Prospectus re Admission to the Official List - Heritage Oil

Accordingly, the Illustrative Projections do not constitute any form of forecast, whether of cash, profit orotherwise. The Illustrative Projections relate to an extended future period and accordingly the estimatesand assumptions underlying the projections are inherently uncertain, based on events that have not takenplace, and are subject to significant economic, competitive and other uncertainties and contingenciesbeyond the Group’s control. Further, given the nature of the Group’s business and industry which issubject to a number of significant risk factors, there can be no assurance that the projected cash flows canbe realised. Since the Illustrative Projections relate to the future actual cash flows are likely to differ fromthose projected because events and circumstances frequently do not occur as expected and the differencemay be material. Attention is drawn to the ‘‘Risk Factors’’ section of the Prospectus.Basis of opinionWe conducted our work in accordance with the Standards for Investment Reporting issued by the AuditingPractices Board in the United Kingdom to the extent that such standards are applicable in respect of thiswork. Our work included discussing with the directors of the Company the processes undertaken by themin identifying the key matters, risks and assumptions affecting cash flows and in compiling the IllustrativeProjections based upon the disclosed assumptions. The assumptions upon which the Illustrative Projectionsare based are solely the responsibility of the directors of the Company.We planned and performed our work so as to obtain the information and explanations we considerednecessary in order to provide us with reasonable assurance that the Illustrative Projections have beenstated by the Company after due care and enquiry.Since the Illustrative Projections and the assumptions on which they are based relate to the future and maytherefore be affected by unforeseen events, we can express no opinion as to whether the outcome shown inthe Illustrative Projections will correspond with actual results to be reported and the differences maybe material.Our work has not been carried out in accordance with auditing or other standards and practices generallyaccepted in the United States of America or other jurisdictions and accordingly should not be relied uponas if it had been carried out in accordance with those standards and practices.OpinionIn our opinion the Illustrative Projections have been stated by the Company after due care and enquiry.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 omissions likely toaffect its import. This declaration is included in the prospectus in compliance with paragraph 1.2 ofAnnex 1 of the Prospectus Directive Regulation.Yours faithfully(Signed) ‘‘KPMG LLP’’KPMG LLP28 March 2008245