Prospectus re Admission to the Official List - Heritage Oil

the availability of existing infrastructure and the ability to expand that infrastructure in order toincrease production;the potential for a multi-zone hydrocarbon opportunity;the ability to be appointed as an operator;the degree of control gained over operations and development, and the potential for the Group tobecome the operator; and the ability to efficiently bring a property’s production to market in the near-term.The Directors may, in their discretion, approve asset or corporate acquisitions or investments that do notconform to all of these guidelines based upon the board’s consideration of the qualitative aspects of thesubject properties including their risk profile, technical upside, reserve life and asset quality.6. THE BUSINESSIntroductionThe Company, through its subsidiaries, is actively engaged in the exploration for, and the development,production and acquisition of, oil and gas interests in Russia, the Middle East, Africa and theMediterranean. Currently the principal areas of focus are Uganda, the KRI and West Siberia.The table below summarises the Group’s production properties.Proved plusGroupprobableProperty Block Working Designated reservesCountry Name number Interest Operator (MMboe)Oman .............. Bukha Block 8 10% RAK Petroleum 0.15Russia .............. Zapadno Zapadno 95% The Group 60.5Chumpasskoye ChumpasskoyeThe table below summarises the Group’s development properties.Proved plusGroupprobableProperty Block Working Designated reservesCountry Name number Interest Operator (MMboe)Oman ............... West Bukha Block 8 10% Rak Petroleum 1.5The table below summarises the Group’s exploration property.GroupBlock Working DesignatedCountry number Interest OperatorUganda ........................... Block 3A 50% The GroupUganda ........................... Block 1 50% The GroupKRI ............................. Miran 100% The GroupDRC............................. Block 1 39.5% TullowDRC............................. Block 2 39.5% TullowMali ............................. Block 7 75% (1) The GroupMali ............................. Block 11 75% (2) The GroupMalta ............................ Area 2 100% The GroupMalta ............................ Area 7 100% The GroupPakistan .......................... Block No. 3068-2 60% The Group(Sanjawi) E/L(1) This working interest can be earned by the Group by financing 100 per cent. of the minimum work programme over the nexttwo years.(2) This working interest can be earned by the Group by financing 100 per cent. of the minimum work programme over the nexttwo years.Overview of the Group’s PropertiesThe following is a description of the oil and gas properties, plants, facilities and installations in which theGroup has an interest and that are material to the Group’s operations and exploration activities,categorised by geographic region.37