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Message: NR OLM 30 Nigeria closed...$ revenue instantly positive

9 November2012

Heritage Oil Plc ("Heritage" or the "Company")

HERITAGE ANNOUNCES THE SUCCESSFUL COMPLETION OF THE TRANSFORMATIONAL ACQUISITION OF A MAJOR INTEREST IN OML 30, NIGERIA

Highlights
· Acquisition of OML 30 (as defined below) in Nigeria has been successfully completed
· OML 30 is one of the largest onshore licences in Nigeria, with:
o eight producing fields and associated infrastructure, including an interest in a segment of
the Trans Forcados pipeline
o gross proved and probable reserves of 1,114 mmbbls1 of oil, estimated by independent
technical consultants RPS Energy Consultants Limited ("RPS Energy")
o current production of c.35,000 bopd
o economic valuation of proved plus probable reserves estimated by RPS Energy at between
US$3,089 million and US$3,789 million2
· The acquisition of OML 30 provides a step change in Heritage's production and reserves and cash
flow generation:
o proved and probable reserves net to Heritage, gross of royalty, have increased from 65
mmbbls3 to 412 mmbbls4 of oil, as estimated by RPS Energy
o year end production exit rate net to Heritage is estimated to be c.11,350 bopd5 compared
to an average production for 2011 of 673 bopd
o it is expected that OML 30 will be cash generative immediately following completion of the
acquisition
· Opportunities to further increase production:
o near term objective to increase production through refurbishing existing infrastructure,
including well work-overs and gas lift installation
o in the longer term, extensive drilling programme will target additional reservoir intervals
· Exposure to Nigeria provides Heritage with:
o exposure to a country reported to contain the second largest proved reserves in Africa6
o a platform for further growth in the region
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