Prospectus re Admission to the Official List - Heritage Oil

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Heritage Net EntitlementHeritage Net WorkingReserves (at Base CaseGross Remaining Reserves Interest Reserves Price Forecast)Proved Proved Provedplus plus plusProved Probable Proved Probable Proved Probableplus plus plus plus plus plusProved Probable Possible Proved Probable Possible Proved Probable Possible(1P) (2P) (3P) (1P) (2P) (3P) (1P) (2P) (3P)Liquids (MMstb) . . 39.5 94.7 228.1 24.6 63.6 167.2 23.9 61.6 163.1LPG (MMstb) .... 7.4 14.5 27.9 0.745 1.4 2.8 0.180 0.254 0.388Gas (Bscf) ....... 7.4 47.5 90.0 0.736 4.8 9.0 0.510 1.5 2.3Table 1: Summary of Heritage Reserves as of 30 th September 2007The gross reserves and the net reserves attributable to each Heritage Property is given in Table 2.Heritage NetHeritage EntitlementGross Net Working Reserves atRemaining Interest Base CaseReserves Reserves Price ForecastBukha Field, OmanCondensate MMstb MMstb MMstbProved Reserves (1P) ............................... 2.1 0.206 0.094Proved plus Probable Reserves (2P) .................... 2.4 0.243 0.099Proved plus Probable plus Possible Reserves (3P) .......... 2.6 0.260 0.102LPG MMstb MMstb MMstbProved Reserves (1P) ............................... 1.5 0.151 0.035Proved plus Probable Reserves (2P) .................... 2.2 0.225 0.046Proved plus Probable plus Possible Reserves (3P) .......... 2.5 0.253 0.049West Bukha Field, OmanOil MMstb MMstb MMstbProved Reserves (1P) ............................... 9.1 0.906 0.520Proved plus Probable Reserves (2P) .................... 20.7 2.1 0.764Proved plus Probable plus Possible Reserves (3P) .......... 39.5 3.9 1.2Condensate MMstb MMstb MMstbProved Reserves (1P) ............................... 3.9 0.390 0.195Proved plus Probable Reserves (2P) .................... 8.0 0.794 0.275Proved plus Probable plus Possible Reserves (3P) .......... 16.1 1.6 0.427LPG MMstb MMstb MMstbProved Reserves (1P) ............................... 5.9 0.594 0.145Proved plus Probable Reserves (2P) .................... 12.3 1.2 0.208Proved plus Probable plus Possible Reserves (3P) .......... 25.4 2.5 0.339Gas Bscf Bscf BscfProved Reserves (1P) ............................... 7.4 0.736 0.510Proved plus Probable Reserves (2P) .................... 47.5 4.8 1.5Proved plus Probable plus Possible Reserves (3P) .......... 90.0 9.0 2.3Zapadno Chumpasskoye Field, RussiaOil MMstb MMstb MMstbProved Reserves (1P) ............................... 24.4 23.1 23.1Proved plus Probable Reserves (2P) .................... 63.6 60.5 60.5Proved plus Probable plus Possible Reserves (3P) .......... 169.9 161.4 161.4Table 2: Summary of Reserves for Each Property as of 30 th September 200764
ResourcesA summary of the gross Contingent Resources and the net working interest Contingent Resources inHeritage’s Properties is given in Table 3.HeritageGross Estimate Working Interest Share †(MMstb)(MMstb)1C 2C 3C Equity 1C 2C 3C(Low) (ML) (High) (%) (Low) (ML) (High) OperatorKingfisher, Uganda 17.2 117.9 493.6 50 † 8.6 59.0 246.8 HeritageTotal ..... 17.2 117.9 493.6 8.6 59.0 246.8† The government has the right to back-in for up to 15% which would reduce the Heritage net working interest to 42.5%.Table 3:Summary of Contingent Resources Reviewed by RPSA summary of the gross Prospective Resources and Heritage’s 50 per cent. equity interest ProspectiveResources (1) that have been reviewed by RPS is given in Table 4 along with the RPS estimate of GeologicalProbability of Success (GPoS),. N.B. The State has the right to back-in for up to 15% which would reducethe Heritage net working interest to 42.5%.Heritage WorkingGross Estimate Interest Share †Low Best High Low Best High GPoS ††(p90) (p50) (p10) Mean (p90) (p50) (p10) Mean (%) OperatorBlock 3A, UgandaKingfisher Main (Basal sand) . . 55 211 698 267 28 106 349 134 35 HeritageKingfisher North (Zone P1/M6) 4 32 97 37 2 16 49 19 43 HeritageKingfisher North (Basal sand) . . 14 56 191 72 7 28 96 36 29 HeritagePelican Main (Zone P1/M6) . . . 12 59 212 77 6 30 106 39 38 HeritagePelican Main (Basal sand) ..... 36 127 387 155 18 64 194 78 29 HeritagePelican North (Zone P1/M6) . . . 0 2 9 3 0 1 5 2 18 HeritagePelican North (Basal sand) .... 1 5 13 5 1 3 7 3 23 HeritagePelican Shallow (Zone P1/M6) . 4 15 47 19 2 8 24 10 18 HeritagePelican Shallow (Basal sand) . . . 6 21 62 25 3 11 31 13 24 HeritagePelican West (Zone P1/M6) . . . 2 11 41 15 1 6 21 8 23 HeritagePelican West (Basal sand) ..... 13 44 129 52 7 22 65 26 23 HeritagePelican (light blue) .......... 10 53 230 78 5 27 115 39 18 HeritagePelican (light green) ......... 10 53 230 78 5 27 115 39 18 HeritageLead A (Zone P1/M6) ....... 5 69 560 153 3 35 280 77 13 HeritageLead A (Basal sand) ......... 22 110 490 169 11 55 245 85 9 HeritageLead B (Zone P1/M6) ....... 14 83 332 114 7 42 166 57 13 HeritageLead B (Basal sand) ......... 6 31 133 46 3 16 67 23 9 HeritageLead C (Zone P1/M6) ....... 68 372 1,338 486 34 186 669 243 12 HeritageLead C (Basal sand) ......... 28 177 1,012 330 14 89 506 165 9 HeritageBlock 1, UgandaBuffalo .................. 111 344 826 420 56 172 413 210 20 HeritageCrocodile ................. 16 31 57 35 8 16 29 18 20 HeritageGiraffe .................. 35 76 161 89 18 38 81 45 20 HeritageHartebeest ................ 8 24 64 31 4 12 32 16 20 HeritageTotal Mean ††† ......... 2,756 1,378† The government has the right to back-in for up to 15% which would reduce the Heritage net working interest to 42.5%.†† The chance or probability of discovering hydrocarbon volumes within the range defined. This is not an estimation ofcommercial chance of success.††† Arithmetic summation of individual P90, P50 and P10 quantities will not produce a total P90, P50 and P10. The process ofstatistical addition will, as a result of the central limit theorem, produce a P90 that is greater than the arithmetic sum of allP90 quantities and a P10 that is less than the arithmetic sum of all P10 quantities. The arithmetic sum of the mean quantitieshowever is always equal to the mean of the distribution produced by the process of statistical addition.Table 4:Summary of Prospective Resources Reviewed by RPS (MMstb)(1)In the event of discovery and development, Heritage net entitlement resources will be a function of the contract terms and willbe less than the net working interest resources.65
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This document comprises a prospectu
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SUMMARY INFORMATIONThis summary mus
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Summary Consolidated Income Stateme
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Summary Consolidated Cash Flow Stat
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Production from the Zapadno Chumpas
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Given the geographic spread of the
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RISK FACTORSAny investment in the O
Page 15 and 16: wells may change as a result of low
Page 17 and 18: which could have a materially adver
Page 19 and 20: Failure to obtain additional financ
Page 21 and 22: contractual or pricing terms, both
Page 23 and 24: years. In addition, since December
Page 25 and 26: UgandaUganda is among the poorest c
Page 27 and 28: Market Price of the Ordinary Shares
Page 29 and 30: DIRECTORS, CORPORATE SECRETARY, SEN
Page 31 and 32: EXPECTED TIMETABLE OF PRINCIPAL EVE
Page 33 and 34: CurrenciesAll references in this do
Page 35 and 36: PART I—INFORMATION ON THE GROUPOV
Page 37 and 38: Strong management and technical tea
Page 39 and 40: the availability of existing infras
Page 41 and 42: In 2005, the Group acquired a 95 pe
Page 43 and 44: The Group acquired a 10 per cent. i
Page 45 and 46: The Group is the operator and has a
Page 47 and 48: exploration wells. The total estima
Page 49 and 50: The Group has also entered into a s
Page 51 and 52: Pakistan has current proved hydroca
Page 53 and 54: operational by drawing up an Enviro
Page 55 and 56: Mr. Buckingham has never had any as
Page 57 and 58: Date2007 ........ On 18 January 200
Page 59 and 60: (3) One common share of Heritage Ho
Page 61 and 62: (f) General Sir Michael WilkesGener
Page 63 and 64: Remuneration CommitteeThe Remunerat
Page 65: Goldsworth House, Denton Way, Golds
Page 69 and 70: The post tax Net Present Value (NPV
Page 71 and 72: RPS EnergyHeritage Oil - Competent
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RPS EnergyHeritage Oil - Competent
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Summary Consolidated Balance Sheets
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Summary Consolidated Balance Sheets
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locks during the first three and a
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On 2 October 2007, the Group execut
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of amplitude anomalies, further sup
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The increase in operating expenses
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5.11 Discontinued OperationsThe res
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6. RESULTS OF CONTINUING OPERATIONS
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6.7 Foreign Exchange LossesThere wa
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6.14 Capital ExpendituresThe follow
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7.3 Petroleum and Natural Gas Reven
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7.14 Capital ExpendituresAdditions
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10. LIQUIDITY AND CAPITAL RESOURCES
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Year Ended 31 December 2005 Prepare
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Intangible E&E assets related to ea
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11.2 The year ended 31 December 200
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(c) Reconciliation of loss for the
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Year Ended 31 December 2004 Prepare
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PART VII—FINANCIAL INFORMATIONA.
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DeclarationFor the purposes of Pros
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HERITAGE OIL LIMITEDNOTES TO BALANC
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AUDITED AND UNAUDITED FINANCIAL INF
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HERITAGE OIL CORPORATIONCONSOLIDATE
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HERITAGE OIL CORPORATIONNOTES TO CO
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Intangible E&E assets related to ea
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k) InvestmentsThe Group classifies
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usually when legal title passes to
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iii) IFRIC 12, ‘‘Service conces
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v) Liquidity riskLiquidity risk is
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ii) DerivativesDerivatives are reco
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5 Other finance costsNine-month per
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Congo to the other partners in the
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No assets have been pledged as secu
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31 December 30 September2005 2006 2
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16 Trade and other payables31 Decem
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A reconciliation of the asset retir
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21 Loss per shareThe following tabl
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25 Commitments and contingenciesHer
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In November 2007, the Group farmed-
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Reconciliation of loss for the year
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At the end of the last reporting pe
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Reconciliation of cash flow stateme
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At 31 December 2006, this has resul
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AUDITED FINANCIAL STATEMENTS RELATI
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AUDITORS’ REPORT TO THE SHAREHOLD
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HERITAGE OIL CORPORATIONNOTES TO CO
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effective as hedges, both at incept
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A ceiling test was undertaken at De
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6. Share capital:(a) Authorized:Unl
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fair value of stock options are amo
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C. PRO FORMA FINANCIAL INFORMATION
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PRO FORMA NET ASSET STATEMENTThe fo
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Production assumptionsProduction du
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Macroeconomic assumptionsThe Direct
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Accordingly, the Illustrative Proje
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Arrangement AgreementPursuant to th
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PART X—ADDITIONAL INFORMATION1. R
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(ii) no share or loan capital of th
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(j)In Alberta, the principal jurisd
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nominal amount has been paid up of
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instrument of transfer (in the case
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up on all the shares conferring tha
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(B) may be a director or other offi
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and is in default for a period of 1
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(c)have sufficient moneys, assets o
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(e)against surrender of the Exchang
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e, to the extent that the same is r
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(g)(ii) by arranging for the credit
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(b) rights, options or warrants oth
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any provision of provincial, territ
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7.5 None of the major shareholders
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Position stillDirector/Senior Manag
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employment or terminates his or her
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All rights of a holder of Exchangea
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agreement of this nature. These cir
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to change. Where the Company pays a
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As part of an agreement reached in
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(x) Foreign Property Information Re
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19. DOCUMENTS AVAILABLE FOR INSPECT
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declared and unpaid dividends on ea
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‘‘DTR’’‘‘DutchCo’’
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‘‘ISIN’’‘‘ITA’’‘
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anniversary of the Effective Date a
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‘‘Support Agreement’’‘‘
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emaining quantities recovered will
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Prospectus re Admission to the Official List - Heritage Oil

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