Prospectus re Admission to the Official List - Heritage Oil

Accountant’s report on historical financial information of Heritage Oil LimitedKPMG LLP8 Salisbury Square,London, EC4Y 8BB,United KingdomThe DirectorsHeritage Oil LimitedOrdnance House31 Pier RoadSt. HelierJersey, JE4 8PWChannel IslandsDear SirsHeritage Oil Limited (the ‘‘Company’’)We report on the financial information set out on pages 172 to 173 in relation to the Company. Thisfinancial information has been prepared for inclusion in the prospectus that will be dated 28 March 2008 ofthe Company on the basis of the accounting policies set out in note 1. This report is required byparagraph 20.1 of Annex I of the Prospectus Directive Regulation and is given for the purpose ofcomplying with that paragraph and for no other purpose.ResponsibilitiesThe Directors of the Company are responsible for preparing the financial information on the basis ofpreparation set out in note 1 to the financial information and in accordance with International FinancialReporting Standards (IFRS).It is our responsibility to form an opinion on the financial information and to report our opinion to you.Save for any responsibility arising under Prospectus Rule 5.5.3R (2)(f) to any person as and to the extentthere provided, to the fullest extent permitted by law we do not assume any responsibility and will notaccept any liability to any other person for any loss suffered by any such other person as a result of, arisingout of, or in connection with this report or our statement, required by and given solely for the purposes ofcomplying with paragraph 23.1 of Annex I of the Prospectus Directive Regulation, consenting to itsinclusion in the prospectus.Basis of opinionWe conducted our work in accordance with Standards for Investment Reporting issued by the AuditingPractices Board in the United Kingdom. Our work included an assessment of evidence relevant to theamounts and disclosures in the financial information. It also included an assessment of the significantestimates and judgments made by those responsible for the preparation of the financial information andwhether the accounting policies are appropriate to the entity’s circumstances, consistently applied andadequately disclosed.We planned and performed our work so as to obtain all the information and explanations which weconsidered necessary in order to provide us with sufficient evidence to give reasonable assurance that thefinancial information is free from material misstatement whether caused by fraud or other irregularityor error.OpinionIn our opinion, the financial information gives, for the purposes of the prospectus that will be dated28 March 2008, a true and fair view of the state of affairs of the Company as at the date stated and of itschanges in Shareholder’s equity for the period then ended in accordance with the basis of preparation setout in note 1 and in accordance with IFRS as described in note 1.170