DOCSLIB.ORG

Heritage Oil Limited Forward Looking Information

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Heritage Oil Limited Forward Looking Information HERITAGE OIL LIMITED FORWARD LOOKING INFORMATION The information contained in this presentation does not purport to be all-inclusive. Heritage makes no representation or warranty as to the accuracy or completeness of this information and shall not have any liability for any representations (expressed or implied) regarding information contained in, or for any omissions from, this information or any other written or oral communications transmitted to the recipient in the context of this presentation. This presentation includes certain statements and estimates provided by Heritage with respect to the projected future performance of Heritage. Such statements, estimates and projections reflect various assumptions by management concerning possible anticipated results, which assumptions may or may not be correct. No representations are made as to the accuracy of such statements, estimates or projections. This presentation and the information contained in this document are confidential and may not, directly or indirectly, be reproduced, forwarded to any other person or published, in whole or in part or disclosed by recipients to any other person or used for any purpose other than the purpose for which it was distributed. 2 HIGHLIGHTS Summary Heritage is a private company following the acquisition by Al Mirqab on 30 June 2014. Al Mirqab, which owns 80% of the company is owned by His Excellency Sheikh Hamad Bin Jassim Bin Jabor Al Thani and his family in a private capacity Tony Buckingham, Heritage’s founder, owns the remaining 20% Operational highlights OML 30 achieved record peak production since acquisition, of over 60,000 bopd in August 2014 2014 average production from OML 30 net to Heritage of 9,654 bopd (68.25% unreconciled) and net production from Russia of 566 bopd (95%) Work progressing on three onshore licences in Papua New Guinea with seismic acquisition and interpretation completed Outlook – Internal Continued investment in OML 30 during 2015 will result in further increases in production Development drilling on OML 30 could commence imminently, but is being deferred until oil price increases Transition to an operating role in Nigeria Multiple drill ready prospects identified in Papua New Guinea Farm out exploration projects where possible Outlook – External Focus on long term oil production with value created through production growth generating dividend income Opportunities exist in the US, North Sea and Latin America US opportunities offer greater deal certainty but sellers are limited due to capital markets re-opening. Latin America and sub-Saharan Africa offer greater risk/return opportunities Invest in minority equity stakes in listed major and super major oil companies 3 DIVERSIFIED PORTFOLIO ACROSS CORE AREAS MALTA RUSSIA 100% Area 2 95% Zapadno 100% Area 7 Chumpasskoye One drill ready prospect Produced 590 bopd identified in 2014 LIBYA Sahara Oil Well positioned to play a future role in the Libyan oil industry NIGERIA OML 30 Major interest in OML 30 through Shoreline Natural Resources GHANA PAPUA NEW GUINEA 39.6% in Offshore South West 40% PPL 486 Tano Block 40% PRL 13 38.7% in East Keta Block 42.5% PPL 437 33.3% in GOSCO 2 drill ready prospects identified Awarded Licences in July 2014, preparatory work ongoing Established GOSCO TANZANIA 100% Rukwa South Basin 100% Kyela One drill ready prospect identified PRODUCTION EXPLORATION OTHER 4 WELL POSITIONED FOR FUTURE GROWTH • A world class asset providing a step change in production, reserves and cash flow OML 30 INTEREST • A platform upon which to build within Nigeria and in other core areas • Significant production growth expected to continue BALANCED PORTFOLIO • Focused exploration activity continues • Exceptional record of generating value and monetising assets VALUE GENERATION • Raised $2 billion in asset sales with the current management team • Look to acquire assets that are underdeveloped or overlooked STRATEGIC ADVANTAGE • Early mover advantage • Ability to make decisions and complete on opportunities in timely manner • Discovered four of the five largest onshore discoveries in sub-Saharan Africa (excluding Nigeria) TECHNICAL SKILLSET in the last 13 years • Depth and breadth of industry experience • Ability to mitigate risk associated with political and security issues through local partners, MANAGEMENT OF RISK on-the-ground experience and engagement with local communities • Balanced portfolio of exploration and production assets 5 OML 30 – DRIVING GROWTH OML 30, NIGERIA 45% interest in OML 30 through Shoreline Natural Resources Limited (“Shoreline”)1 Onshore Nigeria, located less than 50 kilometres east of Warri Lease covers 1,097 square kilometres with eight producing fields; Afiesere, Eriemu, Evwreni, Kokori, Oroni, Oweh, Olomoro-Oleh, Uzere West Potential to significantly increase to c.300,000 bopd in the long term, according to RPS evaluation Combined field infrastructure capacity of c. 395,000 bpd Shoreline is in discussions with Government regarding operatorship OML 30 owns and operates the 850,000 bpd capacity Trans Forcados Pipeline to the export terminal. Other operators tie-in and pay a capacity tariff ¹ OML 30 is 55% owned by Nigerian Petroleum Development Corporation (“NPDC”), Shoreline equity split is 45% Heritage, 55% Shoreline Power Company. 7 OML 30 – THE OPPORTUNITY OML 30 HISTORICAL DRILLING OML 30 HISTORICAL OIL PRODUCTION, ‘000 BOPD Wells Drilled Annually Cumulative Wells 30 300 300 25 250 250 20 200 200 15 150 150 10 100 Mbopd 100 Wells per Year 5 50 Cumulative Wells 50 0 0 0 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 1960 1970 1980 1990 2000 2010 • Over 200 wells have been drilled on the licence since 1961 with • Production from the licence commenced in 1963 and peaked in most drilling completed prior to 1992 1971 at c.280,000 bopd • All wells are producers as the reservoirs are underlain by a strong • Over the period 2006 to 2009 production was severely impacted aquifer by both security and funding issues • Sporadic drilling as the licence was not considered core and • These issues are less relevant for Shoreline making it easier to therefore over-looked and under developed bring production back on • Remaining 2 P Reserves in excess of 1 billion • Engaging with communities through a Non-Governmental Organisation has been successful 8 SUMMARY OF MAJOR FIELDS IN OML 30 Major Olomoro- OML 30 Afiesere Eriemu Evwreni Kokori Oroni Oweh Uzere West Fields Oleh Total STOIIP 897 1,003 412 1426 1,592 395 412 647 6,784 (mmbbls) Production to date 189 76 52 383 383 40 40 122 1,285 (mmbbls) Remaining Technical 368 49 170 260 78 65 130 1,120 Resource (mmbbls)1 Discovered 1966 1961 1967 1960 1962 1965 1964 1963 - First 1968 1964 1969 1966 1963 1970 1966 1965 - Production Number of 41 20 14 40 40 8 11 16 190 wells ¹ Based on RPS evaluation. Afiesere and Eriemu combined in RPS’s production forecast analysis. 9 RUSSIA RUSSIA 95% equity interest in Zapadno Chumpasskoye Licence1 Licence located in Western Siberia (region accounts for more than 60% of Russia’s oil production) RPS certified 65 MMboe and $336 million NPV10 in 2012 Production in 2014 averaged 590 bopd Production is from four producers (well 363 is horizontal, 226 vertical, and P3 and P4 are deviated) shown below Production is sold to the local refinery market. Since December this market has become unstable due to large drops in refined products prices and fluctuations in crude sales prices Rouble exchange rate has increased from 35 to 67 per USD. Crude sales prices are largely USD based, converted to Roubles, but impacted by Brent drop to c.$60/bbl ¹ Acquired 95% ownership stake in Russian company ChumpassNefteDobycha Limited, 100% owner of the licence. 11 EXPLORATION ASSETS GHANA Two high impact exploration licences, Offshore South West Tano (“OSWT”) Block and East Keta Block Favourable economic terms and fiscal regime Petroleum Agreements awarded and ratified by Parliament in July 2014 Local partner is Blue Star Exploration Ghana Limited Offshore South West Tano Deep water, located adjacent to Jubilee Block oil producing block with all infrastructure in place Prospects already identified by legacy 3D seismic Early production capability as existing infrastructure will fast track production Single well commitment during first exploration period East Keta Offshore South West Tano 175 sq. km 39.6% Deep water, located on border with Togo East Keta 2,239 sq. km 38.7% Opportunity to open up a significant new basin in Ghana Low cost seismic option during first exploration period 13 PAPUA NEW GUINEA Three licences, PPL 486, PRL 13 and PPL 437 PPL 486 (ex 319) and PRL 13 Heritage has earned a 40% working interest in PPL 486 and PRL 13 by contributing to back costs and shooting seismic Heritage operated acquisition of ~230 km of 2D seismic and reprocessed 434 km of legacy 2D data Identified drill ready Tuyuwopi prospect with potential for ~ 600 bcf mean resources in gas case and 125MMbbl of oil with 375 BCF of associated gas in the oil case Farm out process has started PPL 437 Heritage has a 42.5% working interest in PPL 437 Heritage operated acquisition of ~104 km of 2D seismic and reprocessed ~800km of legacy 2D data Identified drill ready Malisa prospect with potential for ~ 300 bcf mean resources Farm out process has started PPL 486 2,025 sq. km 40% PRL 13 160 sq. km 40% PPL 437 1,530 sq. km 42.5% 14 TANZANIA Awarded Rukwa PSA in October 2011 and Kyela PSA in January 2012 Operations have commenced across the licences; Rukwa - 2,300 km of legacy 2D seismic data reprocessed. Acquisition and processing of an additional 600 km of 2D seismic data to infill this legacy data has completed. Results have identified several prospects in the South Rukwa licence which are geologically analogous to the Kingfisher discovery in Uganda Kyela - full tensor gravity survey acquired, which has now been interpreted in conjunction with 100 km of new 2D seismic data.
Load more

Recommended publications
  • Heritage Oil Plc
    Heritage Oil Plc Kurdistan Overview Presentation December 2010 Disclaimer – Important Notice Forward-Looking Information Except for statements of historical fact, all statements in this presentation – including, without limitation, statements regarding production estimates and future plans and objectives of Heritage – constitute forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to estimates of reserves, resources and recoveries; production and operating cost assumptions; development risks and costs; the risk of commodity price fluctuations; political and regulatory risks; and other risks and uncertainties as disclosed under the heading "Risk Factors" in its Circular issued by Heritage on 21 December 2009 (the “Circular”) and elsewhere in Heritage documents filed from time-to-time with the London Stock Exchange and other regulatory authorities. Further, any forward-looking information is made only as of a certain date and the Company undertakes no obligation to update any forward- looking information or statements to reflect events or circumstances after the date on which such statement is made or reflect the occurrence of unanticipated events, except as may be required by applicable securities laws. New factors emerge from time to time, and it is not possible for management of the Company to predict all of these factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information.
    [Show full text]
  • GROWTH Overview of Heritage, Its Processes F RAM E WORK Provides Detailed Information on ANNUAL REVIEW COR PORATE GO VERNANC E 20I 2 2012 and a Business Review
    G R OWT H ANNUAL REVIEW 2012 HERITAGE OIL PLC Annual Review 2012 Heritage Oil Plc is an independent oil and gas exploration and production company with a Premium Listing on the London Stock Exchange (“LSE”) (symbol HOIL). The Company is a member of the FTSE 250 Index and has Exchangeable Shares listed on the Toronto Stock Exchange (“TSX”) (symbol HOC) and the LSE (symbol HOX). Heritage is a versatile organisation, dedicated to creating and increasing shareholder value with a portfolio of quality assets managed by a highly experienced team with excellent technical, commercial and financial skills. The Company has producing assets in Nigeria and Russia and exploration assets in Tanzania, Papua New Guinea, Malta, Libya and Pakistan. C O NTENTS THE HERITAGE OIL PLC A NNUAL R E POR T A N D ACCOUNTS 2012 CON S I S T S OF FOUR DOCU M ENTS A S DETAILED B ELOW. O VERVIEW Annual Review Corporate Governance Highlights 2012 01 The Annual Review provides an The Corporate Governance Report Outlook 2013 01 GROWTH overview of Heritage, its processes F RAM E WORK provides detailed information on ANNUAL REVIEW COR PORATE GO VERNANC E 20I 2 2012 and a Business Review. all aspects of Heritage’s corporate A SSETS governance. Asset overview 02 The Heritage business model 04 S TRATEGY Vision and strategic overview 06 F RAM E WORK Corporate Social Financial Statements Corporate governance 08 Responsibility The Financial Statements Report RESPECT DIVERSIFIED provides detailed information on CORPORATE SOCIAL RESPONSIBILITY The CSR Report provides detailed FINANCIAL STATEMENTS 20I 2 20I 2 RESPE C T information concerning Heritage’s Heritage’s financial position.
    [Show full text]
  • Democratic Republic of Congo
    DEMOCRATIC REPUBLIC OF CONGO 350 Fifth Ave 34 th Floor New York, N.Y. 10118-3299 http://www.hrw.org (212) 290-4700 Vol. 15, No. 11 (A) - July 2003 I hid in the mountains and went back down to Songolo at about 3:00 p.m. I saw many people killed and even saw traces of blood where people had been dragged. I counted 82 bodies most of whom had been killed by bullets. We did a survey and found that 787 people were missing – we presumed they were all dead though we don’t know. Some of the bodies were in the road, others in the forest. Three people were even killed by mines. Those who attacked knew the town and posted themselves on the footpaths to kill people as they were fleeing. -- Testimony to Human Rights Watch ITURI: “COVERED IN BLOOD” Ethnically Targeted Violence In Northeastern DR Congo 1630 Connecticut Ave, N.W., Suite 500 2nd Floor, 2-12 Pentonville Road 15 Rue Van Campenhout Washington, DC 20009 London N1 9HF, UK 1000 Brussels, Belgium TEL (202) 612-4321 TEL: (44 20) 7713 1995 TEL (32 2) 732-2009 FAX (202) 612-4333 FAX: (44 20) 7713 1800 FAX (32 2) 732-0471 E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] “You cannot escape from the horror” This story of fifteen-year-old Elise is one of many in Ituri. She fled one attack after another and witnessed appalling atrocities. Walking for more than 300 miles in her search for safety, Elise survived to tell her tale; many others have not.
    [Show full text]
  • 2013 Annual Report and Accounts
    EXPAND STRATEGIC REPORT 2013 H ERITAGE OIL PLC Strategic Report 2013 Heritage Oil Plc is an independent oil and gas exploration and production company with a Premium Listing on the London Stock Exchange (“LSE”) (symbol HOIL). The Company is a member of the FTSE 250 Index and has Exchangeable Shares listed on the Toronto Stock Exchange (“TSX”) (symbol HOC) and the LSE (symbol HOX). Heritage is a versatile organisation, dedicated to creating and increasing shareholder value with a portfolio of quality assets managed by a highly experienced team with excellent technical, commercial and financial skills. The Company has producing assets in Nigeria and Russia and exploration assets in Tanzania, Papua New Guinea, Malta, Libya and Pakistan. C ONTENTS THE HERITAGE OIL PLC ANNUAL REPORT and ACCOUNTS 2013 CONSISTS OF FOUR docUMENTS. OVERVIEW STRATEGIC REPORT CORPORATE SOCIAL Highlights 2013 1 GROWTH The Strategic Report provides PROTECT RESPONSIBILITY Outlook 2014 1 STRATEGIC REPORT CORPORATE SOCIAL RESPONSIBILITY 2013 an overview of Heritage, its 2013 The CSR Report provides processes and a Business Review. detailed information concerning ASSETS Heritage’s CSR strategy, policies, Asset overview 2 systems and performance. The Heritage business model 4 STRATEGY Vision and strategic overview 6 CORPORATE FINANCIAL FRAMEWORK GOVERNANCE EVOLVE STATEMENTS STRUCTURE CORPORATE GOVERNANCE FINANCIAL STATEMENTS 2013 The Corporate Governance 2013 The Financial Statements Report Corporate governance 8 Report provides detailed provides detailed information on
    [Show full text]
  • The Relationship Between Petroleum Exploration and Environmental Conservation in Western Uganda Kristina Ericson SIT Study Abroad
    SIT Graduate Institute/SIT Study Abroad SIT Digital Collections Independent Study Project (ISP) Collection SIT Study Abroad Fall 2014 A Crude Awakening: The Relationship Between Petroleum Exploration and Environmental Conservation in Western Uganda Kristina Ericson SIT Study Abroad Follow this and additional works at: https://digitalcollections.sit.edu/isp_collection Part of the Natural Resource Economics Commons, Natural Resources Management and Policy Commons, Oil, Gas, and Energy Commons, and the Sustainability Commons Recommended Citation Ericson, Kristina, "A Crude Awakening: The Relationship Between Petroleum Exploration and Environmental Conservation in Western Uganda" (2014). Independent Study Project (ISP) Collection. 1924. https://digitalcollections.sit.edu/isp_collection/1924 This Unpublished Paper is brought to you for free and open access by the SIT Study Abroad at SIT Digital Collections. It has been accepted for inclusion in Independent Study Project (ISP) Collection by an authorized administrator of SIT Digital Collections. For more information, please contact [email protected]. A Crude Awakening: The Relationship Between Petroleum Exploration and Environmental Conservation in Western Uganda Kristina Ericson School For International Training Uganda Development Studies Fall 2014 Advisor : Lynn Turyatemba Organization : International Alert Academic Director: Dr. Charlotte Mafumbo Location : Kampala and Hoima Districts, Uganda Ericson 2 Dedication These works are dedicated toward the thousands of lives currently being
    [Show full text]
  • The Deloitte Guide to Oil and Gas in East Africa Where Potential Lies
    The Deloitte Guide to Oil and Gas in East Africa Where potential lies 2013 Edition Contents 1 Introduction................................................................................................................ 2 2 Kenya ........................................................................................................................ 3 2.1 Overview ............................................................................................................ 3 2.2 Key facts ............................................................................................................ 3 2.3 Industry overview ............................................................................................... 4 2.4 Regulatory environment ..................................................................................... 6 2.5 Taxation of oil and gas projects .......................................................................... 8 3 Mozambique ............................................................................................................ 11 3.1 Overview .......................................................................................................... 11 3.2 Key Facts ......................................................................................................... 11 3.3 Industry overview ............................................................................................. 12 3.4 Regulatory environment ................................................................................... 13 3.5 Taxation
    [Show full text]
  • Iraq's Oil Sector: Past, Present and Future
    THE JAMES A. BAKER III INSTITUTE FOR PUBLIC POLICY RICE UNIVERSITY IRAQ’S OIL SECTOR: PAST, PRESENT AND FUTURE BY AMY MYERS JAFFE JAMES A. BAKER III INSTITUTE FOR PUBLIC POLICY PREPARED IN CONJUNCTION WITH AN ENERGY STUDY SPONSORED BY THE JAMES A. BAKER III INSTITUTE FOR PUBLIC POLICY AND JAPAN PETROLEUM ENERGY CENTER RICE UNIVERSITY – MARCH 2007 THIS PAPER WAS WRITTEN BY A RESEARCHER (OR RESEARCHERS) WHO PARTICIPATED IN THE JOINT BAKER INSTITUTE/JAPAN PETROLEUM ENERGY CENTER POLICY REPORT, THE CHANGING ROLE OF NATIONAL OIL COMPANIES IN INTERNATIONAL ENERGY MARKETS. WHEREVER FEASIBLE, THIS PAPER HAS BEEN REVIEWED BY OUTSIDE EXPERTS BEFORE RELEASE. HOWEVER, THE RESEARCH AND THE VIEWS EXPRESSED WITHIN ARE THOSE OF THE INDIVIDUAL RESEARCHER(S) AND DO NOT NECESSARILY REPRESENT THE VIEWS OF THE JAMES A. BAKER III INSTITUTE FOR PUBLIC POLICY NOR THOSE OF THE JAPAN PETROLEUM ENERGY CENTER. © 2007 BY THE JAMES A. BAKER III INSTITUTE FOR PUBLIC POLICY OF RICE UNIVERSITY THIS MATERIAL MAY BE QUOTED OR REPRODUCED WITHOUT PRIOR PERMISSION, PROVIDED APPROPRIATE CREDIT IS GIVEN TO THE AUTHOR AND THE JAMES A. BAKER III INSTITUTE FOR PUBLIC POLICY ABOUT THE POLICY REPORT THE CHANGING ROLE OF NATIONAL OIL COMPANIES IN INTERNATIONAL ENERGY MARKETS Of world proven oil reserves of 1,148 billion barrels, approximately 77% of these resources are under the control of national oil companies (NOCs) with no equity participation by foreign, international oil companies. The Western international oil companies now control less than 10% of the world’s oil and gas resource base. In terms of current world oil production, NOCs also dominate.
    [Show full text]
  • Ugandaʼs Contracts – a Bad Deal Made Worse
    Ugandaʼs contracts – a bad deal made worse Preliminary analysis of Ugandaʼs Production Sharing Agreements by PLATFORM SUMMARY • There is currently no transparency over Ugandaʼs oil contracts, on the part of the Ugandan government or the foreign oil companies. This will prevent positive development outcomes while enabling corruption and environmental degradation on the part of the oil companies. Past experience indicates that without public debate and accountability, the “resource curse” is largely inevitable. • The Production Sharing Agreements signed in Uganda do not represent the great deal publically claimed by the government. Internal figures modelled by the government indicate that the state will receive 67.5% - 74.2% of total revenue. A Credit Suisse analysis of Heritage Oil predicts government take of between 55% and 67%. PLATFORMʼs assessment indicates the government will received between 47.4% and 79.5% of revenues, depending on the price of oil, size of fields, development costs and other factors. The highest figures will only be achieved if the government takes up the possible 15% state participation. These figures are all below the 80+% regularly trumpeted by the government and the oil companies. • The contracts are highly profitable for the participating oil companies. In the most likely scenarios, Tullow Oil could make a 30-35% return on its investment. This represents a very high profit level for the oil industry, even for risky projects, and indicates excessive profit-taking at the expense of the host government. Even in the least promising (and less likely) scenarios, Tullow would received a 12-14% return – a comfortable profit margin. • Compared to contracts in other countries, Uganda is receiving a worse deal.
    [Show full text]
  • Not for Release, Publication Or Distribution
    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION 30 April 2014 RECOMMENDED CASH OFFER for HERITAGE OIL PLC by ENERGY INVESTMENTS GLOBAL LTD a wholly owned subsidiary of AL MIRQAB CAPITAL SPC to be effected by means of a Scheme of Arrangement under the Companies (Jersey) Law 1991 Energy Investments Global Ltd (Bidco) is pleased to announce that it has reached agreement with the Independent Directors of Heritage Oil Plc (Heritage or the Company) on the terms of a recommended cash offer through which the entire issued and to be issued ordinary share capital of Heritage (other than the Retained Shares and the Excluded Shares) will be acquired by Bidco, a wholly owned subsidiary of Al Mirqab Capital SPC (together or individually as the context requires, Al Mirqab). Highlights of the Offer Under the terms of the Offer, each Scheme Shareholder will be entitled to receive 320 pence in cash per Scheme Share (the Offer Price). The Offer values the issued and to be issued ordinary share capital of Heritage at approximately £924 million. The Offer Price represents a premium of approximately: 25.2 per cent. to the Closing Price of 255.6 pence per Ordinary Share on 29 April 2014 (being the last Business Day prior to the Announcement Date); 35.5 per cent. to the volume weighted average price of 236.2 pence per Ordinary Share for the three month period between 30 January 2014 and 29 April 2014 (being the last Business Day prior to the Announcement Date); and 115.1 per cent.
    [Show full text]
  • Heritage Oil Limited
    This document comprises a prospectus relating to Heritage Oil Limited (the ‘‘Company’’ and, together with its subsidiaries, the ‘‘Group’’) prepared in accordance with the Prospectus Rules made under section 73A of the Financial Services and Markets Act 2000 (the ‘‘FSMA’’). This document will be made available to the public in accordance with the Prospectus Rules. The Company and its Directors (whose names appear on page 27 of this document) accept responsibility for the information contained in this document. To the best of the knowledge and belief of the Company and the Directors (who have taken all reasonable care to ensure that such is the case), the information contained in this document is in accordance with the facts and contains no omission likely to affect its import. Application has been made to the Financial Services Authority for all of the Ordinary Shares and Exchangeable Shares to be admitted to listing on the Official List and to the London Stock Exchange plc for such Ordinary Shares and Exchangeable Shares to be admitted to trading on the London Stock Exchange’s main market for listed securities. Admission to the Official List together with admission to trading on the London Stock Exchange’s main market for listed securities (together ‘‘Admission’’) will constitute admission to listing on a regulated market. It is expected that Admission will become effective and that unconditional dealings on the London Stock Exchange will commence in the Ordinary Shares at 8.00 a.m. on 31 March 2008 with ISIN JE00B2Q4TN56 and will commence in the Exchangeable Shares at 8.00 a.m.
    [Show full text]
  • SECURING OUR FUTURE Overview 01 Highlights 04 Company Overview 08 Chairman’S Statement
    Heritage Oil Plc Annual Report & Accounts 2009 Head Office and Directors’ Business Address: Heritage Oil Plc Fourth Floor, Windward House La Route de la Liberation Annual Report & Accounts 2009 JE2 3BQ Jersey Channel Islands Tel +44 1534 835 400 Fax +44 1534 835 412 SECURING OUR FUTURE www.heritageoilplc.com Overview 01 Highlights 04 Company Overview 08 Chairman’s Statement Heritage Oil Plc is an independent oil Business Review and gas exploration and production 12 Chief Executive’s Statement 14 Chief Executive’s Q&A company with a Premium Listing on the 16 Strategy 17 Reserves and Resources London Stock Exchange (“LSE”) (symbol 18 Operations Review 20 Kurdistan 22 Malta HOIL). The Company is a member of 23 Pakistan 24 Democratic Republic of Congo the FTSE 250 Index. The Company 25 Tanzania 26 Mali has Exchangeable Shares listed on 27 Russia 28 Uganda 30 Financial Review the Toronto Stock Exchange (“TSX”) 34 Principal Risks 38 Corporate Social (symbol HOC) and the LSE (symbol Responsibility HOX). The Company has core activity areas focused on Africa, the Middle East and Russia. Corporate Governance 46 Board of Directors 48 Corporate Governance Report 55 Remuneration Report 62 Directors’ Report 65 Responsibility Statement of the Directors Financial Statements 68 Independent Auditors’ Report to the Members of Heritage Oil Plc 70 Consolidated Income Statement 71 Consolidated Statement of Comprehensive Income 72 Consolidated Balance Sheet 73 Consolidated Statement of Changes in Equity 75 Consolidated Cash Flow Statement 76 Notes to Consolidated Financial Statements Other 99 Glossary of Terms and Definitions 102 List of Advisers Front cover picture designed by Hawnaz Wahab, 5th Grade, Halgurd School, Kurdistan 104 Financial Calendar (for more information see page 43).
    [Show full text]
  • Creating Shared Prosperity in Uganda Contents
    TULLOW UGANDA COUNTRY REPORT CREATING SHARED PROSPERITY IN UGANDA CONTENTS 1 Uganda highlights 2 Chief Executive’s letter 4 Our story in Uganda so far 12 Interview with Jimmy Mugerwa, General Manager 14 Material issues & stakeholder engagement 18 Our responsibilities 20 Governance 22 People & localisation 24 Social performance 26 Local content 28 Environment, Health & Safety ABOUT THIS REPORT This is our first Uganda country report. In it, we have included information on our operational activities and our economic contribution to Uganda. We have also sought to demonstrate how we are playing our role, since our entry into Uganda in 2004, in economic and social development through our corporate responsibility strategy. We call this commitment to all our host countries ‘creating shared prosperity’. This report is one of a number of reports including our Annual Report and our Corporate Responsibility Report. You can also find a whole range of complementary material to this report and our latest news online at www.tullowoil.com, which is our main corporate website. Each year we seek to improve not just our reporting but the quality and depth of information we provide to our stakeholders. Your feedback is important to us and we would be delighted to hear from the readers and users of this report. Please write to us at our offices in Uganda at the address on the back of this report or contact us at our corporate offices in London at [email protected]. More information Go online for more information about us and our corporate responsibility www.tullowoil.com/cr ABOUT US Our history as Africa’s leading independent oil company started almost 30 years ago in 1986, with the Group’s first licence in Senegal.
    [Show full text]