Heritage Oil Plc

Capital Markets Day, 30 January 2013

January 2013

1

Disclaimer – Important Notice

1

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. Overseas shareholders This presentation has been prepared for the purposes of complying with English law and the Listing Rules of the FSA and information disclosed may not be the same as that which would have been prepared in accordance with the laws of jurisdictions outside England. Persons who are not resident in the United Kingdom may be affected by the laws of jurisdictions other than the United Kingdom. Such persons should inform themselves about and observe any applicable requirements of such jurisdictions. Any failure by such persons to comply with any applicable restrictions may constitute a violation of the securities laws of any such jurisdiction. To the fullest extent permitted by applicable law, the companies involved in the proposed Divestment, J.P. Morgan Cazenove and Standard Bank disclaim any responsibility or liability for the violation of such restrictions by any person. Copies of this presentation are not being, and must not be, mailed or otherwise forwarded, distributed or sent in, into or from any jurisdiction where to do so would constitute a breach of securities laws in that jurisdiction. Persons receiving this presentation (including custodians, nominees and trustees) should observe these restrictions and should not send or distribute this presentation in, into or from any such jurisdictions. 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. Subject to certain exceptions, neither this presentation nor any copy of it may be taken or transmitted into the United States, its territories or possessions or distributed, directly or indirectly, in or into the United States, its territories or possessions. Neither this presentation nor any copy of it may be taken or transmitted into any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction or to any securities analyst or other person in any of those jurisdictions. Any failure to comply with this restriction may constitute a violation of United States or other applicable securities law. The distribution of this presentation in other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. This presentation does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein have not been and will not be registered under the US Securities Act of 1933 (the “Securities Act”), and may not be offered or sold in the United States absent an exemption from, or in a transaction not subject to the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. There will be no public offer of any securities of Heritage in the United States. The securities referred to herein have not been and will not be registered under the applicable securities laws of any other restricted jurisdiction and, subject to certain exceptions, may not be offered or sold within any jurisdiction where to do so would constitute a violation of the relevant laws or to any national, resident or citizen of such jurisdiction. 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. .

PRESENTATION OVERVIEW

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3

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

4

Biographies

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.

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.

.

HERITAGE OVERVIEW

5

6

Transformational Growth

2P Reserves

1999: 2.5 million barrels

2013: 412 million barrels

Production

1999: 367 bopd

2013: 11,583 bopd

Market Capitalisation

1999: US$13 million

2013: US$848 million

TSR Versus Peers Since TSX Listing, %

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

Jan 99 Jan 01 Jan 03 Jan 05 Jan 07 Jan 09 Jan 11 Jan 13

Heritage Tullow Oil Premier Oil Soco International Afren Salamander Energy

Source: Factset and Datastream as of 25 January 2013

Cash raised from equity markets: US$370m

Cash raised through sale of assets: US$2bn

Dividend of c.US$500m paid in 2010

Ability to Deliver and Provide Substantial Growth

7

•Acquisition of a world class asset providing a step change in production, reserves and cash flow

•Creates a platform upon which to build within Nigeria Completion of OML 30 Acquisition

•Attractive valuation secured for a development asset with a significant future capital expenditure requirement

•Proceeds used to partially fund entry into Nigeria and also to continue exploration and development of the existing portfolio

Completion of Miran Disposal

•Strong balance sheet •Potential to develop and strengthen the portfolio through further acquisitions

Financial Flexibility

•Exceptional record of generating value and monetising assets •Raised US$2bn in asset sales with the current management team

Value Generation

•Look to acquire assets that are underdeveloped or overlooked •Early mover advantage

Strategic Advantage

•Discovered four of the five largest onshore discoveries in Sub-Saharan Africa (excluding Nigeria) in the last ten years

•Depth and breadth of industry experience Technical Skillset

•Ability to mitigate risk associated with political and security issues through local partners, on-the-ground experience and engagement with local communities

•Balanced portfolio of exploration and production assets

Management of Risk

Production

Exploration

Russia

95% Zapadno

Chumpasskoye

Produced c.617 bopd in Q3

2012.

Tanzania

29.9% Latham

100% Rukwa North Basin

100% Rukwa South Basin

100% Kyela

Work programmes on Rukwa

and Kyela have commenced.

Rukwa legacy 2D seismic has

been processed and additional

seismic is being acquired.

Kyela gravity survey has been

interpreted and seismic

acquisition has completed.

Malta

100% Area 2

100% Area 7

Well planning ongoing.

Pakistan

54% Sanjawi Block

48% Zamzama North Block

Initial interpretation of

existing seismic has identified

several prospects and leads.

Libya

Sahara Oil Services

51% equity interest and control

of Sahara Oil Services which

will provide access to the

Libyan oil industry.

Nigeria

OML 30

• Major interest in OML 30

through Shoreline Natural

Resources. Produced gross

c.35,7oo bopd in November

2012.

8

Diversified Portfolio Across Core Areas

Production

Exploration

89

67

44

21 16 14 12

0

25

50

75

100

412 380

296

185

130

75 62

0

100

200

300

400

500

Heritage Relative to Peer Group

9

2P Reserves, mmboe Market Capitalisation, US$ million

2013E Production, kbpoed

16,966

3,133

2,458

2,009

848 773 399

0

1,000

2,000

3,000

4,000

5,000

Source: Factset as of 25 January 2013, company reports, and Woodmac for Soco and Salamander Energy 2013E production estimates

FV/2P Reserves, US$/boe

46.5

16.4 14.1 13.4 11.4

3.4 2.3

0

10

20

30

40

50

OML 30 – DRIVING GROWTH

10

Nigeria, OML 30

11

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

Local partner Shoreline Power is an indigenous pan-African energy and infrastructure business with an existing

network of strong and respected relationships within Nigeria

Heritage has a strong technical team with relevant geographic experience

Exposure to Nigeria

Proved reserves of 37.2 bn bbls2, the largest in sub-Saharan Africa, 2nd largest in Africa and 10th largest in the world

Largest African producer with 2.5 mmbbls per day, with well-established infrastructure from over 50 years of oil

production

Step change in net production to Heritage, increasing from 617 bopd in Q3 2012 to c.11,350 bopd year end exit rate

2P crude reserves net to Heritage increase from 65 mmbbls to 412 mmbbls

Combining Nigerian relationships with technical expertise

Acquisition of world class asset

Completed in November 2012, 45% interest in OML 30, located onshore Nigeria, acquired by Shoreline

Gross production c.35,700 bopd reported for November 2012

Largest ever upstream asset transaction in sub-Saharan Africa on a 2P basis1

OML 30 - A Transformational Acquisition

Diversification in core areas

Balancing exploration with production, within core geographic areas

Oil focused producing lease

1 Herold, based on publicly sourced data 2 BP Statistical Review 2012

12

Step change in production and

reserves

Acquisition Provides A Step Change in Production and Reserves

Net Production, bopd Net Reserves, mmbbls

0

2,000

4,000

6,000

8,000

10,000

12,000

Heritage preacquisition

OML 30 Heritage postacquisition

13

0

150

300

450

Heritage preacquisition

OML 30 Heritage postacquisition

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

Positioning Shoreline within Nigeria’s Indigenous Oil Sector

14

0

100

200

300

400

500

600

2P Reserves, mmbbls Latest Reported Production, bopd

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

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

Recent Divestments

15

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

Neconde

Niger Delta

Western

Attractive Acquisition Metrics

US$ per 2P Reserves of Precedent Transactions1

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

Attractive acquisition cost of US$1.7/2P reserves versus average of US$5.9 for precedent transactions

Significant discount compared to similar recent onshore transactions in Nigeria

Long-life asset with 2P reserve life of 87 years at current production of c. 35,000 bopd

OML 30 immediately cash generative upon completion

Comparable transactions based on onshore Nigeria assets sold during last 3 years by IOCs:

Oando acquisition of OML 60-63 announced December 2012 (yet to be completed)

Eland acquisition of OML 40 announced August 2012

Neconde acquisition of OML 42 announced April 2011

Afren/FHN acquisition of OML 26 announced October 2010

Maurel & Prom/Seplat acquisition of OMLs 4, 38 and 41 announced January 2010

FV/2P Comparison with Selected Peers, US$/boe

0

2

4

6

8

10

OML 30 OML 60 -63

OML 40 OML 42 OML 26 OML 4, 38,41

Average of precedents

16

46.5

16.4 14.1 13.4 11.4

3.4 2.3 1.7

0

10

20

30

40

50

OML 30 acquisition multiple

OML 30 – The Opportunity

17

Over 200 wells have been drilled on the licence since 1961 with most drilling completed prior to 1992

All wells are producers as the reservoirs are underlain by a strong aquifer

Sporadic drilling as the licence was not considered core and therefore over-looked and under developed

Production from the licence commenced in 1963 and peaked in 1971 at c. 280,000 bopd

Over the period 2006 to 2009 production was severely impacted by both security and funding issues

These issues are less relevant for Shoreline and will make it easier to bring production back on

Production of c.35,700 bopd as at November 2012

Historical Oil Production, ‘000 bopd

Historical Drilling

0

50

100

150

200

250

300

0

5

10

15

20

25

30

Cu

mu

lati

ve

We

lls

We

lls

pe

r Y

ea

r

Wells Drilled Annually

Cumulative Wells

0

50

100

150

200

250

300

kB

op

d

18

OML 30 - Independent Evaluation

OML 30 Summary of Reserves

Base Income Tax

Scenario1

($million)

Alternative Income

Tax Scenario2

($million)

Post–tax NPV (10%) Post–tax NPV (10%)

Proved Reserves (1P) 1,189 1,410

Proved & Probable

Reserves (2P) 2,162 2,652

Proved & Probable &

Possible Reserves (3P) 3,129 3,820

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

Gross

Remaining Reserves

Heritage Group

Net Entitlement

Reserves

Gross of

Royalty

Net of

Royalty

Gross of

Royalty

Net of

Royalty

(mmstb) (mmstb) (mmstb) (mmstb)

Proved Reserves (1P) 538 430 168 134

Proved & Probable

Reserves (2P) 1,114 891 347 277

Proved & Probable &

Possible Reserves (3P) 1,733 1,387 539 431

Independent evaluation of OML 30 and Heritage’s existing assets

2P valuation range of US$2.2 to US$2.7 billion at 10% discount

rate

RPS report does not factor in additional upside from gas reserves,

remaining undeveloped reservoirs and behind pipe reserves in

developed reservoirs where new wells are not expected

OML 30 Post-tax Valuation Net to Heritage

Transaction Details and Structure

19

20

Combining Nigerian Relationships with Technical Expertise

Heritage Oil Plc

Shoreline Power

Financial strength

Technical and operational expertise

Experienced African operator and investor

Local knowledge and expertise

Operations throughout Nigeria and West Africa

Energy and infrastructure operating expertise

Network of contacts in the Nigerian oil and gas community

Acquisition Structure

OML 30 Oil mining lease in Nigeria

Vendors

US$850m

45% of OML 30

30%

55%

Leading auction

(indigenous Nigerian Company)

45%

10% 5%

Buyer

NPDC (Operator)

Capital Structure

21

Shoreline Shareholder Arrangement & Debt Funding

55% equity interest 45% equity interest

OML 30

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

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 bridge loan facility of US$550 million into Shoreline Natural Resources from Standard Bank

Bridge facility has been syndicated to Nigerian banks and China Development Bank

Shoreline Natural Resources currently finalising options to re-finance the bridge facility with a 5-year debt instrument

45%

US$550 million bridge facility

The Operating Framework

22

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 Drilling, a Nigerian company, to provide financial and technical assistance for their 55% interest. Atlantic 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

Shoreline NPDC

SHELL OML 30 Operating Staff OML 30

Atlantic Drilling

The Operating Relationship

23

NPDC

Shoreline

SUBCOM

TECOM

OPCOM

OML 30 is managed along the lines of most JOA agreements

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

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

approval

When approved at OPCOM the issue is presented to NPDC and

Shoreline for approval

Shoreline sells its 45% of production through a five year marketing contract

with Shell and receives funds direct

The key to successful management and development of OML 30 is communication, respect and a shared vision

Profit-Sharing Agreement

24

Shoreline is an Indigenous Nigerian Company

Shareholder Agreement provides for an economic interest that is

different to the equity interest

Shoreline Power has exercised the option to acquire a 30%

participating economic interest, for which Heritage will receive

over US$100 million

Corporate Governance

Shareholder agreement applies corporate governance standards

and ensures management efficiency

Shareholder agreement covers matters requiring unanimous

approval

Five directors; two appointed by Heritage

Advisory board to include senior figures from local stakeholders

Strong Nigerian profile

Operatorship Post-Transaction

Operatorship is transferring to NPDC, a subsidiary of the state oil

company Nigerian National Petroleum Corporation (“NNPC”)

Highest quality members of existing Shell Nigeria operating team

will be transferred across

Shell is providing assistance during the transition period

Shoreline is one of the leading indigenous companies producing

in Nigeria

Combines Shoreline Power’s energy and infrastructure operating

expertise and respected network of relationships within Nigeria

with Heritage’s strong technical team with relevant geographic

expertise

Shoreline and Heritage are developing close relationships with

local communities and other stakeholders

Shoreline

Organogram of Shoreline

25

VP Production

Production Technologist

Production Engineer

Reservoir Engineer

Facilities Engineer

Geologist

Geophysicist

Chief Executive Officer

Chief Operating Officer

Finance

Manager

Corporate Accountant

Accountant

Joint venture Operations Accountant

Joint Venture Accountant

Joint Venture Accountant

Technical Director

Production Engineer

Reservoir Engineer

Pipeline Engineer

Facilities Engineer

Geologist

Geophysicist

Head, Human Resources

Protocol Specialist

IT Specialist (PT)

Commercial Director

Secretary

CEO Assistant Lagos

Organisation London Nigeria Assets Technical

Organisation

Director and CFO

Chief Financial Controller

JV Accountant

London Finance Organisation

The Assets

26

Nigeria, OML 30

27

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”)

Geology

28

The Niger Delta

29

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

The Niger Delta cont’d

30

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

Reservoir Structure and Traps

31

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

Stacked Reservoirs

32

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

The Fields

33

Summary of Major Fields in OML 30

34

Major Fields Afiesere Eriemu Evwreni Kokori Olomoro-

Oleh Oroni Oweh

Uzere West

OML 30 Total

STOIIP (mmbbls)

897 1,003 412 1426 1,592 395 412 647 6,784

Production to date

(mmbbls) 189 76 52 383 383 40 40 122 1,285

Remaining Technical Resource

(mmbbls)1

368 49 170 260 78 65 130 1,120

Current production

(kbopd) 7 1 1 6 15 4 1 - 35

Discovered 1966 1961 1967 1960 1962 1965 1964 1963 -

First Production

1968 1964 1969 1966 1963 1970 1966 1965 -

Number of wells

41 20 14 40 40 8 11 16 190

¹ Based on RPS evaluation. Afiesere and Eriemu combined in RPS’s production forecast analysis

Infrastructure

35

Infrastructure Overview

36

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

Field Flow Stations

37

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

Gas Lift Compressors

38

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

Ughelli Pumping Station

39

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 currently 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

Gas Export

40

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

Trans Forcados Pipeline

41

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 north of Warri and westwards through OML’s 34 and 42 to the Frocados terminal, located within OML 45, where the crude is dewatered

The TFP stretches some 95 km starting as a 16" pipeline at the Eriemu manifold in OML 30 increasing to 24” on exit from the UPS and increasing to 28” at the Rapele manifold

Along the pipeline there are several intermediate tie-in manifolds

Pipeline is buried

Forcados

Terminal

Forcados

River MF

Rapele

MF UPS

Eriemu

Field MF

Trans Forcados Pipeline

42

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%

Field Development

43

Current Production

44

OML 30 production since 1 July 2010 to 30 November 2012 is illustrated. Production averaged 35.7 kbopd during November 2012

Production from Uzere West, averaging 2.5 Kbopd has been shut-in since December 2011 due to community issues in the adjacent town of Uzere

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UZRE OWEH ORNI OLOM

KOKR EVWR ERMU AFIE

Realising Existing Potential and Future Upside

45

Short term

Medium term

Long term

Increase production through:

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

Workover existing shut-in wells to improve completions and to install gas lift in wells without 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

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

Production Profile

46

OML 30 Projected Gross Production, bopd1

¹ RPS estimates of OML 30 gross Proved plus Probable Reserves (2P) production profile

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

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The Work Programme – Gas Lift

47

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

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Gas Lift Optimisation and Expansion

Uzere West

Oweh

Oroni

Olomoro-Oleh

Kokori

Evwreni

Eriemu

Afiesere

The Work Programme – Flowline Repairs

48

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

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Uzere West

Oweh

Oroni

Olomoro-Oleh

Kokori

Evwreni

Eriemu

Afiesere

The Work Programme – Workovers

49

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

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Uzere West

Oweh

Oroni

Olomoro-Oleh

Kokori

Evwreni

Eriemu

Afiesere

The Work Programme – Drilling Proved Locations

50

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

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Uzere West

Oweh

Oroni

Olomoro-Oleh

Kokori

Evwreni

Eriemu

Afiesere

The Work Programme – Exploration of Deeper Targets

51

In Place Volumes

Prospect Oil MMbbls

Condensate MMbbls

Gas MMboe

Total MMboe

Uzere SP 26 88 1,128 308

Oroni DP 12 75 720 210

Oweh DP 7 60 497 153

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

To date the extensive seismic information base has identified many prospects and leads

Development of the shallower producing reservoirs will provide opportunities to drill deeper and explore structures that have not yet been penetrated

As an example, the Omogon prospect, located southeast of Kokori, is illustrated below:

52

Gross CAPEX Projection

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

CAPEX totals $3.5 billion (Gross 100%) US$1.6 billion Net Shoreline

Includes drilling of 218 new, primarily horizontal, wells

Cost of horizontal well US$15m

Drilling commences with first rig in 2014 and then one new rig added every six months

Maximum of six rigs peaks at end of 2016

Drilling ramps down in 2020 and ends in 2025

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Netback per Barrel

53

Shoreline’s per barrel netback is US$26.75

The calculation follows the current fiscal assumptions

Royalty levied at a rate of 20% oil

Education Tax, levied as 2% * (revenue - royalty - Opex)

NDDC levy, levied as 3% * (total Capex + total Opex)

Annual licence rental payable at the rate of MOD US$ 1.1 mm

Petroleum Investment Allowance, 5% of annual tangible Capex

Income tax scenario

Oil Base Case, 65.75% for 5 years and 85% thereafter

Alternate case 65.75% for 5 years and 70% - 80% thereafter

Assumptions could change with new PIB regulations

Capex intangible/tangible split of approximately 30%/70% - depreciation 20% in years 1 to 4 and 19% in fifth year

Forcados crude receives c.3% premium to Brent

$26.75

$51.35

$5.00 $7.00 $1.70

$23.00

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BARREL

OML 30 Net Back

Royalty NDDC LevyEducation Tax OpexCapex Petroleum Profits TaxNet Back

$115.00/bbl

Environmental and CSR

54

Set policies

Devise and maintain systems

Measure and monitor

performance

Communicate and report to stakeholders

Apply stakeholder

feedback

CSR is a Key Component of Enhancing Performance

55

Heritage Approach to CSR

Engage and work with stakeholders towards a shared future and to be viewed as a partner of choice

Committed to a programme of pro-active engagement to create lasting legacies for local communities

CSR policy framework is integrated in our business model, setting out our essential core values

Strong track record for health and safety

Employment of local personnel

Maximise local content of all contracts

Six Key Areas:

Environment and Sustainability

We aim to make a positive contribution to the protection of the environment

Health and Safety

A natural priority and core element of our activities

Employees

Ability to create sustainable value is linked to our ability to recruit, motivate and retain high calibre staff

Community and Human Rights

Relationships to be conducted sensitively and with mutual respect

Business Conduct

Heritage is resolutely opposed to bribery and corruption in whatever forms they may take

Corporate Governance

Compliant with law and relevant regulations

CSR in OML 30

56

Heritage Approach in Nigeria

Shoreline is structured as an indigenous company to incentivise local support

Profit share to support local communities and implement long-term sustainable development initiatives

Over 50 communities in the lease area

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

Advisory Group

Group already established

Consists of senior leaders from local communities

Regular dialogue with local communities

Focusing on education and healthcare

Nigeria

57

Exposure to Nigeria Provides Opportunities for Future Growth

58

Currently experiencing the longest period of democratic rule in its history with reforms positively impacting the economy

Availability of highly skilled workers

Growing economy

Second largest economy in Africa in GDP terms as at 2010

Predicted to be one of the largest growing emerging economies with growth expected in the energy sector

IMF forecasts a graduals lowering and stabilising of 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

Proved Oil Reserves, bn bbls1

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Further Indigenisation of the Oil Industry

59

Large number of discovered but undeveloped fields with significant upside potential

Resource ownership and production has been dominated by the five major IOCs

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 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

Resource Ownership in Nigeria, mmboe

47%

43%

5% 3% 1% 1%

Major IOCState ownedInternational NOCIndigenousInternational E&PInternational Integrated/large cap

Petroleum Industry Bill

60

Represents the largest overhaul of the government petroleum system in the last four decades

Bill has been debated since 2008 and is set to be the overriding guide for oil and gas business in Nigeria

Establishes the legal and regulatory framework, institutions and regulatory authorities for the Nigerian petroleum industry

Stipulates guidelines for operations in the upstream, midstream and downstream sectors

Combines 16 different Nigerian petroleum laws in one 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

Currently being discussed by Parliament however final promulgation unknown

Potential Impact on Shoreline

Expect indigenous companies to be the main beneficiaries

Improve tax and royalty terms for indigenous companies

Likely to result in divestment programmes for IOCs continuing

PRODUCTION - RUSSIA

61

62

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

Zapadno Chumpasskoye

63

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

EXPLORATION

64

65

Heritage’s Successful Track Record

Heritage Net 2P Resource (MMboe) vs Time Exploration Drilling Success

90% exploration success rate as operator

Additional 10 appraisal and production wells successfully drilled in Uganda, Kurdistan and Russia

Year-by-year proven success

Increased resource and reserve base over time

Proven success in divestment and monetising of resource base funding growth

Uganda 8 Wells

Kurdistan 2 Wells

Oil 60%

Gas and Condensate

30%

Dry 10%

-700

-550

-400

-250

-100

50

200

350

500

650

800

950

2008 2009 2010 2011 2012 2013

Russia Uganda Kurdistan Nigeria

Uganda sale

Kurdistan sale

Tanzania

66

67

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

Heritage considers these blocks as sharing geological similarities with the Albert Basin of Uganda where the Company had considerable exploration success

1 Petrodel 70.1%

Latham1 5,056 sq km 29.9%, operator

Rukwa North 10,175 sq km 100%, operator Rukwa South 8,745 sq km 100%, operator Kyela 1,934 sq km 100%, operator

68

Tanzania - Rukwa

Legacy data lead

Legacy data potential kitchen

Targeted 2D seismic campaign commenced. Particular focus on

NE margin to delineate kingfisher analogues (completion Q1 2013)

2,300km of legacy 2D seismic

650km of Targeted 2D Seismic Infill

Modelled source kitchen

69

Gravity-defined lead

Gravity -defined kitchen

High Resolution Gravity Data

• Over 4000m of section identified

• Leads identified on gravity highs

• Potential source kitchen identified

• 100km reconnaissance seismic acquisition completed

Reconnaissance 2D seismic

Local Kitchen

Tanzania - Kyela

Libya

70

71

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

Malta

72

73

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

Malta

74

Upper Caravaggio

Fault cutting near to surface

Talus slope

Regional MFS (Souar Fm) acting

as seal?

Possible gas chimney

Continued progradation

through the Oligo-Miocene section

Nummulite/Reef mound

Seabed reef – methanophilic

bacteria

Lower Caravaggio

SUMMARY AND OUTLOOK

75

Summary

76

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

APPENDICES

77

78

Appendices

Heritage Oil Plc Board

Shoreline Board

Contact Details

79

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

80

Heritage Oil Plc Board (cont’d)

John McLeod – Non-Executive Director

Professional engineer with over 36 years of varied resources extraction experience

Joined Heritage in 1996

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

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

81

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

82

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

83

Contact Details

Heritage Oil Plc

Tony Buckingham / Paul Atherton

Tel: +44 (0)1534 835 400

Email: info@heritageoilplc.com

Website: www.heritageoilplc.com

Investor Relations – Heritage Oil Plc

Tanya Clarke

Tel: +44 (0)20 7518 0838

Email: ir@heritageoilplc.com

Media Enquiries

Ben Brewerton / Natalia Erikssen

Tel: +44 (0) 20 7831 3113

Email: heritageoil.sc@fticonsulting.com

Canada

Cathy Hume / Jeanny So

Tel: +1 416 868 1079 x231 / x225

Email: cathy@chfir.com / jeanny@chfir.com

Stock symbols

London Toronto

HOIL HOC (Exchangeable)

HOX (Exchangeable)