At <strong>the</strong> end of <strong>the</strong> comparative period under p<strong>re</strong>vious CGAAP—31 December 2005Effect ofP<strong>re</strong>vious transitionNotes CGAAP <strong>to</strong> IFRS IFRS$ $ $AssetsNon-cur<strong>re</strong>nt assetsIntangible exploration assets ........ (b),(c),(f) — 43,503,704 43,503,704Intangible development costs ........ 1,187,371 — 1,187,371Property, plant and equipment ....... (a),(b),(d),(g) 74,729,540 (49,446,988) 25,282,55275,916,911 (5,943,284) 69,973,627Cur<strong>re</strong>nt assetsInven<strong>to</strong>ries ..................... (d) 216,474 35,441 251,915P<strong>re</strong>paid expenses ................ 219,222 — 219,222Trade and o<strong>the</strong>r <strong>re</strong>ceivables ......... 1,318,450 — 1,318,450Cash and cash equivalents .......... 8,583,321 — 8,583,32110,337,467 35,441 10,372,90886,254,378 (5,907,843) 80,346,535LiabilitiesCur<strong>re</strong>nt liabilitiesTrade and o<strong>the</strong>r payables .......... 4,438,649 — 4,438,649Borrowings ..................... 248,045 — 248,0454,686,694 — 4,686,694Non-cur<strong>re</strong>nt liabilitiesBorrowings ..................... 7,520,438 — 7,520,438Defer<strong>re</strong>d tax liabilities ............. (f) 2,346,605 (2,346,605) —Provisions ...................... 434,849 — 434,84910,301,892 (2,346,605) 7,955,28714,988,586 (2,346,605) 12,641,981EquitySha<strong>re</strong> capital ................... 22,854,418 — 22,854,418Reserves ....................... (e) 517,209 456,747 973,956Retained earnings (deficit) ......... (a),(c),(d),(e),(g) 47,894,165 (4,017,985) 43,876,18071,265,792 (3,561,238) 67,704,554212
Reconciliation of loss for <strong>the</strong> year ended 31 December 2005Effect ofP<strong>re</strong>vious transitionNotes CGAAP <strong>to</strong> IFRS IFRS$ $ $RevenuePetroleum and natural gas ............... 841,766 — 841,766Drilling services ....................... 342,359 — 342,3591,184,125 — 1,184,125ExpensesPetroleum and natural gas ............... 465,110 — 465,110Drilling rig operating ................... 196,804 — 196,804General and administrative .............. (e) 5,249,649 456,747 5,706,396Fo<strong>re</strong>ign exchange losses ................. 1,170,906 — 1,170,906Depletion, dep<strong>re</strong>ciation and amortisation .... (c),(d),(g) 536,093 202,537 738,630Exploration expenditu<strong>re</strong> ................. (a) — 4,517,411 4,517,411Impairment of unproved petroleum andnatural gas inte<strong>re</strong>st ................... (a) 724,915 (724,915) —8,343,477 4,451,780 12,795,257Finance income (costs)Inte<strong>re</strong>st income ....................... 330,290 — 330,290Finance costs ......................... (491,824) — (491,824)(161,534) — (161,534)Loss from continuing operations .......... (7,320,886) (4,451,780) (11,772,666)Earnings from discontinued operations ...... (g) 3,521,073 (10,632) 3,510,441Net loss ............................ (3,799,813) (4,462,412) (8,262,225)213
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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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RPS EnergyHeritage Oil - Competent
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Summary Consolidated Balance Sheets
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Summary Consolidated Balance Sheets
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locks during the first three and a
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On 2 October 2007, the Group execut
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of amplitude anomalies, further sup
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The increase in operating expenses
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5.11 Discontinued OperationsThe res
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6. RESULTS OF CONTINUING OPERATIONS
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6.7 Foreign Exchange LossesThere wa
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6.14 Capital ExpendituresThe follow
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7.3 Petroleum and Natural Gas Reven
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7.14 Capital ExpendituresAdditions
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10. LIQUIDITY AND CAPITAL RESOURCES
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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
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- 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
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- 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
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- 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: In November 2007, the Group farmed-
- 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
- Page 229 and 230: HERITAGE OIL CORPORATIONNOTES TO CO
- Page 231 and 232: effective as hedges, both at incept
- Page 233 and 234: A ceiling test was undertaken at De
- Page 235 and 236: 6. Share capital:(a) Authorized:Unl
- Page 237 and 238: fair value of stock options are amo
- Page 239 and 240: C. PRO FORMA FINANCIAL INFORMATION
- Page 241 and 242: PRO FORMA NET ASSET STATEMENTThe fo
- Page 243 and 244: Production assumptionsProduction du
- Page 245 and 246: Macroeconomic assumptionsThe Direct
- Page 247 and 248: Accordingly, the Illustrative Proje
- Page 249 and 250: Arrangement AgreementPursuant to th
- Page 251 and 252: PART X—ADDITIONAL INFORMATION1. R
- Page 253 and 254: (ii) no share or loan capital of th
- Page 255 and 256: (j)In Alberta, the principal jurisd
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- Page 259 and 260: instrument of transfer (in the case
- Page 261 and 262: up on all the shares conferring tha
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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