Prospectus re Admission to the Official List - Heritage Oil

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ecognised income and expense for the periods then ended in accordance with the basis of preparation setout in note 1 and in accordance with IFRS as described in note 1.DeclarationFor the purposes of Prospectus Rule 5.5.3R (2)(f) we are responsible for this report as part of theprospectus and declare that we have taken all reasonable care to ensure that the information contained inthis report is, to the best of our knowledge, in accordance with the facts and contains no omission likely toaffect its import. This declaration is included in the prospectus in compliance with paragraph 1.2 ofAnnex I of the Prospectus Directive Regulation.Yours faithfully(Signed) ‘‘KPMG LLP’’KPMG LLP28 March 2008176
HERITAGE OIL CORPORATIONCONSOLIDATED BALANCE SHEETSASSETS31 December 30 September2005 2006 2006 2007$ $ $ $(Unaudited)Non-current assetsAssets held for sale (note 8) ..................... — — 16,962,091 —Intangible exploration assets (note 10) .............. 43,503,704 54,767,332 45,602,140 85,746,870Intangible development costs (note 11) .............. 1,187,371 1,574,039 1,346,858 —Property, plant and equipment (note 12) ............ 25,282,552 32,187,098 25,546,939 59,105,312Other financial assets (note 13) ................... — 914,558 — 4,200,90969,973,627 89,443,027 89,458,028 149,053,091Current assetsAssets held for sale (note 8) ..................... — — 425,412 —Inventories ................................. 251,915 98,921 211,510 79,768Prepaid expenses ............................. 219,222 531,273 515,899 340,402Trade and other receivables (note 14) .............. 1,318,450 9,839,506 664,953 6,455,303Cash and cash equivalents (note 15) ............... 8,583,321 46,861,146 46,851,571 61,894,71110,372,908 57,330,846 48,669,345 68,770,18480,346,535 146,773,873 138,127,373 217,823,275LIABILITIESCurrent liabilitiesTrade and other payables (note 16) ................ 4,438,649 12,715,381 9,396,651 15,781,606Borrowings (note 17) .......................... 248,045 147,720 140,352 160,224Liabilities of disposal group held for sale (note 8) ...... — — 807,208 —4,686,694 12,863,101 10,344,211 15,941,830Non-current liabilitiesBorrowings (note 17) .......................... 7,520,438 63,124,843 62,512,234 144,918,765Derivative financial liability (note 23) ............... — 27,997,140 8,621,068 32,810,103Provisions (note 18) ........................... 434,849 62,322 — 133,274Liabilities of disposal group held for sale (note 8) ...... — — 419,770 —7,955,287 91,184,305 71,553,072 177,862,14212,641,981 104,047,406 81,897,283 193,803,97267,704,554 42,726,467 56,230,090 24,019,303SHAREHOLDERS’ EQUITY ATTRIBUTABLE TOEQUITY HOLDERS OF THE CORPORATIONShare capital (note 19) ......................... 22,854,418 24,580,984 23,508,025 40,910,098Reserves (note 20) ........................... 973,956 2,637,058 1,363,795 35,083,262Retained earnings (deficit) (note 20) ............... 43,876,180 15,508,425 31,358,270 (51,974,057)67,704,554 42,726,467 56,230,090 24,019,303177
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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 127 and 128: 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: AUDITED AND UNAUDITED FINANCIAL INF
Page 181 and 182: HERITAGE OIL CORPORATIONCONSOLIDATE
Page 183 and 184: HERITAGE OIL CORPORATIONNOTES TO CO
Page 185 and 186: Intangible E&E assets related to ea
Page 187 and 188: k) InvestmentsThe Group classifies
Page 189 and 190: usually when legal title passes to
Page 191 and 192: iii) IFRIC 12, ‘‘Service conces
Page 193 and 194: v) Liquidity riskLiquidity risk is
Page 195 and 196: ii) DerivativesDerivatives are reco
Page 197 and 198: 5 Other finance costsNine-month per
Page 199 and 200: Congo to the other partners in the
Page 201 and 202: No assets have been pledged as secu
Page 203 and 204: 31 December 30 September2005 2006 2
Page 205 and 206: 16 Trade and other payables31 Decem
Page 207 and 208: A reconciliation of the asset retir
Page 209 and 210: 21 Loss per shareThe following tabl
Page 211 and 212: 25 Commitments and contingenciesHer
Page 213 and 214: In November 2007, the Group farmed-
Page 215 and 216: Reconciliation of loss for the year
Page 217 and 218: At the end of the last reporting pe
Page 219 and 220: Reconciliation of cash flow stateme
Page 221 and 222: At 31 December 2006, this has resul
Page 223 and 224: AUDITED FINANCIAL STATEMENTS RELATI
Page 225 and 226: AUDITORS’ REPORT TO THE SHAREHOLD
Page 227 and 228: 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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Prospectus re Admission to the Official List - Heritage Oil

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