Prospectus re Admission to the Official List - Heritage Oil

AUDITED AND UNAUDITED FINANCIAL INFORMATION RELATING TO HERITAGE OILCORPORATION (HOC) PREPARED IN ACCORDANCE WITH IFRSAccountant’s report on historical consolidated financial information of Heritage Oil CorporationKPMG LLP8 Salisbury Square,London, EC4Y 8BB,United KingdomThe DirectorsHeritage Oil LimitedOrdnance House31 Pier RoadSt. HelierJersey JE4 8PW, Channel IslandsDear SirsHeritage Oil Corporation (‘‘HOC’’)We report on the financial information set out on pages 177 to 220 in relation to HOC. This financialinformation has been prepared for inclusion in the prospectus that will be dated 28 March 2008 of theCompany on the basis of the accounting policies set out in note 1. This report is required by paragraph 20.1of Annex I of the Prospectus Directive Regulation and is given for the purpose of complying with thatparagraph and for no other purpose.ResponsibilitiesThe Directors of HOC are responsible for preparing the financial information on the basis of preparationset out in note 1 to the financial information and in accordance with International Financial ReportingStandards (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 dated 28 March 2008, atrue and fair view of the state of affairs of HOC as at the dates stated and of its losses, cash flows and175