Prospectus re Admission to the Official List - Heritage Oil

operational by drawing up an Environmental Management Plan, and this is followed by monitoring theeffectiveness of the plans employed to protect the environment or allow its self-renewal.Environmental IncidentsThe Group attaches great responsibility to its emergency response plans which are instituted in case of anyenvironmental incidents. The Directors place considerable confidence in the effectiveness of the Group’senvironmental incident reporting procedures. To date, the Group has not been subject to any materialenvironmental incidents.9. HISTORY AND DEVELOPMENTThe Group was formed in 1992 and HOC was incorporated in 1996. Over the past twelve years, the Grouphas grown through its strategy of focusing on high-impact international opportunities containing multipletargets with the potential for the discovery of significant reserves, achieved through the management oftechnical and political risk, through the geographic spread of licences and the experienced managementteam’s hands-on approach.Relationship with Mr. Anthony BuckinghamAnthony Leslie Rowland Buckingham is a citizen of the United Kingdom, born on 28 November 1951 inLondon, England.In 1972, Mr. Buckingham commenced work in the oil industry as an international saturation diver. In 1979,he became a lecturer at Seneca College, Ontario, Canada. Mr. Buckingham then held senior positions invarious diving and engineering companies, including being appointed as the Operations Manager,New Ventures Secretariat (a think tank) at British Oxygen Company (now part of the Linde Group),before becoming a concession negotiator in the 1980s acting for Ranger and Premier Oil plc. During thistime he lived in Karachi and Quetta (the capital of the province of Baluchistan) in Pakistan.In 1989, he became an adviser to the Government of Angola and assisted the Angolan Oil Ministry inestablishing Sonangol P&P as an active oil and gas exploration and production company.Mr. Buckingham founded HOC which was incorporated in the Bahamas on 14 January 1992 as Land andMarine Hydrocarbons Development Limited. The name was changed to Heritage Oil & Gas Limited on10 June 1993.HOC was initially formed to hold certain oil and gas exploration interests in offshore Angola, principallyan interest in a PSC in respect of Block 4 in the Lower Congo Basin, and through ROWAL a joint venturecompany with Ranger, a reversionary interest in the Kiabo oil field owned and operated by the Angolastate oil company, Sonangol.ROWAL was owned 51 per cent. by Ranger and 49 per cent. by HOC. Heritage’s activities were initiallyfunded by share and loan capital provided by Fleming Mercantile Investment Trust plc and PremierOilfields plc in 1992. ROWAL provided certain technical and advisory services to a division of Sonangol toassist Sonangol in the financing, development and operation of the Kiabo oilfield on sub-block 4/26, inreturn for a reversionary 10 per cent. net profits interest in the Kiabo field. The agreement and serviceswere terminated in 1998.ROWAL was forced to abandon certain oil field and drilling equipment at its base at Soyo in northwesternAngola after it was overrun by UNITA rebels who killed a number of locals and expatriates in1993. ROWAL engaged the services of Executive Outcomes, a private military company, which successfullyretrieved the equipment, allowing the exploration work programme to continue. The loan finance toFleming was thereafter repaid.In 1996, Ranger and HOC amended the existing arrangements so that HOC received a 5 per cent. netprofits interest in the Kiame development and a 2 per cent. net profits interest in the balance of Block 4(other than sub-blocks 4/26 and 4/24 containing the Kiabo oilfield and another undeveloped discoverywhich predated the award of Block 4 to Ranger).51