Prospectus re Admission to the Official List - Heritage Oil

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RPS EnergyHeritage Oil – Competent Persons ReportFigure 9:Top Mishrif Depth Map21FEB200823154113The Top Ilam and Top Nahr Umr reflectors are strong and easy to correlate across the field (Figure 10).There is a large increase in velocity at the top of the Ilam which results in a very prominent reflector. Theinterpretation ties all of the wells in the field except for the Khasab-1 well where the interpretation is some30 msec deeper than the well top. The TD relationship at Khasab-1 is calculated from uncalibrated soniclogs and therefore the formation tops in this well may not be accurate. RPS has reviewed the interpretationand mapping of these reflectors and considers them to be reasonable.The Top Thamama is a much weaker reflector than the Top Ilam or Top Nahr Umr. RPS has reviewed theinterpretation and mapping of these reflectors and considers them to be reasonable. The interpretationsensibly follows structural trends and the horizon ties the formation tops in the wells where the Thamamahas been penetrated.84
RPS EnergyHeritage Oil – Competent Persons ReportFigure 10: West Bukha 3D inline 112226FEB200822314633The Operator maps are based on a more simplistic approach to depth conversion than in previous studies,which used a complex interval velocity method for depth conversion as shallow salt was thought to impacton velocities. Despite this approach West Bukha-2 penetrated the reservoir some 80 m shallower thanpredicted which invalidated this method. The current maps are based on an average velocities for eachhorizon derived from well data. There is little variation in average velocities across the field, although aneastward decrease in average velocity is not supported by well data and velocities at the extreme west andeast of the model exceed the velocities in the wells although not markedly. RPS considers the depthconversion reasonable.A facies model has been developed by the Operator which has been reviewed by RPS and appearsreasonable. The Mauddud shows little variation in thickness across the field and the subunits are the samein all wells drilled in the field. All nine sub units across the field are carbonate platform facies. Correlationwith the Bukha filed shows that Mauddud sub-units 7, 8 and 9 are missing in Bukha which indicates theposition of the shelf is between West Bukha and Bukha. Correlation with Bukha and Tibat shows aback-stepping carbonate platform from the south east to north west during deposition of the Mauddud.Each well in the West Bukha Field has the same Mauddud sub-units, suggesting that West Bukha is thefinal carbonate platform and hence has a complete Mauddud section.The Mishrif varies considerably in thickness across the field with 3 sub- units present at West Bukha-2 andHenjam-1, whereas West Bukha-1 and Khasab-1 have only the deepest Mishrif-1 sub- unit. The Henjam-1and West Bukha-2 wells are interpreted to be on the carbonate platform during Mishrif deposition withWest Bukha-1 and Khasab-1 existing on the carbonate slope. Heritage has used an isopach thickness mapto determine the extent of the platform and the position of the slope. This is a reasonable approach asvariation in the thickness of the Mishrif is the predominant variable in the thickness of the Ilam-Nahr Umrisopach that was used to define the platform. This thickness variation is also visible on the seismic where asingle trough across the field at the Top Ilam becomes a trough-peak-trough to the north. Reservoir qualityand thickness are interpreted to improve to the north where the Mishrif is thickest. If this is the case, wellsdrilled to the SW of West Bukha-2 are unlikely to encounter the better carbonate platform facies and thereservoir will be similar to West Bukha-1.3.3.3. In Place VolumesRPS calculated in place volumes for the Mishrif/Mauddud and for the Thamama.85
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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
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years. In addition, since December
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UgandaUganda is among the poorest c
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Market Price of the Ordinary Shares
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DIRECTORS, CORPORATE SECRETARY, SEN
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EXPECTED TIMETABLE OF PRINCIPAL EVE
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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 85: RPS EnergyHeritage Oil - Competent
Page 135 and 136: 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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