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.