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Financial Statements 2013 Heritage Oil PLC Financial Statements 2013

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Financial Statements 2013 Heritage Oil PLC Financial Statements 2013 EVolVE FINANCIAL statemeNTS 2013 Heritage Oil PLC Financial Statements 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. CONTENts The Heritage Oil Plc ANNUal Report AND AccoUNts 2013 coNsists of foUR DocUmeNts. Highlights 2013 01 STRATEGIC REPORT CORPORATE SOCIAL Financial review 02 The Strategic Report provides RESPONSIBILITY Statement of Directors’ Responsibilities and Compliance 07 an overview of Heritage, its The CSR Report provides processes and a Business Review. detailed information concerning Independent Auditor’s Report to the Members of Heritage Oil Plc 08 Heritage’s CSR strategy, policies, Consolidated income statement 11 systems and performance. Consolidated statement of comprehensive income 12 Consolidated balance sheet 13 Consolidated statement of changes in equity – 2013 14 CORPORATE FINANCIAL Consolidated statement of changes in equity – 2012 15 GOVERNANCE STATEMENTS Consolidated cash flow statement 16 The Corporate Governance The Financial Statements Report Notes to consolidated financial statements 17 Report provides detailed provides detailed information on information on all aspects of Heritage’s financial position. OTHER Heritage’s corporate governance. Financial statements glossary 44 Advisers and financial calendar IBC Financial Statements 2013 HERITAGE OIL PLC 01 HIGHLIGHTS 2013 FINANCIAL1 – Total revenues, net to Heritage, for 2013 of $431.9 million – Profit after tax from continuing operations of $100.4 million, an increase of 104% year-on-year – Operating cash flows of $235.3 million in 2013 compared to cash outflows of $207.5 million in 2012 – Successfully completed the refinancing of the bridge loan facility with a five year $550 million Senior Secured Revolving Reserves Based Lending Facility drawn by Shoreline Natural Resources Limited (“Shoreline”) in Nigeria – Heritage cash at 31 December 2013 of $183.8 million 1 The Group has changed the accounting policy for the proportion of Shoreline it consolidates into its results and it now proportionally consolidates Shoreline’s financial results using 90% which is the eventual economic rights before completion of the partner’s option. OPERATIONAL – Production from OML 30, Nigeria increased during the year and record gross production since acquisition, of over 50,000 bopd has been achieved – Maintenance work over OML 30 is progressing as planned – 2013 average production from the interest in OML 30, Nigeria, net to Heritage of 8,919 bopd and net production from Russia of 577 bopd – Continued the work programme in Tanzania through processing of 2D seismic data on Rukwa which has identified several prospects in the retained Rukwa South licence area. A geochemical survey of the Kyela licence has been completed and interpretation of the data is proceeding to schedule – Expanded the exploration portfolio with the farm in to four licences in Papua New Guinea (“PNG”); Petroleum Prospecting Licence 319 (“PPL 319”), Petroleum Retention Licence 13 (“PRL 13”), Petroleum Prospecting Licence 337 (“PPL 337”) and Petroleum Prospecting Licence 437 (“PPL 437”) – Work programmes in PNG commenced with the acquisition and processing of seismic and evaluation of legacy datasets All dollars are US dollars unless otherwise stated. HERITAGE OIL PLC Financial Statements 2013 02 FINANCIAL REVIEW A SOLID PERFORMANCE PAUL ATHERTON CHIEF FINANCIAL OFFICER SELECTED OPERATIONAL AND FINANCIAL DATA 2012 2013 restated Change PRODUCTION bopd 9,496 2,665 256% SALES VOLUME1 bopd 11,529 607 1,800% AVERAGE REALISED PRICE2 $/bbl 111.0 39.7 180% PETROLEUM REVENUE2 $ million 431.9 8.8 4,808% PROFIT FROM CONTINUING OPERATIONS AFTER TAX $ million 100.4 49.1 104% (LOSS)/GAIN FROM DISCONTINUED OPERATIONS $ million (483.9) 210.9 n/a NET (LOSS)/PROFIT $ million (385.5) 260.0 n/a CASH GENERATED BY/(USED IN) CONTINUING OPERATING ACTIVITIES $ million 235.3 (207.5) 214% TOTAL CASH INVESTING AND CAPITAL EXPENDITURES $ million 52.0 846.0 YEAR END CASH BALANCE $ million 183.8 86.7 1 For 2012, sales volumes are from the sale of crude from the Zapadno Chumpasskoye Field, Russia. For 2013, sales volumes are from both the Zapadno Chumpasskoye Field in Russia and OML 30 in Nigeria. 2 The Group changed its accounting policy for the proportion of Shoreline it consolidates into its results and it now proportionally consolidates Shoreline’s financial results using 90% which is the eventual economic right due to the holders of Class A shares (see note 5 of the Financial Statements), therefore the petroleum revenue in the table above includes just 90% of Shoreline’s petroleum revenue. Production and sales volumes are presented at Heritage’s current economic share of 97.5%. Financial Statements 2013 HERITAGE OIL PLC 03 CORPORATE PERFORMANCE In the 2013 there was a change in inventory of $8.1 million. $8.3 PRODUCTION AND SALES VOLUMES million was held in inventory as at 31 December 2012 and transferred In November 2012, Heritage, through Shoreline, completed the to the income statement in the first quarter of 2013 when the crude acquisition of a 45% interest in a producing oil mining licence in inventory was sold. As at 31 December 2013, there were inventories Nigeria, OML 30, together with a 45% interest in other assets owned of $0.2 million in Nigeria. At 31 December 2013, Heritage’s net under a joint operating agreement for OML 30 (the “Acquisition economic share of barrels held in inventory from OML 30 production Assets”). Shoreline is a special purpose Nigerian company formed was 11,067 barrels compared to 753,380 barrels at the beginning of between a subsidiary of Heritage and a Nigerian partner, Shoreline the year. Power Limited (“Shoreline Power”), which acquired the 45% of OML 30. Production from OML 30 is incorporated within the Group Petroleum operating costs for the Zapadno Chumpasskoye Field in results with effect from 1 November 2012. Average daily production, Russia increased by 3% to $3.1 million in 2013. Average operating net to Heritage’s economic interest, of 8,919 bopd was generated cost per produced barrel of oil increased from $13.37/bbl in 2012 to from OML 30 in Nigeria in 2013. In 2012, there was only two $14.55/bbl in 2013. This was due primarily to production being 5% months’ production post acquisition from OML 30. lower in 2013 compared to the same period last year and the fixed nature of certain costs, including certain personnel. The difference between the production volumes and sales volumes is due to the change in the oil inventory balance during the year. Production and other taxes in Nigeria recognised in 2013 was $88.3 million. Production royalty of $84.5 million was recognised in 2013 Average daily production from the Zapadno Chumpasskoye Field and is calculated on production levels at 20%. In 2013, $3.8 million in Russia decreased from 607 bopd in 2012 to 577 bopd in 2013, was recognised for Education Tax in Nigeria. Education Tax is levied primarily due to natural well decline and the replacement of the on tax adjusted profit before capital allowances. electric submersible pump on horizontal well 363 in the first quarter of 2013. Average production for the second half of 2013 was higher Production tax in Russia for 2013 of $4.6 million was marginally at 680 bopd as a result of resolution of mechanical issues. lower than in 2012 at $4.7 million, which is in line with the slight reduction in revenue. The impact of lower production volumes was REVENUE offset by increased average commodity prices in 2013, as both Heritage’s net economic share of petroleum revenue from its interest production volumes and price are used in the calculation of the tax. in OML 30 was $458.5 million in 2013, however, Heritage proportionally consolidates 90% of Shoreline’s results, and therefore General and administrative expenses increased from $18.7 million in is reflecting petroleum revenue of $423.2 million from OML 30, 90% 2012 to $32.1 million in 2013. This was principally due to additional is the eventual economic right due to the holders of Class A shares, costs arising from the office established by Shoreline in Lagos to (see note 5 of the Financial Statements) for its interest in the licence. support operations in Nigeria. General and administrative expenses Average daily sales volumes in 2013 were 10,953 bopd and the are comprised of salaries of management, finance and administrative average realised commodity price was $114.70/bbl. Sales volumes staff, consulting, legal and professional fees, transportation costs and were higher than production volumes in the year because of the other costs. build-up of inventories at the beginning of the year as the first sale after completion of the acquisition of the interest was in January If share-based compensation expenses are excluded, net general 2013. OML 30 crude is priced using the Forcados benchmark, and administrative expenses increased from $18.5 million in 2012 which trades at a premium to Brent typically of over 2%. to $27.6 million in 2013. In 2013, the Group capitalised $6.3 million (2012 – $5.5 million) of general and administrative costs relating Petroleum revenue from the Zapadno Chumpasskoye Field in Russia to exploration and development activities, including share-based decreased by $0.2 million (2%) to $8.7 million in 2013. This decrease compensation of $1.8 million (2012 – $1.1 million).
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