Prospectus re Admission to the Official List - Heritage Oil

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