Prospectus re Admission to the Official List - Heritage Oil

More documents

Recommendations

Info

RPS EnergyHeritage Oil – Competent Persons Report21FEB200823153649Figure 3:Kurdistan Licence Location MapBLOCK 5NeptuneDEMOCRATIC REPUBLICBLOCK 1HeritageOF CONGOBLOCK ITullowNgassa-1Waraga-1BLOCK 2TullowBLOCK IITullowMputa-2Mputa-1Mputa-40100kmKingfisher-1Mputa-3Nzizi-1Nzizi-2LEGENDPermitsBLOCK IIIOpenBLOCK 3A HeritageBLOCK 3B OpenBLOCK 3C OpenHeritage PSABLOCK 3D OpenAlbert GrabenCountry BorderBLOCK IVOpenBLOCK 4A OpenUGANDAOil WellBLOCK VDominionBLOCK 4B Dominion25MAR200814223227Figure 4:Ugandan & DRC Licences Location Map76
RPS EnergyHeritage Oil – Competent Persons Report1.2. LiabilitiesThe work programmes associated with the PSAs in Uganda and Kurdistan are discussed in Section 7. Inaddition to the exploration work programme in the Kurdistan PSA, there is also a commitment to build asmall refinery, which should have a capacity of 20,000 barrels of oil per day, in strategic partnership withthe Kurdistan Regional Government (KRG). Heritage has advised that the refinery is scheduled to beoperational to design specification within approximately two years. RPS has not considered the costliability or potential revenues from this refinery project in the notional evaluation of Miran.2. METHODS USED IN THIS REPORT2.1. GeneralThe evaluation presented in this Competent Persons Report (‘‘CPR’’) has been conducted within ourunderstanding of petroleum legislation, taxation and other regulations that currently apply to theseinterests. RPS is not in a position to attest to the property title, financial interest relationships orencumbrances related to the properties.Our estimates of potential resources and risks are based on the limited data set available to, and providedby, Heritage. We have accepted, without independent verification, the accuracy and completeness ofthese data.Volumes and risk factors are presented in accordance with the 2007 SPE/WPC/AAPG/SPEE PetroleumResource Management System (See Section 2.2).2.2. Reserves and Resource ClassificationReserves or resources are estimated according to the 2007 SPE/WPC/AAPG/SPEE Petroleum ResourceManagement System (PRMS). The PRMS Definitions are summarised in Appendix B.In estimating reserves and resources we have used standard petroleum engineering techniques. Thesetechniques combine geological and production data with detailed information concerning fluidcharacteristics and reservoir pressure. RPS has estimated the degree of uncertainty inherent in themeasurements and interpretation of the data and has calculated a range of recoverable reserves. RPS hasassumed that the working interest in each asset advised by Heritage is correct and RPS has not investigatednor does it make any warranty as to Heritage’s interest in these properties.Hydrocarbon resource and reserve estimates are expressions of judgement based on knowledge,experience and industry practice and are restricted to the data made available. They are thereforeimprecise and depend to some extent on interpretations, which may prove to be inaccurate. Estimates thatwere reasonable when made may change significantly when new information from additional explorationor appraisal activity becomes available.2.3. Risk AssessmentFor all prospects and appraisal assets estimates of the commercial chance of success for ContingentResources and estimate of geological chance of success for Prospective Resources have been made. InPRMS the former is called Chance of Development (CoD) and the latter Chance of Discovery (also CoD)in the PRMS system. To avoid confusion with acronyms we have used the term Geological Probability ofSuccess (GPoS) in this document synonymously with Chance of Discovery.2.3.1. Contingent ResourcesThe chance of success in this context means the estimated chance, or probability, that the volumes will becommercially extracted.A Contingent Resource includes both proved hydrocarbon accumulations for which there is currently nodevelopment plan or sales contract and proved hydrocarbon accumulations that are too small or are inreservoirs that are of insufficient quality to allow commercial development at current prices. As a result theestimation of the chance that the volumes will be commercially extracted may have to address bothcommercial (i.e. contractual or oil price considerations) and technical (i.e. technology to address lowdeliverability reservoirs) issues.77
Page 1 and 2:
This document comprises a prospectu
Page 3 and 4:
SUMMARY INFORMATIONThis summary mus
Page 5 and 6:
Summary Consolidated Income Stateme
Page 7 and 8:
Summary Consolidated Cash Flow Stat
Page 9 and 10:
Production from the Zapadno Chumpas
Page 11 and 12:
Given the geographic spread of the
Page 13 and 14:
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 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 77: RPS EnergyHeritage Oil - Competent
Page 129 and 130:
RPS EnergyHeritage Oil - Competent
Page 131 and 132:
Page 133 and 134:
Page 135 and 136:
Summary Consolidated Balance Sheets
Page 137 and 138:
Summary Consolidated Balance Sheets
Page 139 and 140:
locks during the first three and a
Page 141 and 142:
On 2 October 2007, the Group execut
Page 143 and 144:
of amplitude anomalies, further sup
Page 145 and 146:
The increase in operating expenses
Page 147 and 148:
5.11 Discontinued OperationsThe res
Page 149 and 150:
6. RESULTS OF CONTINUING OPERATIONS
Page 151 and 152:
6.7 Foreign Exchange LossesThere wa
Page 153 and 154:
6.14 Capital ExpendituresThe follow
Page 155 and 156:
7.3 Petroleum and Natural Gas Reven
Page 157 and 158:
7.14 Capital ExpendituresAdditions
Page 159 and 160:
10. LIQUIDITY AND CAPITAL RESOURCES
Page 161 and 162:
Year Ended 31 December 2005 Prepare
Page 163 and 164:
Intangible E&E assets related to ea
Page 165 and 166:
11.2 The year ended 31 December 200
Page 167 and 168:
(c) Reconciliation of loss for the
Page 169 and 170:
Year Ended 31 December 2004 Prepare
Page 171 and 172:
PART VII—FINANCIAL INFORMATIONA.
Page 173 and 174:
DeclarationFor the purposes of Pros
Page 175 and 176:
HERITAGE OIL LIMITEDNOTES TO BALANC
Page 177 and 178:
AUDITED AND UNAUDITED FINANCIAL INF
Page 179 and 180:
HERITAGE OIL CORPORATIONCONSOLIDATE
Page 181 and 182:
Page 183 and 184:
HERITAGE OIL CORPORATIONNOTES TO CO
Page 185 and 186:
Intangible E&E assets related to ea
Page 187 and 188:
k) InvestmentsThe Group classifies
Page 189 and 190:
usually when legal title passes to
Page 191 and 192:
iii) IFRIC 12, ‘‘Service conces
Page 193 and 194:
v) Liquidity riskLiquidity risk is
Page 195 and 196:
ii) DerivativesDerivatives are reco
Page 197 and 198:
5 Other finance costsNine-month per
Page 199 and 200:
Congo to the other partners in the
Page 201 and 202:
No assets have been pledged as secu
Page 203 and 204:
31 December 30 September2005 2006 2
Page 205 and 206:
16 Trade and other payables31 Decem
Page 207 and 208:
A reconciliation of the asset retir
Page 209 and 210:
21 Loss per shareThe following tabl
Page 211 and 212:
25 Commitments and contingenciesHer
Page 213 and 214:
In November 2007, the Group farmed-
Page 215 and 216:
Reconciliation of loss for the year
Page 217 and 218:
At the end of the last reporting pe
Page 219 and 220:
Reconciliation of cash flow stateme
Page 221 and 222:
At 31 December 2006, this has resul
Page 223 and 224:
AUDITED FINANCIAL STATEMENTS RELATI
Page 225 and 226:
AUDITORS’ REPORT TO THE SHAREHOLD
Page 227 and 228:
Page 229 and 230:
HERITAGE OIL CORPORATIONNOTES TO CO
Page 231 and 232:
effective as hedges, both at incept
Page 233 and 234:
A ceiling test was undertaken at De
Page 235 and 236:
6. Share capital:(a) Authorized:Unl
Page 237 and 238:
fair value of stock options are amo
Page 239 and 240:
C. PRO FORMA FINANCIAL INFORMATION
Page 241 and 242:
PRO FORMA NET ASSET STATEMENTThe fo
Page 243 and 244:
Production assumptionsProduction du
Page 245 and 246:
Macroeconomic assumptionsThe Direct
Page 247 and 248:
Accordingly, the Illustrative Proje
Page 249 and 250:
Arrangement AgreementPursuant to th
Page 251 and 252:
PART X—ADDITIONAL INFORMATION1. R
Page 253 and 254:
(ii) no share or loan capital of th
Page 255 and 256:
(j)In Alberta, the principal jurisd
Page 257 and 258:
nominal amount has been paid up of
Page 259 and 260:
instrument of transfer (in the case
Page 261 and 262:
up on all the shares conferring tha
Page 263 and 264:
(B) may be a director or other offi
Page 265 and 266:
and is in default for a period of 1
Page 267 and 268:
(c)have sufficient moneys, assets o
Page 269 and 270:
(e)against surrender of the Exchang
Page 271 and 272:
e, to the extent that the same is r
Page 273 and 274:
(g)(ii) by arranging for the credit
Page 275 and 276:
(b) rights, options or warrants oth
Page 277 and 278:
any provision of provincial, territ
Page 279 and 280:
7.5 None of the major shareholders
Page 281 and 282:
Position stillDirector/Senior Manag
Page 283 and 284:
employment or terminates his or her
Page 285 and 286:
All rights of a holder of Exchangea
Page 287 and 288:
agreement of this nature. These cir
Page 289 and 290:
to change. Where the Company pays a
Page 291 and 292:
As part of an agreement reached in
Page 293 and 294:
(x) Foreign Property Information Re
Page 295 and 296:
19. DOCUMENTS AVAILABLE FOR INSPECT
Page 297 and 298:
declared and unpaid dividends on ea
Page 299 and 300:
‘‘DTR’’‘‘DutchCo’’
Page 301 and 302:
‘‘ISIN’’‘‘ITA’’‘
Page 303 and 304:
anniversary of the Effective Date a
Page 305 and 306:
‘‘Support Agreement’’‘‘
Page 307:
emaining quantities recovered will
show all

Prospectus re Admission to the Official List - Heritage Oil

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?