Prospectus re Admission to the Official List - Heritage Oil

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RPS EnergyHeritage Oil – Competent Persons ReportThe production profiles for the 1P, 2P and 3P cases are shown in Figure 11 to Figure 13.8,00016.0Oil, Propane, Butane & Condensate Annual Average Rate(stb/d)7,0006,0005,0004,0003,0002,0001,00025,000020092010201120122013201420152016201720182019202020212022202320242025202620272028202920302031203220332034203520362037Black Oil Propane Butane Condensate Sales GasFigure 11:1P Production Profile for West Bukha14.012.010.08.06.04.02.00.0Sales Gas Rate (MMscf/d)26FEB200822320154504520,0004035Liquid Rates (stb/d)15,00010,000302520Gas Rate (MMscf/d)5,000020082009201020112012201320142015NB "2008" is only the period 1/11/08 to 31/12/08201620172018201920202021202220232024202520262027202820292030203120322033203420352036Black Oil (stb/d) Propane (stb/d) Butane (stb/d) Condensate (stb/d) Sales Gas (MMscf/d)Figure 12:2P Production Profile for West Bukha15105027FEB20080426303692
RPS EnergyHeritage Oil – Competent Persons Report30,0004025,000353020,00025Liquid Rates (stb/d)15,00010,0005,000020082009201020112012201320142015NB "2008" is only the period 1/09/08 to 31/12/0820162017201820192020202120222023202420252026202720282029Black Oil (stb/d) Propane. C3H8 (stb/d) Butane, C4H10 (stb/d) Condensate (stb/d)Figure 13:3P Production Profile for West Bukha20302031203220332034Sales Gas (MMscf/d)20352036Economically recoverable reserves are discussed in the economics section, Section 7, below.20151050Gas Rate (MMscf/d)27FEB2008042631813.3.4.7. Facilities & CostsAs discussed above, RPS has assumed that West Bukha will come on stream in 1Q 2009 by means of awellhead tower tied back to Bukha central. West Bukha has several liquid streams. Condensate will be soldto existing long term customers, with LPG and Butane being sold to local markets. Modifications to Bukhaand the RAKGAS plant will be required but these are assumed not to be significant in comparison to theoverall development cost. Total costs for the platform, tie-back and modifications to RAKGAS areestimated to be US$96 MM including some contingency. Three new deep production wells are required inthe p50 case together with costs to deepen the West Bukha 2 appraisal well. RPS understands that theWest Bukha-3 well will be drilled during 2008 after installation of the wellhead tower at a cost estimated atUS$59 MM. Deepening the West Bukha-2 well is expected to cost US$30 MM.Operating costs for the West Bukha offshore facilities are expected to be minimal with an annual fieldOpex of US$2.5 MM plus the cost of operating the existing facilities which has been running at US$5 MMper annum. RPS has assumed periodical workover would be required and workover costs are included atUS$4 MM every three years. There is a General and Administrative (G&A) cost of US$1.5 MM perannum assumed during field life.Abandonment liability for the West Bukha facilities including the removal of the surface facilities andplugging and abandoning wells reverts to the government.4. ZAPADNO CHUMPASSKOYEThe Zapadno Chumpasskoye Licence is located in the West Siberian Basin in the Khanty-MansyiskProvince of Russia. Six producing oil fields operated by Lukoil surround Zapadno Chumpasskoye. Thenearest city is Langepass located 8 km to the east. Heritage acquired the field in November 2005 fromTNK-BP and created a subsidiary, ChumpassNefteDobycha (CND), to operate and develop the field.Earlier work on the field included 9 exploration wells and several km of 2D seismic.In 2006 CND prepared the necessary approvals to commence work on the field, including gathering202 km of new seismic, constructing a road, separation facility and drilling cluster to conduct furtherappraisal drilling and commence pilot operation. An existing well was re-entered and three new wells havebeen drilled.93
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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
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the availability of existing infras
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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 93: 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
Page 141 and 142: On 2 October 2007, the Group execut
Page 143 and 144: 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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