Heritage Oil Plc
Capital Markets Day, 30 January 2013
January 2013 Disclaimer – Important Notice
Certain information in this presentation is based on management estimates. Such estimates have been made in good faith and represent the genuine belief of applicable members of management. Those management members believe that such estimates are founded on reasonable grounds. However, by their nature, estimates may not be correct or complete. Accordingly, no representation or warranty (express or implied) is given that such estimates are correct or complete. No representation or warranty (express or implied) is given that such estimates are so founded. Neither the Company nor J.P. Morgan Cazenove or Standard Bank undertake any obligation to correct or complete any estimate whether as a result of being aware of information (new or otherwise), future events or otherwise.
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: This presentation includes statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements include, but are not limited to, statements with regard to the outcome of the exercise of the Shoreline Option, proposed Divestment, Loan, future production and grades, projections for sales growth, estimated revenues, reserves and resources, targets for cost savings, the construction cost of new projects, the timing and outcome of exploration projects and drilling programmes, projected capital expenditures, the timing of new projects, future cash flow and debt levels, the outlook for the prices of hydrocarbons, the integration of acquisitions, the outlook for economic recovery and trends in the trading environment, statements about strategies, cost synergies, revenue benefits or integration costs and production capacity and future production levels and timing, and may be (but are not necessarily) identified by the use of words such as “believes”, “estimates”, “plans”, “projects”, “anticipates”, “expects”, “intends”, “may”, “aims”, “plans”, “predicts”, “continues”, “assumes”, “positioned”, “will”, or “should” and other similar expressions that are predictions of or indicate future events and future trends or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include matters that are not historical facts and include statements regarding the Company’s intentions, beliefs or current expectations. An investor should not place undue reliance on forward-looking statements because, by their nature, they involve known and unknown risks, uncertainties and other factors and relate to events and depend on circumstances that may or may not occur in the future that are in many cases beyond the control of the Company. A number of factors could cause actual results and developments to differ materially from those expressed or implied by the forward-looking statements. In particular, there is no assurance that the conditions precedent to completion of the proposed Divestment will be satisfied or waived and the Company may not realise the anticipated benefits, operational and other synergies and/or cost savings from the proposed Divestment or the Loan repayment.
Any forward-looking statements in this presentation reflect the Company’s view with respect to future events as at the date of this presentation and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company’s operations, results of operations, growth strategy and liquidity. None of the Company, J.P. Morgan Cazenove or Standard Bank undertake any obligation publicly to release the results of any revisions or up-dates to any forward-looking statements in this presentation that may occur due to any change in its expectations or to reflect events or circumstances after the date of this presentation.
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This presentation constitutes an advertisement within the meaning of the Prospectus Rules of the FSA and is not a prospectus and has been prepared solely in connection with the proposed Divestment. Copies of certain corporate documents relating to certain matters discussed herein are/will be available from the Company’s registered office and from 34 Park Street, London, W1K 2JD and are/will be available for viewing on the Company’s website at www.heritageoilplc.com.
Important Information This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, exchange, or transfer any securities of Heritage. The value of ordinary shares of Heritage and exchangeable shares of Heritage Oil Corporation exchangeable into ordinary shares of Heritage can go down as well as up and past performance cannot be relied on as a guide to future performance. .
1 1 PRESENTATION OVERVIEW
2 Capital Markets Morning
Section Presenter Page Introduction and Overview Paul Atherton 5 OML 30 – Transaction Details and Overview Paul Atherton 19 OML 30 – The Assets, Fields, Infrastructure Steve Kobak 26 OML 30 – Field Development Steve Kobak 43 OML 30 – Environmental and CSR Kola Karim 54 Nigeria Kola Karim 57 Production – Russia Steve Kobak 61 Exploration Brian Smith 64 Summary Paul Atherton 75
3 Biographies
Paul Atherton – CFO, Director Mr. Atherton is a qualified accountant, having qualified with Deloitte & Touche, and holds a degree in geology from Imperial College London. He has a corporate finance background with specific experience in the international mining and resource sectors. He joined Heritage in 2000 and subsequently joined the Board of Directors in 2005.
. Steve Kobak, VP Production Mr. Kobak, a qualified engineer, has 27 years of experience in oil and gas production operations, reservoir studies and asset development. The companies he has worked for include ESSO, Shell International and Khanty Mansiysk Oil Corporation in Western Siberia where he held senior management positions guiding technical and operations activities. He has extensive international experience working in Russia, the Far East, Middle East and Canada. Mr. Kobak joined Heritage in 2007.
Brian Smith, VP Exploration Mr. Smith has 30 years experience in the oil industry. He initially worked as an exploration geologist for Exxon in the North Sea and Gulf of Mexico. Later he joined Enterprise Oil where he managed various exploration projects in the Far East and Eastern Europe/FSU. He joined Heritage as Vice President, Exploration in 1997.
Kola Karim, Director Shoreline Natural Resources Mr. Karim is Group CEO and Managing Director of Shoreline Energy and Shoreline Power. Mr. Karim holds an MBA from the University of Leicester and degree in Business Management from City University; he is also an alumni member of the Harvard Business School for the Executive Management Programme and the Harvard Kennedy School for the Leadership and Public Policy programme. He was awarded Young Global Leader Award in 2008 by the World Economic Forum.
4 HERITAGE OVERVIEW
5 Transformational Growth
TSR Versus Peers Since TSX Listing, %
10,000 Heritage Tullow Oil Premier Oil Soco International Afren Salamander Energy 2P Reserves 1999: 2.5 million barrels 9,000 2013: 412 million barrels
8,000
7,000 Production 1999: 367 bopd 6,000 2013: 11,583 bopd
5,000
4,000 Market Capitalisation 1999: US$13 million 3,000 2013: US$848 million
2,000
1,000 Cash raised from equity markets: US$370m 0 Cash raised through sale Jan 99 Jan 01 Jan 03 Jan 05 Jan 07 Jan 09 Jan 11 Jan 13 of assets: US$2bn Dividend of c.US$500m paid in 2010
Source: Factset and Datastream as of 25 January 2013
6 Ability to Deliver and Provide Substantial Growth
•Acquisition of a world class asset providing a step change in production, reserves and cash Completion of OML 30 Acquisition flow •Creates a platform upon which to build within Nigeria
•Attractive valuation secured for a development asset with a significant future capital expenditure requirement Completion of Miran Disposal •Proceeds used to partially fund entry into Nigeria and also to continue exploration and development of the existing portfolio
•Strong balance sheet Financial Flexibility •Potential to develop and strengthen the portfolio through further acquisitions
•Exceptional record of generating value and monetising assets Value Generation •Raised US$2bn in asset sales with the current management team
•Look to acquire assets that are underdeveloped or overlooked Strategic Advantage •Early mover advantage
•Discovered four of the five largest onshore discoveries in Sub-Saharan Africa (excluding Technical Skillset Nigeria) in the last ten years •Depth and breadth of industry experience
•Ability to mitigate risk associated with political and security issues through local partners, Management of Risk on-the-ground experience and engagement with local communities •Balanced portfolio of exploration and production assets
7 Diversified Portfolio Across Core Areas
Production
Exploration
Russia 95% Zapadno Malta Chumpasskoye Produced c.617 bopd in Q3 100% Area 2 2012. 100% Area 7 Well planning ongoing.
Libya
Sahara Oil Services Pakistan 51% equity interest and control 54% Sanjawi Block of Sahara Oil Services which 48% Zamzama North Block will provide access to the Initial interpretation of Libyan oil industry. Tanzania existing seismic has identified 29.9% Latham several prospects and leads. 100% Rukwa North Basin 100% Rukwa South Basin 100% Kyela Work programmes on Rukwa and Kyela have commenced. Rukwa legacy 2D seismic has Nigeria been processed and additional seismic is being acquired. OML 30 Kyela gravity survey has been • Major interest in OML 30 interpreted and seismic through Shoreline Natural acquisition has completed. Resources. Produced gross c.35,7oo bopd in November 2012.
8 Heritage Relative to Peer Group
2P Reserves, mmboe Market Capitalisation, US$ million
500 5,000 16,966 412 380 400 4,000 296 3,133 300 3,000 2,458 185 2,009 200 2,000 130 848 100 75 62 1,000 773 399
0 0
2013E Production, kbpoed FV/2P Reserves, US$/boe
46.5 100 89 50 40 75 67 30 50 44 20 16.4 14.1 13.4 21 11.4 25 16 14 12 10 3.4 2.3 0 0
Source: Factset as of 25 January 2013, company reports, and Woodmac for Soco and Salamander Energy 2013E production estimates
9 OML 30 – DRIVING GROWTH
10 Nigeria, OML 30
45% interest in OML 301 acquired by Shoreline Natural Resources (“Shoreline”)2 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 850,000 bpd pipeline to export terminal Gross production of c.35,700 bopd reported for November 2012 with the potential to significantly increase to c.100,000 bopd in the medium term and c.300,000 bopd in the long term, according to RPS evaluation
¹ OML 30 is 55% owned by Nigerian Petroleum Development Corporation (“NPDC”) 2 Shoreline equity split is 45% Heritage, 55% Shoreline Power Company
11 OML 30 - A Transformational Acquisition
Completed in November 2012, 45% interest in OML 30, located onshore Nigeria, acquired by Shoreline Acquisition of world Gross production c.35,700 bopd reported for November 2012 class asset Largest ever upstream asset transaction in sub-Saharan Africa on a 2P basis1
Step change in Step change in net production to Heritage, increasing from 617 bopd in Q3 2012 to c.11,350 bopd year end exit rate production and reserves 2P crude reserves net to Heritage increase from 65 mmbbls to 412 mmbbls
Combining Nigerian Local partner Shoreline Power is an indigenous pan-African energy and infrastructure business with an existing relationships with network of strong and respected relationships within Nigeria technical expertise Heritage has a strong technical team with relevant geographic experience
Proved reserves of 37.2 bn bbls2, the largest in sub-Saharan Africa, 2nd largest in Africa and 10th largest in the world
Exposure to Nigeria Largest African producer with 2.5 mmbbls per day, with well-established infrastructure from over 50 years of oil production
Diversification in Balancing exploration with production, within core geographic areas core areas Oil focused producing lease
1 Herold, based on publicly sourced data 2 BP Statistical Review 2012
12 Acquisition Provides A Step Change in Production and Reserves
Net Production, bopd Net Reserves, mmbbls
12,000 450 10,000
8,000 300
6,000
4,000 150
2,000
0 0 Heritage pre OML 30 Heritage post Heritage pre OML 30 Heritage post acquisition acquisition acquisition acquisition
Production: 2013 average 45,000 bopd gross from OML 30, net to Heritage 2013 production is expected to be 14,300 bopd 2014 average 70,000 bopd gross from OML 30, net to Heritage 2014 production is expected to be 22,000 bopd Reserves OML 30 gross 2P reserves of 1,114 million barrels 2P crude reserves net to Heritage increase from 65 mmbbls to 412 mmbbls
13 Positioning Shoreline within Nigeria’s Indigenous Oil Sector
2P Reserves, mmbbls Latest Reported Production, bopd
600 18,000
500 16,000 14,000 400 12,000 10,000 300 8,000 200 6,000 4,000 100 2,000 0 0
Nigeria’s indigenous oil sector is being strengthened by asset divestments from IOCs over the past 3 years Shoreline’s acquisition of OML 30 positions it as one of the largest indigenous oil companies in Nigeria Establishes Shoreline with critical mass of reserves and production to be leading player in the Nigerian oil sector Creates reputable platform with execution experience for potential future transactions
14 Recent Divestments
OML 30 is one of a number of licences that have been divested in the Niger Delta recently OML 30 has been referred to as the premier asset due to location, reserves, current production, availability of facilities and proved development capability
15 Attractive Acquisition Metrics
US$ per 2P Reserves of Precedent Transactions1 Attractive acquisition cost of US$1.7/2P reserves versus average 10 of US$5.9 for precedent transactions Significant discount compared to similar recent onshore 8 transactions in Nigeria
Average of precedents Long-life asset with 2P reserve life of 87 years at current 6 production of c. 35,000 bopd OML 30 immediately cash generative upon completion 4 Comparable transactions based on onshore Nigeria assets sold during last 3 years by IOCs: 2 Oando acquisition of OML 60-63 announced December 0 2012 (yet to be completed) OML 30 OML 60 - OML 40 OML 42 OML 26 OML 4, 38, Eland acquisition of OML 40 announced August 2012 63 41 Neconde acquisition of OML 42 announced April 2011
FV/2P Comparison with Selected Peers, US$/boe Afren/FHN acquisition of OML 26 announced October 2010 50 46.5 Maurel & Prom/Seplat acquisition of OMLs 4, 38 and 41 40 announced January 2010 OML 30 acquisition 30 multiple 16.4 20 14.1 13.4 11.4 10 3.4 2.3 1.7 0
¹ Based on 2P reserves at announcement. No “2P case” published for OML 42, RPS “mid-case” used as proxy Note: FV calculated based on market capitalisation from Factset as of 25 January 2013 and net debt from latest company filing
16 OML 30 – The Opportunity
Historical Drilling Over 200 wells have been drilled on the licence since 1961 with most drilling completed prior to 1992 30 Wells Drilled Annually 300 Cumulative Wells All wells are producers as the reservoirs are underlain by a strong 25 250
aquifer
20 200 Sporadic drilling as the licence was not considered core and therefore over-looked and under developed 15 150 Production from the licence commenced in 1963 and peaked in
10 100 1971 at c. 280,000 bopd
Wells Wells per Year Cumulative Cumulative Wells 5 50 Over the period 2006 to 2009 production was severely impacted by both security and funding issues 0 0 These issues are less relevant for Shoreline and will make it easier to bring production back on
Historical Oil Production, ‘000 bopd Production of c.35,700 bopd as at November 2012 300
250
200
150 kBopd 100
50
0
17 OML 30 - Independent Evaluation
OML 30 Summary of Reserves Independent evaluation of OML 30 and Heritage’s existing assets Gross Heritage Group Remaining Reserves Net Entitlement 2P valuation range of US$2.2 to US$2.7 billion at 10% discount Reserves rate Gross of Net of Gross of Net of RPS report does not factor in additional upside from gas reserves, Royalty Royalty Royalty Royalty remaining undeveloped reservoirs and behind pipe reserves in (mmstb) (mmstb) (mmstb) (mmstb) developed reservoirs where new wells are not expected Proved Reserves (1P) 538 430 168 134
Proved & Probable 1,114 891 347 277 Reserves (2P) Proved & Probable & 1,733 1,387 539 431 Possible Reserves (3P)
OML 30 Post-tax Valuation Net to Heritage
Base Income Tax Alternative Income Scenario1 Tax Scenario2 ($million) ($million)
Post–tax NPV (10%) Post–tax NPV (10%)
Proved Reserves (1P) 1,189 1,410
Proved & Probable 2,162 2,652 Reserves (2P) Proved & Probable & 3,129 3,820 Possible Reserves (3P)
1 Assumes the income tax applicable under current Nigeria law 2 Assumes the income tax under changes to Nigerian Law which Heritage believes might occur
18 Transaction Details and Structure
19 Combining Nigerian Relationships with Technical Expertise
Acquisition Structure Heritage Oil Financial Plc strength Technical and operational expertise Experienced Buyer Vendors Leading auction African US$850m operator and investor
(indigenous Nigerian Company) 45% of OML 30 30% 10% 5% Shoreline Local Power knowledge and expertise Operations throughout Nigeria and West Africa NPDC (Operator) Energy and infrastructure operating 55% 45% expertise Network of contacts in the Nigerian oil and gas OML 30 community Oil mining lease in Nigeria
20 Capital Structure
Shoreline Shareholder Arrangement & Debt Funding
Shoreline Natural Resources is an indigenous company based on equity split; Shoreline Power holds 55% Economic interest takes into account equity capital funded by each shareholder and profit share Shoreline Power entitled to 2.5% profit share 45% equity interest 55% equity interest Consideration for Shoreline Power Call Option is 30% of equity funding into Shoreline Natural Resources at time of exercise Equity funding is through shareholder loans Relationship between Heritage and Shoreline Power governed by shareholder agreement Acquisition was funded through 18 month US$550 bridge loan facility of US$550 million into million bridge Shoreline Natural Resources from Standard facility Bank Bridge facility has been syndicated to Nigerian banks and China Development Bank Shoreline Natural Resources currently finalising 45% options to re-finance the bridge facility with a 5- year debt instrument OML 30
21 The Operating Framework
Shoreline owns a 45% interest in OML 30, NPDC own 55% and is operator The two companies work under the terms of a Joint Operating Agreement which is typical within industry Additionally, NPDC have solely entered into an agreement with Atlantic Energy, a Nigerian company, to provide financial and technical assistance for their 55% interest. Atlantic Energy provides technical services, preparing drilling plans as an example, supplies any cash shortfalls and is paid from the NPDC 55% share of revenues according to the terms of their agreement
Atlantic NPDC Shoreline Energy
SHELL OML 30 Operating Staff OML 30
22 The Operating Relationship
OML 30 is managed along the lines of most JOA agreements Shoreline NPDC and Shoreline have established the OML 30 OPCOM to provide recommendations on programmes, budgets and asset management. OPCOM is composed of equal numbers from the two owners SUBCOM OPCOM decides on items that will be accepted or require further study Studies are carried out under the direction of SUBCOMs. Those studies include all aspects of managing OML 30 SUBCOM recommendations are in turn passed to TECOM for technical NPDC approval When approved at OPCOM the issue is presented to NPDC and TECOM Shoreline for approval Shoreline sells its 45% of production through a five year marketing contract with Shell and receives funds direct
OPCOM
The key to successful management and development of OML 30 is communication, respect and a shared vision
23 Shoreline is an Indigenous Nigerian Company
Shoreline Corporate Governance
Shoreline is one of the leading indigenous companies producing Shareholder agreement applies corporate governance standards in Nigeria and ensures management efficiency Combines Shoreline Power’s energy and infrastructure operating Shareholder agreement covers matters requiring unanimous expertise and respected network of relationships within Nigeria approval with Heritage’s strong technical team with relevant geographic Five directors; two appointed by Heritage expertise Advisory board to include senior figures from local stakeholders Shoreline and Heritage are developing close relationships with local communities and other stakeholders Strong Nigerian profile
Profit-Sharing Agreement Operatorship Post-Transaction
Shareholder Agreement provides for an economic interest that is Operatorship is transferring to NPDC, a subsidiary of the state oil different to the equity interest company Nigerian National Petroleum Corporation (“NNPC”) Shoreline Power has exercised the option to acquire a 30% Highest quality members of existing Shell Nigeria operating team participating economic interest, for which Heritage will receive will be transferred across over US$100 million Shell is providing assistance during the transition period
24 Organogram of Shoreline
Chief Executive Director and CFO Officer
Lagos London Nigeria CEO Assistant Organisation Assets Technical Organisation Chief Financial Chief Operating VP Production Controller Officer
Production Secretary Technologist
Finance Technical Head, Human Commercial Production Engineer London Finance Manager Director Resources Director Organisation
JV Joint venture Corporate Production Protocol Reservoir Engineer Accountant Operations Accountant Engineer Specialist Accountant
Joint Venture Reservoir Facilities Engineer Accountant IT Specialist (PT) Accountant Engineer
Joint Venture Pipeline Engineer Geologist Accountant
Facilities Geophysicist Engineer
Geologist
Geophysicist
25 The Assets
26 Nigeria, OML 30
45% interest in OML 301 acquired by Shoreline Onshore Nigeria, located less than 50 kilometres east of Warri, benefits from being on solid high ground Lease covers 1,097 square kilometres with eight producing fields In addition, there is one field not currently in production 850,000 bpd pipeline to export terminal Infrastructure includes ullage to handle three times current production which is sufficient for near and medium term opportunities and the Trans Forcados Pipeline segment which will provide tariff income Gross production of c.35,700 bopd reported for November 2012 with the potential to significantly increase to c.100,000 bopd in the medium term and c.300,000 bopd in the long term, according to the RPS evaluation Contains nine flow stations with a combined capacity in excess of c.395,000 bpd Associated gas facilities can handle c.42 mmscf/day collected from six flow stations
¹ OML 30 is 55% owned by Nigerian Petroleum Development Corporation (“NPDC”)
27 Geology
28 The Niger Delta
OML 30 lies within the Niger Delta, located in the Gulf of Guinea, one of the most prolific oil and gas provinces in the world From the Eocene to the present, the delta has prograded south- westward, forming depobelts that represent the most active portion of the delta at each stage of its development These depobelts form one of the largest regressive deltas in the world covering approximately 75,000 square kilometres with a source rock thickness of up to 7,000 metres
29 The Niger Delta cont’d
OML 30 fields are deltaic shallow marine shelf sands (usually shore face sands) at intermediate depth level in growth fault structural setting Traps are typically related to rollover structures or anticlines of simple fault complexity Progradation in the face of significant wave reworking has created sheet-like layers of shoreface sand with excellent reservoir quality The wave action has created reservoirs with porosities of 20-30% Permeability is typically greater than 500 mD and up to 3,000 mD
30 Reservoir Structure and Traps
The structural configuration in the Niger Delta can generally be characterized as simple rollover structures The structure is associated with landward dips that are associated with structure building faults located in the northernmost fault blocks of the basin Structures tend to be bounded down dip by another structure- building fault OML 30 reservoirs are typically anticlines structures. Some are bound to the north east by faults
31 Stacked Reservoirs
The progradation of the Delta coupled with the sea level changes controlled depositional patterns and caused facies changes that have resulted in stacked reservoirs Sands with thickness of 10 to 40 metres were sandwiched between shales that created sealing caps above reservoirs The OML 30 fields each contain up to 40 stacked reservoirs. The seismic section for the Afiesere field shown at left contains twenty one such layers, or stacked reservoirs. The chart illustrates the reserves associated with those reservoirs An alphanumeric system , that is unique to that field, is used to label the reservoirs. The top reservoir in Afiesere is the J1000 while the deepest reservoir is the M8200 Each layer exhibits different reservoir and hydrocarbon characteristics Reservoirs contain different types of hydrocarbons ranging from under-saturated oil to gas-condensate OML 30 reservoirs are typically normally or slightly over-pressured The reservoirs are underlain by substantial aquifers that provide nearly infinite pressure support
32 The Fields
33 Summary of Major Fields in OML 30
Olomoro- Uzere OML 30 Major Fields Afiesere Eriemu Evwreni Kokori Oroni Oweh Oleh West 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
Current production 7 1 1 6 15 4 1 - 35 (kbopd)
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
34 Infrastructure
35 Infrastructure Overview
The licence benefits from all infrastructure being in place The licence includes 190 production wells, most are dual string. Injection wells and water injection facilities are unnecessary due to the strong aquifers Well production is collected at one of nine flow stations. The flow stations have the capacity to handle 395,000 bpd, three times current production levels and will handle several years of projected production growth The facilities are robustly designed and constructed and benefit from following a standard design so equipment can be easily replaced The facilities have been maintained by Shell and therefore benefit from their worldwide experience and standards Licence includes ownership of the Trans Forcados Pipeline that transports crude 95 kilometres to the Forcados Terminal
36 Field Flow Stations
Production for the wells is gathered at field specific flow stations The flow stations separate liquid from gas through a simple two stage separation process Liquids are then pumped via a trunk line collection system to a central manifold at Eriemu and onward through the Trans Forcados Pipeline Gas is used as fuel for power generation, run the compressors and as gas lift gas. Any remaining gas is flared Design of the flow stations follows a similar template, and vessels are similarly sized, making operations and maintenance straightforward Capacity of the stations is listed at left. Total capacity is c. 395,000 bpd. Current throughput is c. 120,000 bpd so there is substantial existing capacity to accommodate future production. The expansion of the facilities is straightforward and has been documented in various FDP’s
Capacity Flow Station bbl/d Afiesere 60,000 Eriemu 30,000 Evwreni 30,000 Kokori 90,000 Olomoro-Oleh 60,000 Oroni 30,000 Osioka 15,000 Oweh 30,000 Uzere West 60,000
37 Gas Lift Compressors
Gas lift is the single method of artificial lift within OML 30 Six of the eight fields have gas lift installed. The two remaining fields are planned to have gas lift installed in 2014-2015 Poor compressor performance and high downtime are the cause of inefficient lifting and significant shortfall in daily production Improving the performance of the gas lift system is projected to increase production by 20% and is the key target in 2013
Gaslift Number of Capacity Compressor Station Units MMscf/d Afiesere 5 21.2 Eriemu gas from Afiesere Evwreni 0 Kokori 3 13.2 Olomoro-Oleh 7 40 Oroni 0 Oweh gas from Olomoro Uzere West 2 10
38 Ughelli Pumping Station
The Ughelli Pumping Station, (“UPS”) is the collection hub for OML 30 and several other operators’ production The facility has storage for 960,000 bpd of liquid and pumps the liquid from the tanks down the Trans Forcados Pipeline to the Forcados Crude Terminal Three Solar turbine powered pumps having a total capacity of 660,000 bpd perform the pumping The current facility is used to dewater crude for the Warri refinery. Crude is separated from water via gravity separation and pumped from the tank via a dedicated pipeline to the refinery
The 960,000 bbl of storage also provides several days of storage in the event of a shipping disruption on the Trans Forcados Pipeline Future plans call for expansion of the water separation capacity by adding permanent subsurface water disposal facilities including conversion of a suspended well to an injector into the substantial aquifer and providing a water disposal line and injection pumping
39 Gas Export
Gas export, surplus to internal requirements for gas lift and fuel, is available for export via the Nigerian Gas Company (“NGC”) facilities The NGC facilities include gas compressors and trunk lines for conserving gas. Total capacity is 42 MMscf/d Gas is collected from the six largest OML 30 fields (Kokori, Afiesere, Eriemu, Oweh, Olomor Oleh and Uzere West) and transported to the nearby Ughelli gas plant where it enters the Nigerian domestic distribution system At present, the system is non operational awaiting NGC to repair the gas gathering pipelines OML 30 has a “domestic supply obligation” of 40 MMscf/d. In the event domestic demand requires it, the licence is expected to supply gas to the domestic and power generation markets of up to 40 MMscf/d. As gas supply far outweighs domestic demand, it is unlikely this obligation will be called on. In the event the supply is required, OML 30 can quickly recomplete an existing well on a gas reservoir and meet this commitment 2.5 TCF of gas in the licence not included in the RPS report NGC Sales Capacity
Compressor Station MMscf/d Afiesere 8.8 Eriemu 10.0 Kokori 8.0 Olomoro-Oleh 3.3 Oweh 5.5 Uzere West 6.6
40 Trans Forcados Pipeline
The TFP is owned by OML 30 (45% owned by Shoreline)
This satellite photo illustrates the route of the Trans Forcados Pipeline; stretching from the Eriemu manifold in the east, through the UPS, around the Rapele north of Warri and westwards through MF OML’s 34 and 42 to the Frocados UPS terminal, located within OML 45, where Eriemu the crude is dewatered Field MF The TFP stretches some 95 km starting Forcados as a 16" pipeline at the Eriemu manifold River MF in OML 30 increasing to 24” on exit from the UPS and increasing to 28” at the Rapele manifold
Forcados Along the pipeline there are several Terminal intermediate tie-in manifolds
Pipeline is buried
41 Trans Forcados Pipeline
OML 30 owns and operates the TFP
Several other operators currently use the TFP to transport crude to Forcados for dewatering and export. Capacity of the line is 850k bpd. Current use is c. 315kbpd
These operators pay OML 30 a ‘Capacity tariff’ ranging from $0.11 to $0.87/bbl and a ‘Production charge’ of $0.17 to $0.44/bbl. The tariffs are based largely on the length of the line that is used
OML 30 does not pay a tariff
TFP projected tariff revenues total $57.4m. The 2012 actual Opex was $4.4m. Advice received from PWC is that the pipeline revenues will be taxed at a corporate income tax rate of 30%
42 Field Development
43 Current Production
OML 30 Licence Production: 01-07-2010 to 30-11-2012 60 OML 30 production since 1 July 2010 to 30 November 2012 is UZRE OWEH ORNI OLOM 50 illustrated. Production averaged 35.7 kbopd during
KOKR EVWR ERMU AFIE November 2012
40 Production from Uzere West, averaging 2.5 Kbopd has been shut-in since December 2011 30 due to community issues in the adjacent town of Uzere
20 Oil Rate Oil Rate ('000 bopd)
10
0
44 Realising Existing Potential and Future Upside
Increase production through: Short term Improved gas lift by refurbishing existing system
Complete repairs to flow and gas lines and tie-in wells
Prevent downtime through improved community relations and share in profits to reduce vandalism
Invest in facilities to increase uptime
Modernise facility control equipment to increase efficiency
Medium Workover existing shut-in wells to improve completions and to install gas lift in wells without term artificial lift
Large stock of proved drilling locations determined from 3D seismic
Upside potential through focused management of the field and employing techniques such as multiple completions and horizontal drilling Long term Future exploration of deeper targets identified on 3D seismic Future gas prices may lead to developing gas reserves
Lease extension past 2019; expected to be renewed thereafter as legislation provides for extension
45 Production Profile
OML 30 Projected Gross Production, bopd1
350,000
300,000
250,000
200,000
150,000
100,000
50,000
0
Key developments to drive increase in production; Gas lift Uphole potential and flowline repairs Workovers Further drilling Exploration potential Upsides to the base case include development of the asset’s 2.5 Tcf of gas and deeper exploration potential
¹ RPS estimates of OML 30 gross Proved plus Probable Reserves (2P) production profile
46 The Work Programme – Gas Lift
Gas lift is the key short term focus Compressors are operating below design capacity and require refurbishment (pistons, valves, gaskets, etc) Current compressor uptime c. 65%. Target to increase to 95%. Resulting production gains c.10,000 bopd. Downtime caused by engines tripping due to mechanical integrity issues and fuel gas supply pressure. Study currently underway by the compressor manufacturer Subsurface gas lift operation is inefficient Valves not set at correct depths and not working as designed. Results in inefficient lifting and waste of gas lift gas Detailed data gathering and well by well review underway with Government. Target is to optimise lift on 32 strings with associated production gains target of c.8,100 bopd Gas lift not installed to all wells As water cut increases gas lift is required to maintain production. At 70% watercut wells will stop flowing. Gas lift system to be expanded in fields that currently have compressors. Target is to install gas lift to 19 wells in 2013 and 2014. Resulting production gains c.4,300 bopd Gas lift systems to be installed at Oroni and Evwreni fields (these two fields currently have flowing wells only). Production gains associated with installing gaslift in Oroni and Evwreni total 3,600 bopd Gas Lift Optimisation and Expansion 25 Uzere West
20 Oweh Oroni Olomoro-Oleh 15 Kokori Evwreni Wells 10 Eriemu Afiesere 5
0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
47 The Work Programme – Flowline Repairs
Some wells have damaged or vandalised flowlines that require repairs
Flow lines are often ‘hack-sawed’ by locals to bunker small amounts of fuel or as vandalism
Plan is to ensure every well string has a functioning flow line
Twenty three wells do not have flow lines. Well surveillance and historical information indicates these wells are productive on the current completion but also could be recompleted on shallower reservoirs
Target production increase associated with flowlines is 6,300 bopd
Flowline Repairs 14 Uzere West 12 Oweh Oroni 10 Olomoro-Oleh 8 Kokori Evwreni
Wells 6 Eriemu 4 Afiesere
2
0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
48 The Work Programme – Workovers
The licence includes 190 wells. Among those, 70 wells are currently temporarily suspended for various issues. Among the 120 that are available to be produced, half are operating sub-optimally
Workovers are planned on wells to optimize gas lift design. Valves have been installed at the wrong depth and in many cases valves are not working. If the work cannot be completed using wireline equipment, a workover will be completed
The reservoirs are comprised of slightly unconsolidated sands and have typically been completed with gravel packs. Some wells are shut- in requiring workovers due to high sand production and require replacement of the gravel packs or installation of other sand control measures
Advancing aquifers cause increasing water production. Several opportunities to increase production by completing water-shut-offs. As deeper reservoirs become depleted wells can be recompleted on shallower reservoirs
So far 41 workovers have been identified with target gains totaling 9,600 bopd
Workovers 16 Uzere West 14 Oweh Oroni 12 Olomoro-Oleh 10
Kokori 8 Evwreni
Wells Eriemu 6 Afiesere 4
2
0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
49 The Work Programme – Drilling Proved Locations
Of the current c.190 wells only 30 wells were drilled post the initial field development period that occurred between 1960 and 1980
The lack of continued development has resulted in an extensive catalogue of proved drilling locations, currently totaling c. 220
Potential well locations have been extensively studied and well documented in past FDP’s
Plan is to verify the technical work within the existing FDP and use these as guidelines for near term development
The existing FDP’s call for extensive development using horizontal drilling technology to reduce gas and water coning and to maximise recovery factors. Horizontal drilling is being used extensively in the region
Horizontal drilling is proven in the delta
Infill drilling is scheduled to commence in 2014. Tendering for the first drill rig is moving in parallel with a rig for an adjacent licence
Drilling 50 Uzere West 45 Oweh 40 Oroni 35 Olomoro-Oleh
30 Kokori 25 Evwreni
Wells 20 Eriemu Afiesere 15 10 5 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
50 The Work Programme – Exploration of Deeper Targets
In Place Volumes To date the extensive seismic information base has identified many prospects and leads Prospect Oil Condensate Gas Total MMbbls MMbbls MMboe MMboe Development of the shallower producing reservoirs will Uzere SP 26 88 1,128 308 provide opportunities to drill deeper and explore structures that have not yet been penetrated Oroni DP 12 75 720 210 As an example, the Omogon prospect, located southeast of Oweh DP 7 60 497 153 Kokori, is illustrated below: Omogon Bik B 44 18 449 137
Eriemu N 11 30 433 114 Oweh NW 25 1 406 96 ODHE Lyede 3 7 492 95 Ofum E 28 1 337 87 Urhure 19 13 256 76 Isoko W 22 9 218 68 Oroni E 10 9 218 68 Ekiugbo 4 14 193 51 Ekiugbo N 1 4 50 13 Olomoro N 4 1 38 11 TOTAL 215 331 5,505 1,485
51 Gross CAPEX Projection
OML 30 Gross 100% CAPEX (US$m) CAPEX totals $3.5 billion (Gross 100%) $700 US$1.6 billion Net Shoreline Includes drilling of 218 new, primarily $600 horizontal, wells
$500 Cost of horizontal well US$15m Drilling commences with first rig in 2014 and $400 then one new rig added every six months Maximum of six rigs peaks at end of 2016 $300 Drilling ramps down in 2020 and ends in $200 2025
$100
$0
Facilities CAPEX investments, scheduled to be completed during 2013 to 2015 include; compressor maintenance and expansion or refurbishment of the gas lift system - US$67m installation of temporary and custody transfer metering - US$33m modification to the Ughelli Pumping Station to provide water separation and additional facilities modernisation - US$65m flowline repairs for existing wells - US$17m workovers on existing wells to restore production - US$85m
52 Netback per Barrel
Shoreline’s per barrel netback is US$26.75 OML 30 Net Back $130 The calculation follows the current fiscal assumptions Royalty levied at a rate of 20% oil $120 $115.00/bbl Education Tax, levied as 2% * (revenue - royalty - Opex) $110 $23.00 NDDC levy, levied as 3% * (total Capex + total Opex) $100 Annual licence rental payable at the rate of MOD US$ 1.1 mm $90 $1.70 $7.00 Petroleum Investment Allowance, 5% of annual tangible Capex $80 $5.00 Income tax scenario
$70 Oil Base Case, 65.75% for 5 years and 85% thereafter
$60 Alternate case 65.75% for 5 years and 70% - 80% thereafter Assumptions could change with new PIB regulations $50 $51.35 Capex intangible/tangible split of approximately 30%/70% - $40 depreciation 20% in years 1 to 4 and 19% in fifth year $30 Forcados crude receives c.3% premium to Brent
$20 $26.75 $10
$0 Royalty NDDC Levy Education Tax Opex Capex BARREL Petroleum Profits Tax Net Back
53 Environmental and CSR
54 CSR is a Key Component of Enhancing Performance
Heritage Approach to CSR Six Key Areas: Environment and Sustainability Engage and work with stakeholders towards a shared future and to be We aim to make a positive viewed as a partner of choice Set policies contribution to the protection of the environment Committed to a programme of pro- Health and Safety active engagement to create lasting A natural priority and core element legacies for local communities Devise and maintain of our activities CSR policy framework is integrated in systems Employees our business model, setting out our essential core values Ability to create sustainable value is linked to our ability to recruit, Strong track record for health and safety Measure and monitor motivate and retain high calibre staff performance Employment of local personnel Community and Human Rights Relationships to be conducted Maximise local content of all contracts sensitively and with mutual respect Communicate and report to Business Conduct stakeholders Heritage is resolutely opposed to bribery and corruption in whatever forms they may take Apply stakeholder Corporate Governance feedback Compliant with law and relevant regulations
55 CSR in OML 30
Heritage Approach in Nigeria Advisory Group
Shoreline is structured as an indigenous company to incentivise Group already established local support Consists of senior leaders from local communities Profit share to support local communities and implement long- term sustainable development initiatives Regular dialogue with local communities
Over 50 communities in the lease area Focusing on education and healthcare
Internationally recognised environmental agency commissioned to review the lease
No identified legacy issues for Shoreline
OML 30 operational staff will be drawn from local communities
Growth in production will result in growth in employment
56 Nigeria
57 Exposure to Nigeria Provides Opportunities for Future Growth
Proved Oil Reserves, bn bbls1 Currently experiencing the longest period of democratic rule in its history with reforms positively impacting the economy 300 250 Availability of highly skilled workers 200 Growing economy 150 Second largest economy in Africa in GDP terms as at 2010
100 Predicted to be one of the largest growing emerging economies with growth expected in the energy sector 50 IMF forecasts a graduals lowering and stabilising of 0 Nigerian inflation
Large reserves
First discovery made in Nigeria in 1956 and production commenced two years later
Proved reserves of 37.2 bn bbls1, the largest in sub- Saharan Africa, the 2nd largest in Africa after Libya and the 10th largest in the world
Largest African producer with 2.5 mmbbls/day
Ability to exploit attractive reserves close to infrastructure
¹ BP Statistical Review 2012
58 Further Indigenisation of the Oil Industry
Large number of discovered but undeveloped fields with significant Resource Ownership in Nigeria, mmboe upside potential
Resource ownership and production has been dominated by the five 1% 3% 1% major IOCs 5%
Major IOCs are divesting existing leases/fields which are neglected
Expect indigenous independent companies to increase representation in terms of commercial reserves and production
Expected fiscal stability for indigenous companies within the proposed 47% new Petroleum Industry Bill
The acquisition and partnership with Shoreline Power enhances Heritage’s profile in the country and creates a platform for further growth opportunities in this prolific hydrocarbon region 43%
Major IOC State owned International NOC Indigenous International E&P International Integrated/large cap
59 Petroleum Industry Bill
Represents the largest overhaul of the government petroleum Currently being discussed by Parliament however final system in the last four decades promulgation unknown
Bill has been debated since 2008 and is set to be the overriding Potential Impact on Shoreline guide for oil and gas business in Nigeria Expect indigenous companies to be the main Establishes the legal and regulatory framework, institutions and beneficiaries regulatory authorities for the Nigerian petroleum industry Improve tax and royalty terms for indigenous Stipulates guidelines for operations in the upstream, midstream companies and downstream sectors Likely to result in divestment programmes for IOCs Combines 16 different Nigerian petroleum laws in one continuing document, helping to provide transparency
It proposes:
A commercially run National Oil Company (NOC) and National Gas Company (NGC)
Tougher upstream licensing rules and work commitments, with more recycling of acreage
Oil and gas profits taxed as one
Nigerian Content Plan
60 PRODUCTION - RUSSIA
61 Russia
95% equity interest in Zapadno Chumpasskoye Licence1
Licence located in Western Siberia (region accounts for >60% of Russia’s oil production)
Production in Q3 2012 averaged 617 bopd, a 9% increase over the first half of the year
RPS certified 65 mmboe and $336 million NPV10
Work in 2009/10 included installation of artificial lift and commencement of water injection
FDP approved by the Central Committee on Resource Development (TSKR) at end of December 2009
Infrastructure development includes tie-in to Transneft export pipeline
Successful completion of a horizontal well in August 2011
The horizontal well is the first such well drilled in the immediate area and presents a more effective and efficient method to develop the field
Based on the excellent horizontal drilling results, further horizontal wells are planned
¹ Acquired 95% ownership stake in Russian company ChumpassNefteDobycha Limited, 100% owner of the licence
62 Zapadno Chumpasskoye
Based on positive results from the horizontal well, a revised field development plan was submitted for Zapadno Chumpasskoye, replacing vertical producers to horizontal wells. The drilling grid, utilising horizontal wells is illustrated below The change in well type result is a 50% reduction in number of production wells required to develop the field and a corresponding reduction in drilling capex of over US$200m The development proposal was accepted by regulatory authorities end December 2012
63 EXPLORATION
64 Heritage’s Successful Track Record
Heritage Net 2P Resource (MMboe) vs Time Exploration Drilling Success
950 800 650 500 350 Gas and 200 Oil Condensate Uganda 60% 30% 50 8 Wells -100 Kurdistan 2 Wells -250 Dry -400 Uganda sale 10% -550 -700 Kurdistan sale 2008 2009 2010 2011 2012 2013 Russia Uganda Kurdistan Nigeria
Year-by-year proven success 90% exploration success rate as operator Increased resource and reserve base over time Additional 10 appraisal and production wells successfully drilled in Uganda, Kurdistan and Russia Proven success in divestment and monetising of resource base funding growth
65 Tanzania
66 Tanzania
The offshore Latham block is on trend with the recent major deep-water gas discoveries in Tanzania waters. Clear gas indicators are present within the block.
Acquisition of 3D seismic offshore completed and data being processed with a view to establishing a potential drilling location
Awarded Rukwa PSA in November 2011 and Kyela PSA in January 2012
Operations have commenced and the initial work programme comprises;
Rukwa - 2,300 kilometres of legacy 2D seismic data reprocessed. Acquisition has begun of an additional 650 kilometres of 2D seismic data to infill this legacy data
Kyela - full tensor gravity survey acquired, which has now been interpreted. Completed acquisition of 100 kilometres of 2D seismic data intended to further delineate features of interest identified in the gravity data
Latham1 5,056 sq km 29.9%, operator Heritage considers these blocks as sharing geological Rukwa North 10,175 sq km 100%, operator similarities with the Albert Basin of Uganda where the Rukwa South 8,745 sq km 100%, operator Company had considerable exploration success Kyela 1,934 sq km 100%, operator
1 Petrodel 70.1%
67 Tanzania - Rukwa
2,300km of legacy 2D seismic
Modelled source kitchen
TargetedLegacy 2D seismic data campaign lead commenced. Particular focus on NE margin to delineate kingfisherLegacy analogues data (completion Q1 2013) potential kitchen 650km of Targeted 2D Seismic Infill
68 Tanzania - Kyela
Reconnaissance 2D seismic
Local Kitchen
High Resolution Gravity Data Gravity -defined • Over 4000m of section identified lead • Leads identified on gravity highs
• Potential sourceGravity kitchen -defined identified
• 100km reconnaissancekitchen seismic acquisition completed
69 Libya
70 Libya – Strategically Well Placed
Heritage established a base in Benghazi in April 2011
Extremely well placed to benefit in the future development of the oil industry in Libya
Heritage Oil acquired a 51% equity interest and control of Sahara Oil Services Holdings Limited (“Sahara Oil”), an established oil field service provider
Sahara Oil owns the entire share capital of Sahara Oil Services Limited (“Sahara”)
Sahara has the necessary long term permits and licences to provide onshore and offshore oil field services in Libya as well as the rights to own and operate oil and gas licences
Through this acquisition Heritage is exploring ways to gain access to key producing fields and other licence opportunities in Libya
71 Malta
72 Malta
Heritage Oil 100% working interest and operator
Two areas; c.18,000 sq km
Structures identified on Areas 2 & 7 could be analogous to the giant Bouri Field where IHS estimate reserves of 630 mmbbl and in excess of 8 TCF of gas
Number of producing fields offshore Libya and Tunisia
Oil and gas shows close to Area 7
Water depths of 250-300 metres
1,023 kilometres of legacy 2D seismic reprocessed
1,400 kilometres of 2D seismic acquired processed and interpreted
High-impact exploration well planned which will target approximately 500 mmboe. Well planning ongoing
73 Malta
Seabed reef – methanophilic Fault cutting bacteria near to surface
Possible gas chimney
Continued progradation Regional MFS Upper Caravaggio through the Oligo- (Souar Fm) acting Miocene section as seal?
Lower Caravaggio
Nummulite/Reef mound Talus slope
74 SUMMARY AND OUTLOOK
75 Summary
Entry into Nigeria
Acquisition of a world class asset
Provides a step change in production, reserves and cash flow
Combines Shoreline Power’s local knowledge and relationships with Heritage’s technical expertise
Exit from Kurdistan Attractive exit valuation secured for a development asset with a significant future capital expenditure requirement, political risk and no pipeline to market Proceeds used to partially fund acquisition of OML 30 and continue exploration and development of existing portfolio
Corporate Outlook
Strong balance sheet
Potential for developing and strengthening the portfolio further through acquisitions
Operational Outlook
Increase in production from OML 30
Initial exploration ongoing in Tanzania
Well planning ongoing in Malta
Catalysts
Material increase in production, cash flow and revenues generating more regular newsflow
76 APPENDICES
77 Appendices
Heritage Oil Plc Board
Shoreline Board
Contact Details
78 Heritage Oil Plc Board
Anthony Buckingham – CEO, Director Active oil sector businessman since 1970s; founded Heritage in 1992 Former advisor to Premier Oil (introduced them to Pakistan) Sonangol and Ranger Oil; architect behind Sonangol E&P
Paul Atherton – CFO, Director Chartered accountant, degree in geology, corporate finance background Joined Heritage in 2000
Michael Hibberd – Chairman, Non-Executive Director Extensive background in international energy, planning & capital markets. Former Director of Scotia McLeod On the board of a number of public and private companies Joined Heritage in 2006
General Sir Michael Wilkes – Non-Executive Director, Senior Independent Director Retired from the British Army as the most senior administrative officer Chairman and non-executive director of a number of public and private companies Joined Heritage in March 2008
79 Heritage Oil Plc Board (cont’d)
Gregory Turnbull – Non-Executive Director Regional Managing Partner of McCarthy Tétrault LLP Extensive knowledge of corporate governance issues and has acted for many boards of directors Joined Heritage in 1996
John McLeod – Non-Executive Director Professional engineer with over 36 years of varied resources extraction experience Joined Heritage in 1996
Carmen Rodriguez – Non-Executive Director Recently held the position of Chairperson and CEO (2007-2012) of Sociedad Estatal Espanola P4R, S.A., a Spanish owned consultancy firm specialising in foreign trade, investment and co-operation Joined Heritage in March 2012
Colonel Mark Erwin (Retd.) – Non-Executive Director Mr. Erwin served in the United States Army for over 25 years culminating his career as the Chief of Staff of the United States Army Special Operations Command Joined Heritage in May 2012
80 Shoreline Board
Dr Ladi Bada – CEO Dr. Bada has been working in the Nigerian oil and gas sector for the last 14 years with 10 of those years in directorial roles He is presently a director in Linetrale Oil and a consultant to Oriental Energy
Paul Atherton – CFO Chartered accountant, degree in geology, corporate finance background Joined Heritage in 2000
Kola Karim – Chairman Group CEO and Managing Director of Shoreline Energy and Shoreline Power Mr Karim holds an MBA from the University of Leicester and degree in Business Management from City University; he is also an alumni member of the Harvard Business School for the Executive Management Programme and the Harvard Kennedy School for the Leadership and Public Policy programme. He was awarded Young Global Leader Award in 2008.
Tunde Karim Mr. Karim also serves on the board of Shoreline Energy, April Travels Ltd, Nigerian Ropes Plc, Fortis Construction Co. Ltd Shoreline Electrical Systems Ltd, L.D Alberto Company Ltd and Askar Paints Ltd Mr. Karim is a member of the Institute of Directors Nigeria and holds a degree in Biochemical Engineering from University College of Wales, U.K
81 Shoreline Board
Philip Blows Mr. Blows is a chartered accountant and has been an adviser to Heritage for 20 years Holds a degree in Business Law
82 Contact Details
Heritage Oil Plc Investor Relations – Heritage Oil Plc
Tony Buckingham / Paul Atherton Tanya Clarke Tel: +44 (0)1534 835 400 Tel: +44 (0)20 7518 0838 Email: [email protected] Email: [email protected] Website: www.heritageoilplc.com
Media Enquiries Canada
Ben Brewerton / Natalia Erikssen Cathy Hume / Jeanny So Tel: +44 (0) 20 7831 3113 Tel: +1 416 868 1079 x231 / x225 Email: [email protected] Email: [email protected] / [email protected]
Stock symbols London Toronto HOIL HOC (Exchangeable) HOX (Exchangeable)
83