Prospectus re Admission to the Official List - Heritage Oil

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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
RPS EnergyHeritage Oil – Competent Persons ReportAPPENDIX A:1P2P3PAAPGAPIBBargbblsbopdB o(g)iBscfBtuGLOSSARY OF TECHNICAL TERMSProvedProved plus ProbableProved plus Probable plus PossibleAmerican Association of Petroleum GeologistsAmerican Petroleum InstituteBilliongauge pressure in Barbarrelsbarrels of oil per dayinitial formation volume factor for oil (or gas)billion standard cubic feetBritish Thermal Units(i/n)C n (isomeric or normal) hydrocarbon of the general form C n H 2n+2C 1C 1 H 4 , methaneC 3C 3 H 8 , propaneC 4C 4 H 10 , butaneC 7 (+)C 7 H 16 , heptane (plus, meaning heptane and all heavier fractions))CGRCondensate: Gas RatioCO 2carbon dioxideCoSChance of SuccessCVDConstant Volume Depletion (a laboratory experiment)DSTdrill stem testEntitlement Volumes the volumes of oil and/or gas which a Contractor receives under the termsof a PSAEoSEquation of StateFBHPflowing bottom hole pressureFFDFull Field DevelopmentftFeetFVF Formation Volume Factor (also: B oi )FWHPflowing well head pressureG&AGeneral & AdministrativeGIIPGas Initially In PlaceGOCGas-oil contactGORGas: Oil RatioGRVgross rock volumeH 2 Shydrogen sulphideLPGLiquefied Petroleum Gas—in this context means either Butane or Propaneor bothk (e)(effective) permeabilitykgkilogramkmkilometremmetresMThousandMDmeasured depth127
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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
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Page 77 and 78: RPS EnergyHeritage Oil - Competent
Page 127: 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
Page 175 and 176: HERITAGE OIL LIMITEDNOTES TO BALANC
Page 177 and 178: 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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