Prospectus re Admission to the Official List - Heritage Oil

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RPS EnergymDMMMbblsMMBtu/dMMbwpdMMscfd or MMscf/dMMstbMoney of the DayMPaN 2N:GNIOCOWCPIp (b/r)PSC / PSApsi(a/g)PTAPVTRFR siR wSscfSPESTOIIPS wTDT rTVDTVDSSURRVCLVRRVSHWHFPWorking Interest ShareWPCm Heritage Oil – Competent Persons Reportpermeability in milli-DarciesMillionthousand barrelsmillions of British Thermal Units per daymillion barrels of water per daymillions of standard cubit feet per daymillion stock tank barrelscalculated allowing for the effect of inflationMega PascalNitrogenNet to gross ratioNational Iranian Oil Companyoil-water contactProductivity Index (stb/d/psi)(bubble point or reservoir) pressureProduction Sharing Contract / Production Sharing Agreementpounds per square inch (absolute/gauge)Pressure transient analysisPressure, Volume & TemperatureRecovery FactorSolution GORWater resistivitySkin, a measure of damage derived from well test analysisstandard cubic feet measured at 14.7 pounds per square inch and 60 FSociety of Petroleum EngineersStock Tank Oil Initially In PlaceWater SaturationTotal DepthReservoir temperatureTrue vertical depthtrue vertical depth (sub-sea)Ultimate recoverable reserves (before economic cut-off)Volume of clayVoidage replacement ratioVolume of shaleWellhead Flowing Pressure(of reserves) calculated by multiplying the Gross estimate by theContractor’s Working Interest in a Production Sharing ContractWorld Petroleum CongressOhm-metreOmega, a measure of fracture storageLambda, a measure of matrix-fracture flowOil densityOil viscosity128
RPS EnergyHeritage Oil – Competent Persons ReportAPPENDIX B: SPE/WPC/AAPG/SPEE RESERVE/RESOURCE DEFINITIONS(Source: Society of Petroleum Engineers)The estimation of petroleum resource quantities involves the interpretation of volumes and values thathave an inherent degree of uncertainty. These quantities are associated with development projects atvarious stages of design and implementation. Use of a consistent classification system enhancescomparisons between projects, groups of projects, and total company portfolios according to forecastproduction profiles and recoveries. Such a system must consider both technical and commercial factorsthat impact the project’s economic feasibility, its productive life, and its related cash flowsPetroleum Resources Classification FrameworkPetroleum is defined as a naturally occurring mixture consisting of hydrocarbons in the gaseous, liquid, orsolid phase. Petroleum may also contain non-hydrocarbons, common examples of which are carbondioxide, nitrogen, hydrogen sulphide and sulphur. In rare cases, non-hydrocarbon content could be greaterthan 50 per cent.The term ‘‘resources’’ as used herein is intended to encompass all quantities of petroleum naturallyoccurring on or within the Earth’s crust, discovered and undiscovered (recoverable and unrecoverable),plus those quantities already produced. Further, it includes all types of petroleum whether currentlyconsidered ‘‘conventional’’ or ‘‘unconventional.’’A graphical representation of the SPE/WPC/AAPG/SPEE resources classification system is given below.The system defines the major recoverable resources classes: Production, Reserves, Contingent Resources,and Prospective Resources, as well as Unrecoverable petroleum.PRODUCTIONTOTAL PETROLEUM INITIALLY-IN-PLACE (PIP)DISCOVERED PIIPUNDISCOVEREDPIIPSUB-COMMERCIAL COMMERCIAL1P 2P 3P1CRESERVESProved Probable PossibleLowEstimateCONTINGENTRESOURCES2CUNRECOVERABLEPROSPECTIVERESOURCESBestEstimateUNRECOVERABLE3CHighEstimateIncreasing Chance of CommercialityRange of UncertaintyResources Classification Framework18MAR200800130115129
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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 79 and 80: RPS EnergyHeritage Oil - Competent
Page 129: 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
Page 179 and 180: HERITAGE OIL CORPORATIONCONSOLIDATE
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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 CORPORATIONCONSOLIDATE
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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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