Prospectus re Admission to the Official List - Heritage Oil

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RPS EnergyHeritage Oil – Competent Persons Reportcore and it is therefore considered that the core did not suffer filtrate invasion in the volumes sampled forwater extraction, and no invasion corrections were applied.Values of R w were taken from the data supplied by Heritage where residual water was extracted from thecore and its resistivity determined. The average value from 8 samples reported was 0.277 Ohmm at 20 Cwith standard deviation of the mean of 0.012 Ohmm. Arps’ equation (8) was used to convert this to reservoirtemperatures. This resistivity represents an equivalent NaCl concentration of approximately 24,000 ppm.The result is in line with a previously reported salinity from well No. 14 which gave a value of 22,105 ppm.The ambient Archie Cementation exponent ‘‘m’’ and Saturation exponent ‘‘n’’ derived from P3 core were1.77 and 1.85, respectively. A produced water analysis was supplied by Heritage which was obtained bycentrifuging an oil sample from co-mingled production from Wells S226 and P3. The chemical analysisobtained a salinity of 49,454 ppm, which has an estimated R w of 0.143 Ohmm at 20 C.Because of the ambiguity in the results from the brine analyses, the 0.277 Ohmm R w at 20 C was used tocalculate saturations at the p90 level, and the 0.143 Ohmm R w at 20 was used to calculate saturations atthe p50 level.In the case of well P2ST, VSH was derived from the lower value from the density neutron cross plotmethod and a linear Gamma Ray VSH method derived from the Potassium and Thorium component ofthe gamma ray count. Parameters are presented in Table 1 in the Appendix. For well P3, shale volume wasdetermined from a density neutron crossplot using the parameters presented in Table 2 in the Appendix.For well P2ST, porosity was derived using the density neutron crossplot method In the case of well P3,porosity was derived for the LCa and LCb zones using the density neutron crossplot method. Porosity inLCc was derived from the density log. The parameters used in calculating porosity for both wells arepresented in Tables 1 & 2 in the Appendix.For both wells, total water saturation was calculated using the Archie equation (9) . Effective watersaturation was derived using the shaley sand ‘‘Indonesia’’ Equation of Poupon and Leveaux (10) . A CPI(for the p50 saturation case) from Well P3 is shown in Figure 15.Owing to the silty and thin bedded nature of parts of the reservoir, it is possible that thin beds are notbeing resolved fully by tool responses, and that the results of the interpretations have been influenced bysmoothed tool responses. A p50 case for water saturation has used an R w of 0.143 Ohm at 20 C. An R w of0.277 Ohm at 20 C has been used to construct saturations for the p90 case.(8) Arps, J.J. (1953) ‘‘The Effect of Temperature on the Density and Electrical Resistivity of Sodium Chloride Solutions’’Petroleum Transactions, AIME, Vol 198, 327-330.(9) Archie, G.E. ‘‘The Electrical Resistivity Log as an Aid in Determining Some Reservoir Characteristics’’. Petroleum Transactionsof the AIME 146 (1942).(10) A. Poupon, J, Leveaux ‘‘Evaluation of Water Saturation in Shaly Formations’’. SPWLA 12 th Annual Logging Symposium,May 2-5 1971.96
RPS EnergyHeritage Oil – Competent Persons Report21FEB200823151631Figure 15:CPI for Well P3 over Reservoir Interval for p50 Saturation Case4.3. In Place VolumesPorosity, saturation and formation volume factor ranges were estimated based on the RPS review ofpetrophysical data from wells P2ST and P3 and the Operator’s interpretation of the older Russian wells,based on their regional knowledge and assumptions that the reservoirs are analogous with those in thesurrounding area. As a result of the differences in interpreted S w a broad range of S w was used in thevolumetric calculations. Input parameters are shown in Table 17.Low Mid HighNet Pay Rock Volume (MM m 3 )...................................... 131 455 854Porosity (%) .................................................... 15 17 19Oil Saturation (%) ................................................ 45 060 65B oi (rb/stb) ...................................................... 1.2 1.25 1.30Table 17:Lower J 1 Sand Input ParametersSTOIIP has been estimated probabilistically and is summarised Table 18 below.STOIIP (MMstb)p90 p50 p1090.3 233 419Table 18:Zapadno Chumpasskoye, Lower J 1 Sand, STOIIP Estimates (MMstb)97
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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
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The Group acquired a 10 per cent. i
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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
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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 97: 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
Page 145 and 146: The increase in operating expenses
Page 147 and 148: 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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