Prospectus re Admission to the Official List - Heritage Oil

RPS EnergyHeritage Oil – Competent Persons Report7.5.3. Valuation summaryIn the absence of any data upon which to assess the potential of the Miran contract area the range inpossible value has been illustrated in the figure below. This plot demonstrates the possible range inunrisked NPV 10 (net to Heritage) for a range of notional field sizes and could be used as an indicator ofthe possible value of the contract area. Curves are presented for a low and high oil price in addition to theBase Case price forecast.$4,500NPV10 Net to Heritage, MMUS$$4,000$3,500$3,000$2,500$2,000$1,500$1,000High price ($90/bbl)Base price ($70/bbl)Low price ($50/bbl)$500$0- 200 400 600 800 1,000 1,200Gross Recoverable Oil, Economic Life of Contract, MMstbFigure 34: Heritage Net NPV 10 vs. Notional Field Size Showing Price Sensitivity28FEB200808431129Net NPV 10 and average for NPV 10c per barrel for the Base Case oil price forecast are given in Table 42for the range of recoverable volumes based on the notional field sizes RPS has assumed.Net NPV 10 and Average forNPV 10 /stb at Base Case PriceForecastsLow Case Mid Case High CaseGross Recoverable Oil Volume (MMstb) ....................... 138 520 1,138NPV 10 Net to Heritage (US$MM) ............................ 413 1,366 2,952Average NPV 10 /stb ......................................US$2.6Table 42:Net NPV 10 and Average for NPV 10 /stb for a Range of Notional Field Sizes126