Prospectus re Admission to the Official List - Heritage Oil

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RPS EnergyHeritage Oil – Competent Persons ReportThe initial reservoir pressure and temperature of the Mishrif Formation has been measured as 7,285 psiaand 295 F (values are commensurately higher in the deeper Thamama Formation).3.3.4.2. Well Testing & DeliverabilityThere have been numerous tests in the West Bukha/Henjam wells over the years, and these aresummarised in Table 14, below.Interval Oil Rate Gas Rate Choke WHFPWell DST # Date of Test (m MD) Formation (stb/d) (MMscf/d) (‘‘) (psig)Hengam-1 ............ 1 1975 3,970-3,980 Mauddud 2,910 13.6 26/64 3,640(10m interval)Hengam-2 ............ 1 April, 2006 4,072-4,110 Thamama 196 0.61 20/64 506(38m interval)Hengam-2 ............ 3 July, 2006 3,732-3,907 Mishrif 5,090 14.1 64/64 1,477(35m interval)West Bukha-1A ......... 1 June, 1987 4,086- Thamama 1,205 3.9 32/64 1,4672 June, 1987 3,846- Mauddud 543 2.3 48/64 1473 June, 1987 3,729- Mishrif 459 2.7 128/64 123West Bukha-2A ......... 1 Nov., 2006 3,521-3,541 Thamama 4,525 7.5 50/64 1,652(20m interval)2 Nov., 2006 4,005-4,127.5 Mishrif 8,480 24.9 72/64 2,087(122.5m interval)(inferred)Table 14:Summary of West Bukha & Henjam Well TestsIt can be seen that test rates vary greatly, which is typical of the subject formations in the Gulf region.Productivity is enhanced where pervasive, open fractures are encountered, and matrix reservoir quality issuch that little or no flow is possible without the presence of fractures (matrix permeability is typically lessthan 1 mD). The latest well (West Bukha-2) provides a modern suite of data, including downhole pressuredata from the DSTs, and we have analysed the Mishrif test (DST #2). The key results of our analysis areas follows:Permeability, k e ..................... 0.673 mDTotal skin, S ........................ 6.95Omega, ......................... 0.0389 (a measure of fracture storage)Lambda, ......................... 5.32 x 10 -7 (a measure of matrix-fracture flow)These results are typical of the dual porosity system in these formations (very low matrix permeability,negative skin), and demonstrates that the wells must intersect a fracture system to be capable ofcommercial flow rates. No depletion was detected during the test, and the well’s PI was approximately6.4 stb/d/psi.Component Mole % Weight %H 2 Hydrogen ........................................... 0.10 0.00H 2 S Hydrogen Sulphide .................................... 1.42 0.95CO 2 Carbon Dioxide ...................................... 8.48 7.42N 2 Nitrogen ........................................... 5.47 3.01C 1 Methane ........................................... 53.70 16.95C 2 Ethane ............................................. 5.01 2.96C 3 Propane ............................................ 3.32 2.87iC 4 i-Butane ............................................ 1.04 1.19nC 4 n-Butane ........................................... 1.93 2.20C 5 Neo-Pentane ........................................ 0.02 0.03iC 5 I-Pentane ........................................... 1.05 1.48nC 5 n-Pentane .......................................... 1.09 1.54C 6 Hexanes ............................................ 1.56 2.64M-C-Pentane ........................................ 0.33 0.54Benzene ............................................ 0.28 0.43Cyclohexane ......................................... 0.48 0.80C 7 Heptanes ........................................... 1.10 2.1788
RPS EnergyHeritage Oil – Competent Persons ReportComponent Mole % Weight %M-C-Hexane ........................................ 0.52 1.01Toluene ............................................ 0.64 1.15C 8 Octanes ............................................ 1.18 2.64E-Benzene .......................................... 0.14 0.30M/P-Xylene ......................................... 0.48 1.00O-Xylene ........................................... 0.16 0.34C 9 Nonanes ........................................... 0.98 2.481,2,4-TMB .......................................... 0.19 0.45C 10 Decanes ............................................ 1.17 3.26C 11 Undecanes .......................................... 1.03 2.98C 12 Dodecanes .......................................... 0.86 2.73C 13 Tridecanes .......................................... 0.78 2.68C 14 Tetradecanes ........................................ 0.66 2.47C 15 Pentadecanes ........................................ 0.62 2.52C 16 Hexadecanes ........................................ 0.49 2.12C 17 Heptdecanes ........................................ 0.40 1.87C 18 Octadecanes ......................................... 0.36 1.78C 19 Nonadecanes ........................................ 0.34 1.76C 20 Eicosanes ........................................... 0.29 1.59C 21 Heneicosanes ........................................ 0.24 1.40C 22 Docosanes .......................................... 0.22 1.33C 23 Tricosanes .......................................... 0.19 1.19C 24 Tetracosanes ......................................... 0.17 1.11C 25 Pentacosanes ........................................ 0.15 1.01C 26 Hexacosanes ......................................... 0.14 0.96C 27 Heptacosanes ........................................ 0.12 0.92C 28 Octacosanes ......................................... 0.11 0.83C 29 Nonacosanes ........................................ 0.10 0.78C 30 Triacontanes ......................................... 0.10 0.79C 31 Hentriacontanes ...................................... 0.08 0.67C 32 Dotriacontanes ....................................... 0.08 0.71C 33 Tritriacontanes ....................................... 0.05 0.43C 34 Tetratriacontanes ..................................... 0.06 0.56C 35 Penatriacontanes ..................................... 0.05 0.51C 36 + Hexatriacontanes Plus .................................. 0.37 4.49Totals .......................................... 100.00 100.00Note: 0.00 means < 0.005Table 15:Initial Composition of West Bukha Wellstream3.3.4.3. Development Plan (Subsurface)The development plan on the Omani side of the field involves the deepening of West Bukha-2 and thedrilling of a second, high angle well close to the Iranian border, the wells being produced to a platform,and thence to the Bukha platform—this is called (by the field owners) Phase I of the development. Duringthis phase, field performance will be monitored to determine the need for future wells (Phase IIand beyond).The platform will have space for 6 wells, and we believe an additional 2 wells will be drilled in Phase II;further drilling thereafter will depend on medium-term field performance. The wells will be equipped withthe ability to selectively produce from one formation or both—there is no final decision yet on whichoption to run with.89
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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
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PART I—INFORMATION ON THE GROUPOV
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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
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Page 45 and 46: The Group is the operator and has a
Page 47 and 48: exploration wells. The total estima
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Page 57 and 58: Date2007 ........ On 18 January 200
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Page 63 and 64: Remuneration CommitteeThe Remunerat
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Page 67 and 68: ResourcesA summary of the gross Con
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Page 71 and 72: RPS EnergyHeritage Oil - Competent
Page 89: RPS EnergyHeritage Oil - Competent
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
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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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