Prospectus re Admission to the Official List - Heritage Oil

CurrenciesAll references in this document to ‘‘Pounds Sterling’’, ‘‘Pounds’’, ‘‘£’’, ‘‘p’’ or ‘‘pence’’ are to the lawfulcurrency of the United Kingdom. All references in this document to ‘‘$’’, ‘‘Dollars’’, ‘‘dollar(s)’’, ‘‘U.S.$’’and ‘‘U.S. cent(s)’’ are to the lawful currency of the United States, unless otherwise specified. Allreferences in this document to ‘‘Cdn$’’, ‘‘C$’’ or ‘‘Canadian cents’’ are to the lawful currency of Canada.PercentagesPercentages in tables in this document have been rounded and accordingly may not add up to 100 per cent.Certain financial, statistical and operating data has been rounded. As a result of this rounding, the totals ofdata presented in this document may vary slightly from the actual arithmetic totals of such data.Operating InformationAny unaudited operating information in relation to the Group’s business is derived from the followingsources: (i) management accounts for the relevant accounting period presented directly from the Group’saccounting system (based on invoices issued and/or received); (ii) internal financial reporting systemssupporting the preparation of financial statements; (iii) management assumptions and analyses and(iv) discussions with key operating personnel. Operating information derived from management accountsor internal reporting systems in relation to the Group’s business is to be found principally in Part V ofthis document.Production FiguresAll references in this document to ‘‘production’’ are to such stated production figures that are net to theGroup unless specified otherwise.Presentation of Reserves and ResourcesAll references to ‘‘reserves’’ and ‘‘resources’’ are to proved and probable in the case of reserves andcontingent and prospective in the case of resources.Forecasts of reserves and associated net production revenues are forward-looking statements based onjudgments regarding future events. The accuracy of reserves estimates and associated economic analysis is,in part, a function of the quality and quantity of available data and of engineering and geologicalinterpretation and judgment. This document should be accepted with the understanding that reserves andfinancial performance subsequent to the date of the estimates may necessitate revision. These revisionsmay be material.All reserves are quoted as the Group’s net entitlement interest, which is net of any applicable Stateroyalties. In the case of properties within PSC areas, the Group’s net entitlement to cost oil and profit oilaccording to the terms of the PSC assuming forecast price and cost assumptions as evaluated in reportsprepared by RPS. For information purposes, reserves are also presented as the Group’s working interestshare before deduction of State royalties where applicable. Information in respect of gross and net acres,well-counts and production are as at 30 September 2007, unless indicated otherwise.RPS has evaluated (on the basis set out below) the Group’s interest in reserves of crude oil and gas in theGroup’s properties. All estimates of present value are stated prior to provision for indirect costs andcalculated after all local country income taxes but prior to the deduction of income taxes in the U.K., Jersey,Canada or elsewhere.The Company’s most recent reserves disclosure, dated 31 March 2008, prepared in accordance with thePRMS has been reproduced in its entirety in Part III of this document and is defined, for the purposes ofthis document, as the ‘‘Technical Report’’. The Technical Report was commissioned by the Company andwas prepared specifically for the purposes of this document but it has not been amended or updated for thepurposes of its inclusion in this document.The Technical Report is a statement of the estimated oil and gas reserves attributed to the Company as at30 September 2007. This estimate is based on technical information supplied by the Company to RPS. Thetechnical information supplied by the Company to RPS was not independently verified by RPS and is theresponsibility of the management of the Company. In accordance with usual standard industry practice, alltechnical information that was obtained from the Company or from public sources was accepted, without31