Prospectus re Admission to the Official List - Heritage Oil

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RPS EnergyHeritage Oil – Competent Persons ReportList of TablesTable 1: Summary of Heritage Reserves as of 30 th September 2007 .................... 64Table 2: Summary of Reserves for Each Property as of 30 th September 2007 .............. 64Table 3: Summary of Contingent Resources Reviewed by RPS ........................ 65Table 4: Summary of Prospective Resources Reviewed by RPS (MMstb) ................ 65Table 5: Consolidation of Gross Risked Recoverable Resources in Blocks 1 and 3A Reviewedby RPS ....................................................... 66Table 6: Heritage Unrisked Conceptual Leads (Not Reviewed by RPS) ................. 66Table 7: RPS Price Base Case Forecasts (US$/bbl Money of the Day) .................. 66Table 8: Post-Tax Valuation (Net Heritage Share) of Heritage’s Reserves as of30 th September 2007 .............................................. 67Table 9: Success Case NPV 10 US$/per Recoverable Barrel (p50 case) ................... 67Table 10: Summary of Heritage’s Properties ...................................... 74Table 11: Range of GIIP for the Bukha Field (Full Field Interest)—from Novus VolumetricsStudy February 2003 .............................................. 80Table 12: West Bukha Volumetric Input Parameters ................................ 87Table 13: West Bukha In place Volumes 100 per cent. Basis .......................... 87Table 14: Summary of West Bukha & Henjam Well Tests ............................ 88Table 15: Initial Composition of West Bukha Wellstream ............................ 89Table 16: Estimated Product Yields from West Bukha Wellstream ...................... 91Table 17: Lower J 1 Sand Input Parameters ....................................... 97Table 18: Zapadno Chumpasskoye, Lower J 1 Sand STOIIP Estimates (MMstb) ............ 97Table 19: The p90 and p50 Drilling Schedule for Zapadno Chumpasskoye ................ 102Table 20: Summary of Results for Zapadno Chumpasskoye ........................... 104Table 21: Uganda Volumetric Input Parameters ................................... 111Table 22: Kingfisher Discovery—STOIIP and Contingent Resource Estimate (100 per cent.Basis) ......................................................... 111Table 23: Block 1 & 3A—STOIIP and Prospective Resource Estimates (On-block, 100 per cent.Basis) ......................................................... 112Table 24: Consolidation of Gross Risked Recoverable Resources in Blocks 1 and 3A Reviewedby RPS ....................................................... 113Table 25: Heritage Conceptual Leads Mean Un-Risked STOIP (100 per cent. Basis) NotReviewed by RPS) ............................................... 114Table 26: Summary of Kingfisher-1A Well Tests ................................... 114Table 27: Summary of Kingfisher-1 Fluid Properties ................................ 114Table 28: Assumptions Used For Profiles ........................................ 114Table 29: Miran Field—Range of Notional STOIIP ................................ 116Table 30: Assumptions Used in Miran Profiles .................................... 117Table 31: RPS Forecast Price Cases ............................................ 119Table 32: Table of Base Case Forecast Prices ..................................... 120Table 33: Bukha Post-Tax Valuation (Net Heritage Share) ............................ 121Table 34: Bukha Reserves Summary ............................................ 121Table 35: West Bukha Post-Tax Valuation (Net Heritage Share) ........................ 122Table 36: West Bukha Reserves Summary ........................................ 122Table 37: Sensitivity of Bukha NPV 10 to Oil Price .................................. 122Page72
RPS EnergyHeritage Oil – Competent Persons ReportPageTable 38: Sensitivity of West Bukha NPV 10 to Oil Price .............................. 123Table 39: Zapadno Chumpasskoye Post-Tax Valuation (Net Heritage Share) ............... 124Table 40: Zapadno Chumpasskoye Reserves Summary .............................. 125Table 41: Sensitivity of Zapadno Chumpasskoye NPV 10 to Oil Price ..................... 125Table 42: Net NPV 10 and Average for NPV 10 /stb for a Range of Notional Field Sizes ........ 12673
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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
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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 and 72: RPS EnergyHeritage Oil - Competent
Page 73: 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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