Prospectus re Admission to the Official List - Heritage Oil

RPS EnergyHeritage Oil – Competent Persons ReportPage6. KURDISTAN—MIRAN BLOCK ............................................. 1166.1. Data Available ....................................................... 1166.2. Geology ............................................................ 1166.3. In place volumes ..................................................... 1166.4. Reservoir Engineering ................................................. 1176.5. Facilities and Costs ................................................... 1187. ECONOMICS ........................................................... 1187.1. Valuation Assumptions ................................................. 1187.1.1. General ....................................................... 1187.1.2. Oil Prices ...................................................... 1197.2. Valuation Methodology ................................................. 1207.2.1. Reserves ....................................................... 1207.2.2. Contingent and Prospective Resources ................................. 1207.2.3. Other (Miran) ................................................... 1207.3. Oman—Block 8 ...................................................... 1207.3.1. Fiscal Regime and Contract Terms .................................... 1207.3.2. Price Assumptions ................................................ 1207.3.3. Unrecovered Costs ............................................... 1217.3.4. Valuation Summary—Bukha ......................................... 1217.3.5. Valuation Summary—West Bukha .................................... 1227.3.6. Sensitivity to Oil Price ............................................. 1227.4. Russia—Zapadno Chumpasskoye ......................................... 1237.4.1. Fiscal Regime and Contract Terms .................................... 1237.4.2. Price Assumptions ................................................ 1247.4.3. Transportation Costs .............................................. 1247.4.4. Tax Losses ..................................................... 1247.4.5. Valuation Summary ............................................... 1247.4.6. Sensitivity to Oil Price ............................................. 1257.5. Kurdistan—Miran Block ............................................... 1257.5.1. Fiscal Regime and Contract Terms .................................... 1257.5.2. Price Assumptions ................................................ 1257.5.3. Valuation summary ............................................... 126APPENDIX A: GLOSSARY OF TECHNICAL TERMS ............................... 127APPENDIX B: SPE/WPC/AAPG/SPEE RESERVE/RESOURCE DEFINITIONS .............. 12970