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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
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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.

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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, Heritages 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

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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
2 drill ready prospects identified
33.3% in GOSCO
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

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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

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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
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

Cumulative Wells
Wells per Year

20 200 200

Mbopd
15 150 150
10 100 100

5 50 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
most drilling completed prior to 1992
Production from the licence commenced in 1963 and peaked in
1971 at c.280,000 bopd
All wells are producers as the reservoirs are underlain by a strong
aquifer
Over the period 2006 to 2009 production was severely impacted
by both security and funding issues
Sporadic drilling as the licence was not considered core and
therefore over-looked and under developed
These issues are less relevant for Shoreline making it easier to
bring production back on
Remaining 2 P Reserves in excess of 1 billion Engaging with communities through a Non-Governmental
Organisation has been successful

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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

Based on RPS evaluation. Afiesere and Eriemu combined in RPSs production forecast analysis.
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RUSSIA
RUSSIA
95% equity interest in Zapadno Chumpasskoye Licence1
Licence located in Western Siberia (region accounts for more than 60% of
Russias 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

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

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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%

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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. The presence of tilted fault blocks and
structural features has been confirmed,
reinforcing prospectivity. A geochemical
survey has been acquired and interpreted
South Rukwa 4,395 sq. km 100%, operator with further encouraging results
Kyela 1,934 sq. km 100%, operator
Identified drill ready Rukwa-A prospect with
potential for ~ 200 MMbbl mean oil resources
Targeting +200 MMbls of oil resources in the basin
Heritage considers these blocks as sharing
Fast track development if successful by exporting crude by rail cars
geological similarities with the Albert Basin of
Farm out process started Uganda where the Company had considerable
exploration success
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MALTA
Two areas; c.18,000 sq. km
Heritage has 100% working interest and is the
operator
Structures identified on Areas 2 & 7 have >1
billion bbl resource potential
Structures analogous to producing fields
offshore Libya and Tunisia including the giant
Bouri Field where IHS estimate reserves of 630
MMbbl and in excess of 8 TCF of gas
Oil and gas shows close to Area 7
Water depths of 250 to 300 metres
1,023 km of legacy 2D seismic reprocessed
1,400 km of 2D seismic acquired processed
and interpreted
High-impact exploration well planned subject to
necessary government approvals and
international boundary agreement

International boundary dispute with Libya


Licence on care and maintenance until resolved
Farm out licence following resolution

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SUMMARY AND OUTLOOK
SUMMARY
Highlights
Production increasing:
o OML 30 recently achieved peak gross production, since acquisition, of c.60,000 bopd
Exploration programmes continuing:
o With seismic reprocessing in PNG leading to identification of three prospects and multiple leads
o Continued the work programmes in Tanzania with the processing and reprocessing of 2D seismic, generating a drill ready prospect
within South Rukwa and further enhancement of prospectivity on Kyela
Cash generation increasing:
o Generated revenues1 of approximately $432 million in 2013

Catalysts
Production increases from OML 30:
o Uzere West has recommenced production after being shut-in for nearly two years
o Maintenance to continue
o Working over existing wells
o Development drilling of OML 30, Nigeria, scheduled to commence in the second half of 2014
o Appointment of operating role in Nigeria
Heritage net production for 2014 is estimated in the range of 14,500 to 18,000 bopd, including Russia

Future Growth
Targeting growth opportunities through third party transactions

1 In order to be prudent, the Group has changed the accounting policy for the proportion of Shoreline it consolidates into its results and it now proportionally consolidates Shorelines financial results. 18
CONTACT DETAILS

HERITAGE OIL LTD

PAUL ATHERTON ROBERT FAGG

Tel: +44 (0)1534 835 400 Tel: +44 (0)207 518 0820
Email: info@heritageoilltd.com Email: info@heritageoilltd.com
www.heritageoilltd.com www.heritageoilltd.com

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