Prospectus re Admission to the Official List - Heritage Oil

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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
RPS EnergyHeritage Oil – Competent Persons ReportList of FiguresFigure 1: Omani Licence Location Map ........................................ 75Figure 2: Russian Licence Location Map ....................................... 75Figure 3: Kurdistan Licence Location Map ...................................... 76Figure 4: Ugandan & DRC Licences Location Map ............................... 76Figure 5: Bukha Field—Top Reservoir Depth Map ................................ 79Figure 6: Bukha Wet Gas History and Forecast .................................. 81Figure 7: Condensate Yield vs. Cumulative Wet Gas Production ...................... 82Figure 8: LPG yield vs. Cumulative Wet Gas Production ............................ 82Figure 9: Top Mishrif Depth Map ............................................ 84Figure 10: West Bukha 3D inline 1122 .......................................... 85Figure 11: 1P Production Profile for West Bukha .................................. 92Figure 12: 2P Production Profile for West Bukha .................................. 92Figure 13: 3P Production Profile for West Bukha .................................. 93Figure 14: Lower J 1 Sand—RPS Net Pay Map (p50 Case) ............................ 95Figure 15: CPI for Well P3 over Reservoir Interval for p50 Saturation Case ............... 97Figure 16: Well 226 Production History ......................................... 98Figure 17: Well P3 Production History .......................................... 99Figure 18: Illustration of Inverted Five-spot Patterns at Zapadno Chumpasskoye ........... 100Figure 19: Oil Rate & Cumulative from Full Field Simulation ......................... 101Figure 20: Water Injection Rate & Cumulative from Full Field Simulation ................ 101Figure 21: Average Reservoir Pressure from Full Field Simulation ...................... 102Figure 22: 1P Production Profile for Zapadno Chumpasskoye ......................... 103Figure 23: 2P Production Profile for Zapadno Chumpasskoye ......................... 103Figure 24: 3P Production Profile for Zapadno Chumpasskoye ......................... 104Figure 25: Seismic Section through Kingfisher 1 Well ............................... 107Figure 26: Reservoir Section in Kingfisher 1A .................................... 108Figure 27: RPS Cycle P1/M6 Depth Map, Block 3A ................................ 108Figure 28: RPS Top Reservoir Depth Map, Block 1 ................................ 110Figure 29: Consolidation of Gross Risked Recoverable Resources in Blocks 1 and 3A Reviewedby RPS (MMstb) ................................................ 113Figure 30: Generic, Scalable Profile for Block 3A Prospects .......................... 115Figure 31: Generic, Scalable Profile for Block 1 Prospects & Leads ..................... 115Figure 32: Assumed Well Profiles for Miran Wells ................................. 118Figure 32: RPS Base Forecast Price ............................................ 119Figure 33: Plot of Brent vs. URALS (Mediterranean)—1997 to 2007 .................... 124Figure 34: Heritage Net NPV 10 vs. Notional Field Size Showing Price Sensitivity ........... 126Page71
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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
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wells may change as a result of low
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which could have a materially adver
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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 and 66: Goldsworth House, Denton Way, Golds
Page 67 and 68: ResourcesA summary of the gross Con
Page 69 and 70: The post tax Net Present Value (NPV
Page 71: RPS EnergyHeritage Oil - Competent
Page 75 and 76: 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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