Prospectus re Admission to the Official List - Heritage Oil

Mr. Buckingham has never had any association with Aegis and has had no involvement with any military orsecurity operations since the spring of 1998.Corporate DevelopmentThe Company is a newly-formed company incorporated in Jersey. The purpose of the Company is to investindirectly (via its indirectly wholly owned subsidiary DutchCo) in the entire issued share capital of HOC. Itis assumed that immediately subsequent to and assuming the completion of the Plan of Arrangement(which is conditional upon Admission), DutchCo will indirectly hold 100 per cent. of the total issued andoutstanding HOC Common Shares.The registered office of the Company is located at Ordnance House, 31 Pier Road, St Helier, JerseyJE4 8PW, Channel Islands and its head office will be at 28-30 The Parade, St Helier, Jersey, JE1 1BGChannel Islands.Chronology of Key EventsThe table below sets out certain significant milestones in the recent history of the Group.DateEvent1992 ........ The Group was founded. HOGL was incorporated in the Bahamas on 14 January 1992as Land and Marine Hydrocarbons Development Limited, which name was changed toHeritage Oil & Gas Limited on 10 June 1993.The Group was initially formed to hold certain oil and gas exploration interests inoffshore Angola, principally an interest in a PSA in respect of Block 4 in the LowerCongo Basin, and through ROWAL a joint venture company with Ranger, areversionary interest in the Kiabo oil field owned and operated by the Angola state oilcompany, Sonagol.ROWAL was owned 51 per cent. by Ranger and 49 per cent. by the Group.ROWAL provided certain technical and advisory services to a division of Sonangol toassist Sonangol in the financing, development and operation of the Kiabo oilfield onsub-block 4/26, in return for a reversionary 10 per cent. net profits interest in the Kiabofield. The agreement and services were terminated in 1998.The Group’s activities were initially funded by share and loan capital provided byFleming and Premier Oilfields plc.1993 ........ ROWAL was forced to abandon certain oil field and drilling equipment at its base atSoyo in north-western Angola after it was overrun by UNITA rebels who killed anumber of locals and expatriates.ROWAL engaged the services of Executive Outcomes, a private military company,which successfully retrieved the equipment, allowing the exploration work programmeto continue.1994 - 1996 . . . The Group received a 2.5 per cent. commission amounting to approximately $2 millionrelating to the construction of two production platforms in South Africa for use in theCabinda region, offshore Angola.1996 ........ Ranger and the Group amended the existing arrangements so that the Group receiveda 5 per cent. net profits interest in the Kiame development and a 2 per cent. net profitsinterest in the balance of Block 4 (other than sub-blocks 4/26 and 4/24 containing theKiabo oilfield and another undeveloped discovery which predates the award of Block 4to Ranger).1996 ........ The Group acquired a 10 per cent. interest in Block 8, offshore Oman. This licencecontains the West Bukha field.1997 ........ The Group was awarded a 50 per cent. interest and operatorship of the Kouilouexploration licence and Kouakouala A, B, C and D licences onshore Congo.1997 ........ The Group was awarded a 100 per cent. interest and operatorship of Block 3 andsubsequently drilled three test wells at the same Turaco drill site, Uganda53