Company Information for Heritage Oil Corporation

AIM-HOIL

www.heritageoilltd.com

Company stock charts - 6 Month chart

AIM; HOIL

View full financial data

Company Statement

Heritage Oil Limited is an independent, international oil and gas exploration, development and production company with a focus on Africa, the Middle East and Russia. Its shares trade on the London Stock Exchange (LSE), under the symbol HOIL, with a secondary listing on the Toronto Stock Exchange, (TSX), under the symbol HOC.

Heritage is a versatile organisation, dedicated to creating and increasing shareholder value with a portfolio of quality oil and gas assets managed by a highly experienced team with excellent technical, commercial and financial skills. The Company has producing properties in the Sultanate of Oman and Russia, along with exploration projects in the Republic of Uganda, the Democratic Republic of Congo, the Kurdistan Region of Iraq, Tanzania, Mali, Malta and Pakistan. The Company's production, development and exploration projects, together with potential opportunities, provide a combination of early cash flow and longer term value creation opportunities. In 2008/2009, Heritage expects to drill some 10 exploration wells in Uganda and the Kurdistan Region of Iraq.

Strategy
The Group aims to continue to generate growth in shareholder value by focusing on high-impact international plays that provide multiple targets with the potential to discover substantial hydrocarbon reserves. The Group's growth strategy is to acquire and invest in, exploration and early development opportunities throughout the world, with a particular emphasis on its core areas of Africa, the Middle East and Russia.

To be successful, the Group has developed a highly effective network of influential industry, political and institutional relationships. These enable the Group to gain access to a wide variety of new oil and gas business opportunities.

Operations and Technology

Uganda
The Albert Basin in Uganda is considered to be the most exciting new oil and gas play in Sub-Saharan Africa in the past decade, with multi-million barrel reserve potential and is one of the key focus areas for Heritage. The gross acreage position covers in excess of 12,000 square kilometres, roughly equivalent to fifty five North Sea blocks.

Heritage is the operator and holds 50% interests in two licences in the Albert Basin of the Western Rift Valley of Uganda - known as Block 1 and Block 3A. These Blocks are adjacent to the border with the Democratic Republic of Congo. As at January 2009 18 exploration and appraisal wells have been successfully drilled in the basin since 2006. All of the wells have encountered oil bearing reservoirs and the two wells drilled in Block 3A have production tested at over 13,000 bopd.

On 13 January 2009, Heritage announced that there were now sufficient reserves discovered in the Albert Basin to exceed the commercial threshold for development.

Russia
Heritage holds a 95% interest in Zapadno-Chumpasskoye licence in the West Siberian Basin of Russia, the principal oil producing region in the country.

The Zapadno Chumpasskoye licence expires on 7 September 2024, and is located in the province of Khanty-Mansyisk, approximately 100 kilometres from Nizhnevartovsk. The licence has an area of approximately 200 square kilometres and contains a field that was discovered in 1997. A total of nine wells had previously been drilled on the licence. The reservoir is a sandstone of Late Jurassic age at a depth of approximately 2,800 metres, and is the same producing horizon as in a number of the neighbouring fields.

Iraq
Iraq has the second largest oil reserves in the world, estimated at more than 112 billion barrels of oil and 100 trillion cubic feet of gas. The Kurdistan region of Iraq is a highly prospective, under-explored part of Northern Iraq.

Heritage Energy Middle East, a wholly owned subsidiary, was one of the first companies to be awarded a Production Sharing Agreement (PSA) by the Kurdistan Regional Government (KRG), a PSA having been executed over the Miran Block in the Kurdistan Region of Iraq in October 2007. Heritage has been appointed operator of the licence, which covers 1,015 square kilometres. The Miran structure itself is potentially very large and may contain multiple reservoir targets. Management estimates that the structure could contain significant quantities of oil.

DR Congo
Heritage holds a 39.5% interest in Blocks I and II, located in the Albert Basin in the Western Rift Valley of East Africa adjacent to its border with Uganda. The blocks cover the entire area of Lake Albert that lies within DRC, plus a smaller area onshore to the south of the lake adjacent to the Semliki flats in Uganda. Blocks I & II are held under a single Petroleum Sharing Agreement, executed in July 2006. Tullow Oil, the operator, holds an interest of 48.5% and the DRC state oil company, COHYDRO, holds an interest of 12%. The initial exploration term is for five years, during which seismic data will be acquired and exploration wells drilled. The programme will only begin, however, following the receipt of a Presidential Decree, the timing of which is uncertain.

Mali
Mali is a large (1.24 million square kilometres) land-locked country in North-West Africa, with a population of 12 million. Heritage is operator of licences covering a gross area of over 72,000 square kilometres and has the right to earn a 75% working interest in Blocks 7 and 11 by completing the minimum work programme. Centric Energy Corp owns the remaining 25% interest. These are large blocks, with a total gross area of 72,000 square kilometres. Heritage farmed-in to the blocks in November 2007.

The two licences are located in the east of the country within the Gao Graben, a Mesozoic basin that Management considers has geological similarities to other Mesozoic interior-rift basins within North Africa, such as the Muglad Basin of Sudan, the Doba Basin of Chad, and Tertiary basins such as the Albert Basin of Uganda. The Graben has been delineated by various surveys since the early 1970's, including over 2,000 km of 2D seismic and a comprehensive gravity and magnetic survey. This work shows the presence of tilted fault-blocks, and indicates the presence of some 4 kilometres of sediments in the geological section.

Malta
Malta is a small island nation in the Mediterranean Sea with a population of 400,000. It is situated to the south of Sicily, North of Libya and East of Tunisia and is comprised of an archipelago of seven small islands encompassing 316 square kilometres in area. It is a member of the European Union and very stable politically.

Heritage Oil International Malta Limited, a wholly owned subsidiary, executed a Production Sharing Contract with the Government of Malta for a 100% interest in the offshore Areas 2 and 7 in December 2007. Heritage has been appointed as operator. The licences extend to almost 18,000 square kilometres and are situated approximately 80 kilometres (Area 2) and 140 kilometres (Area 7) from the South-Eastern Maltese coast in waters ranging in depth from 200 to 400 metres. Initial seismic interpretation, based on the current extensive data set of almost 3,500 kilometres acquired since 2000, has identified a variety of potential prospects; planned future seismic acquisition may well identify more. Primary targets are Lower Eocene and Cretaceous carbonates which are recognised to be major hydrocarbon producing plays in the central part of the Mediterranean.

Pakistan
Heritage was awarded a 54% participating interest in the Sanjawi Block (number 3068 - 2) in Zone II (Baluchistan) in November 2007, and has been appointed operator. Other partners are Hycarbex American Energy Incorporated, Sprint Energy and Trakker Energy. This onshore exploration licence covers a gross area of 2,258 square kilometres and encompasses a variety of terrains ranging from relatively flat and cultivated valley floors to rugged hill country.

The block is considered highly prospective due to the presence of oil seeps to the south of the licence. The block is dominated by a series of east-west trending surface features including the Dabbar and Warken Shah anticlines. They are large structures, the Dabbar anticline being some 300 square kilometres in area, and these features will be examined as potential targets for drilling. The presence of these surface structures gives encouragement that similar features may be present at depth.

Tanzania
Tanzania is a large (0.9 million square kilometres) country in East Africa stretching over 1,000 kilometres from the Indian Ocean to the Western Rift Valley, with a population of approximately 40 million.

Heritage has farmed into the Kisangire and Lukuliro licences as operator and the Kimbiji and Latham licences. The Kisangire and Lukuliro licence areas cover an area of 7,280 and 8,828 kilometres respectively and are held under one production sharing agreement ("PSA"). The Latham and Kimbiji licences cover 5,056 and 4,298 square kilometres respectively and are also held under one PSA.

Board of Directors and Key Management

Michael Hibberd	Chairman and Non-Executive Director
Tony Buckingham	Chief Executive Officer
Paul Atherton	Chief Financial Officer
Salim Hassan Macki	Non-Executive Director
General Sir Michael Wilkes	Non-Executive Director
John McLeod	Non-Executive Director
Gregory Turnbull	Non-Executive Director
Brian Smith	VP Exploration
Stephen Kobak	VP Production Russia and CIS
James Baban	General Manager,Kurdistan

Company Address

312, 407 - 2 Street SW
Calgary, Alberta, Canada T2P 2Y3


Telephone:	+44 (0) 1534 873 000
Facsimile:	+44 (0) 1534 873 344
Email:	info[at]heritageoilltd.com
Website:	http://www.heritageoilltd.com

Additional Address/Key Contact

European Contact Details:
Paul Atherton
Tel: +44 (0) 1534 873 000 Fax: +44 (0) 1534 873 344
Investor Relations /PR Europe:
Tanya Clarke
Tel: +44 (0) 20 7518 0838
Bell Pottinger Corporate & Financial
Nick Lambert
Andrew Benbow
Tel: +44 (0) 20 7861 3936

Nominated Brokers

JPMorgan Cazenove Limited
20 Moorgate
London EC2R 6DA
United Kingdom

Nominated Advisors