Prospectus re Admission to the Official List - Heritage Oil

The fair value of unlisted shares of SeaDragon is based on the most recent private placement ofSeaDragon on 26 October 2006. The Directors consider that there has been no change in the fairvalue of these shares since this date.14 Trade and other receivables31 December 30 September2005 2006 2006 2007$ $ $ $(Unaudited)Trade receivables ......................... 879,163 890,662 152,526 551,270Other receivables ......................... 439,287 8,948,844 512,427 5,904,0331,318,450 9,839,506 664,953 6,455,303Trade and other receivables are due within 30 days from the invoice date. No interest is charged onthe receivables. The carrying amount of trade and other receivables approximates their fair value.The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable.As of 30 September 2007, trade receivables of $6,455,303 (30 September 2006—$664,953;31 December 2006—$9,839,506; 31 December 2005—$1,318,450) were neither past due nor impaired.These relate to a number of independent customers for whom there is no recent history of default.The ageing analysis of these trade and other receivables is as follows:31 December 30 September2005 2006 2006 2007$ $ $ $(Unaudited)Up to 3 months .......................... 1,318,450 9,703,000 656,204 5,118,5973 to 6 months ........................... — 136,506 8,749 1,336,7061,318,450 9,839,506 664,953 6,455,303Trade and other receivables analysed by category are as follows:31 December 30 September2005 2006 2006 2007$ $ $ $(Unaudited)U.S. dollars ............................. 1,230,410 7,970,228 253,883 5,148,165GBP pounds sterling ...................... — 24,040 — 24,040Russian roubles .......................... — 1,495,891 286,096 821,128Swiss francs ............................. 88,040 349,347 124,974 461,9701,318,450 9,839,506 664,953 6,455,30315 Cash and cash equivalents31 December 30 September2005 2006 2006 2007$ $ $ $(Unaudited)Cash at bank and in hand ................ 8,583,321 46,861,146 46,851,571 61,894,711Cash at bank and in hand includes cash held in interest bearing accounts.202