus Probable Reserves (2P) .................. 20.7 2.1 0.764Proved plus Probable plus Possible Reserves (3P) ......... 39.5 3.9 1.2CondensateProved Reserves (1P) ............................. 3.9 0.390 0.195Proved plus Probable Reserves (2P) .................. 8.0 0.794 0.275Proved plus Probable plus Possible Reserves (3P) ......... 16.1 1.6 0.427LPGProved Reserves (1P) ............................. 5.9 0.594 0.145Proved plus Probable Reserves (2P) .................. 12.3 1.2 0.208Proved plus Probable plus Possible Reserves (3P) ......... 25.4 2.5 0.339GasProved Reserves (1P) ............................. 7.4 0.736 0.510Proved plus Probable Reserves (2P) .................. 47.5 4.8 1.5Proved plus Probable plus Possible Reserves (3P) ......... 90.0 9.0 2.3Table 36:West Bukha Reserves Summary7.3.6. Sensitivity to Oil PriceSensitivity of the NPV 10 of the future net revenue in Bukha to changes in oil price is shown in Table 37.Net Present Value 10 of FutureNet RevenuePrice Case 1P 2P 3P(US$ Million, Money of the Day)Low Price ($50/bbl real) ................................... 1.1 1.3 1.3Base Price ($70/bbl real) ................................... 1.4 1.7 1.7High Price ($90/bbl real) ................................... 1.7 2.1 2.2Table 37:Sensitivity of Bukha NPV 10 to Oil Price122
RPS EnergyHeritage Oil – Competent Persons ReportSensitivity of the NPV 10 of the future net revenue in West Bukha to changes in oil price is shown inTable 38.Net Present Value 10 of FutureNet RevenuePrice Case 1P 2P 3P(US$ Million, Money of the Day)Low Price ($50/bbl real) ................................... 8.6 25.1 48.0Base Price ($70/bbl real) ................................... 11.4 31.3 60.2High Price ($90/bbl real) ................................... 14.3 37.7 72.6Table 38:Sensitivity of West Bukha NPV 10 to Oil Price7.4. Russia—Zapadno Chumpasskoye7.4.1. Fiscal Regime and Contract TermsThe Zapadno Chumpasskoye licence is due to expire in September 2024. The main commercial terms are:Crude Oil Export DutyUrals Urals Rate($/tonne)($/bbl)25 4.00 + 0.65 * (P 25)P = average quarterly price of Urals Blend (US$/bbl)VAT .............................Mineral Extraction Tax (MET) .........Jan 2005—September 2007 ............Assumed from September 2007 .........18 per cent. on domestic salesOILMET = 419 Roubles / tonne * CpWhere Cp = (P 9) * (R / 261)P = average quarterly price of Urals Blend (US$/bbl)R = average quarterly exchange rate for US$/Rouble16.50 per cent.Tax base—Revenue less VAT, excise tax, custom duties,transportation costs and insurance costsProperty Tax ...................... 2.2 per cent.Tax base—Cumulative Capex (drilling and facilities) lessdepreciationIncome / Profits Tax ................. 24.0%Tax base—Revenue less Opex, depreciation, interest,exchangerate losses and losses on re-evaluation.Depreciation:Facilities: 7-10 yearsDrilling: 10-15 yearsPipelines: 20-25 yearsLoss carry forward—10 years123
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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
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The post tax Net Present Value (NPV
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RPS EnergyHeritage Oil - Competent
Page 73 and 74: RPS EnergyHeritage Oil - Competent
Page 123: 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
Page 171 and 172: PART VII—FINANCIAL INFORMATIONA.
Page 173 and 174: 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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