NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN, INTO OR FROM THE UNITED STATES OR ANY OTHER JURISDICTION WHERE
TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
THIS ANNOUNCEMENT IS AN ADVERTISEMENT AND NOT A PROSPECTUS. THE SECURITIES
REFERRED TO HEREIN ARE HIGHLY SPECULATIVE AND INVOLVE A HIGH DEGREE OF RISK AND
SHOULD NOT BE PURCHASED BY PERSONS WHO CANNOT AFFORD THE LOSS OF THEIR ENTIRE
INVESTMENT. A CIRCULAR AND PROSPECTUS WILL BE PUBLISHED BY THE COMPANY IN DUE
COURSE IN CONNECTION WITH THE PROPOSED ACQUISITION AND RIGHTS ISSUE. FOLLOWING
PUBLICATION, COPIES OF THE CIRCULAR AND PROSPECTUS WILL BE AVAILABLE FROM THE
COMPANY'S REGISTERED OFFICE AND FROM 34 PARK STREET, LONDON, W1K 2JD
Heritage Oil Plc (TSX:HOC)(LSE:HOIL), an independent upstream exploration and
production company, announces that Shoreline Natural Resources Limited
("Shoreline"), a special purpose private Nigerian company formed between a
subsidiary of Heritage and a local Nigerian partner, Shoreline Power Company
Limited ("Shoreline Power"), has reached agreement to acquire, by way of
assignment, a 45% participating interest in a producing oil mining lease in
Nigeria ("OML 30"), together with a 45% interest in other assets under the joint
operating agreement for OML 30 (the "Acquisition Assets"), for a total cash
consideration of US$850 million, net of costs (the "Proposed Acquisition"). The
vendors of the Acquisition Assets are The Shell Petroleum Development Company of
Nigeria Limited ("Shell"), Total E&P Nigeria Limited ("Total") and Nigerian Agip
Oil Company Limited ("ENI" and together with Shell and Total, the "Vendors") who
each own participating interests of 30%, 10% and 5% in the Acquisition Assets,
respectively. The remaining 55% participating interest is held by the Nigerian
National Petroleum Corporation ("NNPC").
Highlights
-- OML 30, located onshore in the delta in Nigeria, includes eight
producing fields and associated infrastructure, including a segment of
the 850,000 bopd capacity Trans Forcados pipeline
-- The Proposed Acquisition represents a significant opportunity for
Heritage to achieve a material change in production and reserves
-- OML 30 is currently averaging gross production of c.35,000 bopd,
increasing Heritage's net production from 605 bopd to c.11,350 bopd
-- Management estimates that OML 30 has gross proved and probable
reserves of 707 mmbbls of oil and 2.5 Tcf gross reserves of gas
-- Net proved and probable reserves increase 356% from 61 mmbbls to a
management estimated 278 mmbbls
-- Potential to ramp up production of OML 30 in the short term by
refurbishing and maintaining existing infrastructure
-- Cash consideration of US$850 million, net of costs, for Shoreline to
purchase a 45% participating interest in OML 30 and related assets under
the corresponding joint operating agreement
-- OML 30 expected to be cash generative immediately following
completion of the Proposed Acquisition ("Completion")
-- Shoreline will be 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 will work to develop close relationships with
local communities and other stakeholders
-- The Proposed Acquisition provides Heritage with exposure to Nigeria,
which is reported to contain the second largest proved reserves in
Africa(1), and provides further growth opportunities in a prolific
hydrocarbon region
-- The Proposed Acquisition will further diversify Heritage's portfolio,
balancing exploration with production, while extending Heritage's
geographic footprint within its core areas of Africa and the Middle East
-- The Proposed Acquisition is classified as a reverse takeover and
consequently the Heritage Shares (as defined below) will be suspended
with effect from Monday 2 July 2012 until further information on the
Proposed Acquisition is published
Analyst Conference Call
There will be a conference call for analysts at 9:00am, on Monday 2 July, to be
hosted by Paul Atherton, Chief Financial Officer. For further information,
contact Stephanie Power at FTI Consulting on + 44 (0) 20 7269 7277 or
heritageoil.sc@fticonsulting.com.
Rationale for Proposed Acquisition
Material increase in Heritage's production and reserves profile
When completed, the Proposed Acquisition will result in a material change in
production and reserves. Net production is expected to increase to c.11,350 bopd
from 605 bopd, based on the relative financial contribution by Heritage to
Shoreline. Heritage also expects to achieve a 356% increase in net proved and
probable reserves from 61 mmbbls to a management estimate of 278 mmbbls.
It is expected that OML 30 will be cash generative immediately following
Completion. Heritage intends to use this cash flow to develop and explore the
lease area and its existing portfolio as well as pursuing additional value
generating opportunities.
Realising existing potential and future upside
Heritage believes there are many opportunities to develop the existing fields in
OML 30 and increase production. In the short term, refurbishing the gas lift
system in producing wells and non-producing existing wells to be re-started is
expected to increase and stabilise production. OML 30 includes over 200 wells,
more than half of which are currently in production. Pipeline repairs should
restore production from many wells that were vandalised during the period from
2006 to 2009. In the medium term, existing wells can be worked over to improve
completions and install gas lift in wells without artificial lift. In the longer
term, drilling will target additional reservoir intervals based on the
significant number of proved drilling locations. Plans include drilling of over
200 new wells and restoring approximately 60 wells to production with a focus on
horizontal drilling. The lease also contains deeper exploration targets already
identified on 3D seismic. Higher gas prices in the future may result in the
development of estimated gross reserves of 2.5 Tcf of gas.
Partnership with Shoreline Power to create a leading indigenous producer
Shoreline is structured to meet the criteria required to be classified under
Nigerian law as an indigenous Nigerian company. Shoreline Power and its
affiliates comprise a leading energy and infrastructure group based in Nigeria
and operating in several African countries. Shoreline Power has, over the years,
built a strong and respected network of relationships in the Nigerian oil and
gas community. Combined with Heritage's strong technical team with relevant
geographic expertise, the Company believes this partnership will establish
Shoreline as one of the leading indigenous companies in the oil industry in
Nigeria. Shoreline's integration within the oil industry in Nigeria is expected
to be reinforced through an advisory board which will look to include
influential stakeholders.
Exposure to Nigeria
Nigeria has proved reserves of 37.2 bnbbls, the largest in Sub-Saharan Africa,
the second largest in Africa and the tenth largest in the world(2). It is the
largest African producer with 2.5 mmbbls per day(2) and has well-established
infrastructure from over 50 years of oil production. The country has a large
number of discovered but undeveloped fields with significant upside potential.
The Proposed Acquisition and partnership with Shoreline Power enhances
Heritage's profile in the country and creates a platform for further growth in
this prolific hydrocarbon region.
Creating a diversified exploration and production company
When completed, the Proposed Acquisition will create an exploration and
production oil and gas company with a listing on the Premium Listing segment of
the Official List of the United Kingdom Listing Authority ("UKLA"). The Company
will have a significant portfolio of geographically diverse assets with access
to international capital markets. Heritage will continue to focus on bringing
its development assets into production and pursuing additional high-impact
exploration opportunities.
Structure of the Proposed Acquisition
Heritage, together with its Nigerian partner, Shoreline Power, has established
Shoreline, a special purpose private Nigerian company, which on 29 June 2012,
entered into an agreement with Shell, Total and ENI (the "Acquisition
Agreement") to acquire a 45% participating interest in OML 30, a producing oil
mining lease in Nigeria, together with a 45% interest in other assets under the
joint operating agreement for OML 30, which includes a segment of the Trans
Forcados pipeline, for a total cash consideration of US$850 million, net of
costs.
Shoreline is structured to meet the criteria required under Nigerian law to be
classified as an indigenous Nigerian company, with 55% of its equity interest
held by Shoreline Power, a leading local energy and infrastructure company, and
the remaining 45% held by Heritage (through a wholly-owned subsidiary). The
economic rights of Heritage and Shoreline Power in Shoreline differ from the
equity division and are reflected by the dividend entitlements set out in the
Shoreline shareholders' agreement, which will initially reflect the respective
capital contributions of Shoreline Power and Heritage to Shoreline.
The Proposed Acquisition and certain terms related to the payment and financing
of the consideration payable in respect of the Proposed Acquisition are subject
to the approval of the Company's shareholders, which approval will be sought at
an extraordinary general meeting of the Company expected to be held in August
2012 (the "EGM"). A shareholder circular convening the EGM and seeking the
necessary approvals (the "Circular") will be published by the Company in due
course alongside a prospectus (the "Prospectus") containing the required
disclosure in respect of: (i) the admission of new shares to be issued by
Heritage in connection with the financing of the Proposed Acquisition, as
described below, to the Premium Listing segment of the Official List of the UKLA
and to trading on the Main Market of the London Stock Exchange ("LSE"); and (ii)
the admission of the existing share capital of Heritage, as enlarged by the
Proposed Acquisition to the Premium Listing segment of the Official List of the
UKLA and to trading on the Main Market of the LSE, at Completion ("Admission").
The Proposed Acquisition will be financed by a US$550 million secured bridge
finance facility (the "Standard Bank Bridge Facility") provided by Standard Bank
of South Africa ("Standard Bank"), and an underwritten rights issue ("Rights
Issue") raising proceeds of up to US$370 million (as such amount may be reduced
by the proceeds of any capital raising prior to the launch of the Rights Issue).
The Company and J.P. Morgan Securities Ltd. ("JPMSL") have entered into a
standby underwriting commitment under which the Company agrees to conduct, and
JPMSL agrees to underwrite, an equity raising of up to US$370 million (as such
amount may be reduced by the proceeds of any capital raising prior to the launch
of the Rights Issue) by the Company. The standby underwriting commitment
contemplates a further underwriting agreement being entered into in respect of
the Rights Issue prior to the publication of the Circular and Prospectus. JPMSL
is acting as sole sponsor, joint global coordinator and joint bookrunner in
respect of the Rights Issue and any such capital raising. Standard Bank Plc is
acting as joint global coordinator and joint bookrunner in respect of the Rights
Issue and any such capital raising. Canaccord Genuity Limited ("Canaccord") has
undertaken to underwrite 27% of the amount to be raised under the Rights Issue
and is acting as lead manager in respect of the Rights Issue and any such
capital raising. The proceeds of the Rights Issue will be applied toward the
payment of: (i) a deposit of US$85 million (the "Deposit"); (ii) up to US$215
million, being the balance of the consideration (less the Deposit) not financed
by the Standard Bank Bridge Facility; and (iii) the estimated costs associated
with the Proposed Acquisition (US$70 million). The Deposit is initially being
financed from the Company's existing cash resources and, on signing of the
Acquisition Agreement, a portion of the Deposit representing 1% of the market
capitalisation of Heritage, as is permitted under the Listing Rules of the UKLA,
was paid to the Vendors. The balance of the Deposit was paid into an escrow
account on signing of the Acquisition Agreement, where it will be held until
shareholder approval in respect of the payment terms applicable to such balance
amount is obtained at the EGM, following which the entire Deposit will be
non-refundable in certain circumstances. If shareholder approval is not obtained
at the EGM, the balance of the Deposit held in escrow will be returned to
Shoreline and subsequently repaid to the Company.
In order for the Company to have certainty of funds available during the period
between the signing of the Acquisition Agreement and the receipt of the Rights
Issue proceeds, the Company has entered into a bridge facility provided by JPM
Chase Bank N.A. under which US$215 million will be made available to Heritage,
and on-lent to Shoreline (the "JPM Bridge Facility"). The JPM Bridge Facility
and the Standard Bank Bridge Facility are initially secured by assets of
Shoreline and certain asset guarantees and share pledges of Heritage and its
subsidiaries (the "Heritage Group"); however, following satisfaction of certain
release conditions, including Completion, there will be no recourse to the
Heritage Group under the Standard Bank Bridge Facility. Following Completion,
Shoreline plans to refinance the Standard Bank Bridge Facility by implementing a
long-term lending facility in respect of, and secured by, its interest in OML
30, arranged by Standard Bank.
The Proposed Acquisition is classified as a reverse takeover under the Listing
Rules of the UKLA. Consequently, with effect from Monday 2 July 2012, listing of
the ordinary shares in the capital of the Company ("Ordinary Shares") and of
Heritage Oil Corporation's exchangeable shares (together with the Ordinary
Shares, the "Heritage Shares") on the Official List of the UKLA and trading of
the Heritage Shares on the Main Market of the LSE will be suspended until such
time as Heritage has published sufficient information in the public domain to
allow Heritage to assess the impact of the Proposed Acquisition on its financial
position and inform investors accordingly. The Company is seeking to publish
such information as would be sufficient to allow the suspension to be lifted as
soon as is practicable, and currently expects this to be at the time of
publication of the Circular and Prospectus, which will be posted to shareholders
as soon as is practicable following the date of this Announcement.
The Proposed Acquisition is conditional on, amongst other things: (i) approval
by shareholders of the Company of the relevant resolutions at the EGM; (ii)
confirmation from the UKLA that the Ordinary Shares will be admitted to the
Official List of the UKLA at Completion or as soon as practicable thereafter;
and (iii) the consent of the Nigerian Minister of Petroleum Resources to the
Proposed Acquisition. For the purposes of the condition set out at (ii) above,
it is expected that such confirmation shall be treated as having been given
where the Company and the UKLA have taken all steps necessary for Admission and
where the Company has not received any indication that Admission will not take
place. Subject to the satisfaction of all the conditions set out in the
Acquisition Agreement, the Acquisition is expected to complete by no later than
130 days from the date of the Acquisition Agreement.
Each of Anthony Buckingham, CEO of Heritage, and Albion Energy Limited, who
together hold 33.0% of Heritage, has irrevocably undertaken to Heritage and the
Vendors to vote in favour of all the resolutions at the EGM.
J.P. Morgan Limited is acting as sole financial adviser in respect of the
Proposed Acquisition.
Information on OML 30
OML 30 is located onshore in the delta in Nigeria, less than 50 kilometres east
of Warri in Southern Nigeria. The lease covers 1,097 square kilometres and
includes eight main producing fields with oil and gas contained in numerous
stacked reservoirs, and the Acquisition Assets include a 45% interest in the
segment of the Trans Forcados pipeline between the Eriemu manifold and the
Forcados River manifold (the "OML 30 Trans Forcados Pipeline Segment"). Based on
current information provided by the Vendors, crude production from OML 30 is
averaging c.35,000 bopd and Heritage management, based on due diligence to date,
estimates gross proved and probable reserves of 707 mmbbls.
The fields in OML 30 include extensive infrastructure, including nine flow
stations with a combined capacity in excess of 400,000 bopd, pipelines, gas lift
compression and gas compressors for artificial gas lift. The Acquisition Assets
also include a 45% interest in the OML 30 Trans Forcados Pipeline Segment, which
pipeline has a capacity of 850,000 bopd and transports liquids from OML 30 and
several other blocks, generating tariff revenue from third parties. Production
from OML 30 is transported by the Trans Forcados pipeline to the Forcados export
terminal and sold at a premium to Brent Crude.
The OML 30 lease extends to June 2019 and, based on current Nigerian law,
Heritage expects it to be renewed thereafter.
Following Completion, the operatorship of OML 30 will transfer from Shell to the
Nigerian Petroleum Development Company, a subsidiary of NNPC.
Tony Buckingham, Chief Executive Officer of Heritage, commented:
"The acquisition of OML 30 is transformational for Heritage, providing a
material change in production and reserves whilst pursuing our strategy of
generating shareholder value. As part of Heritage's diversified portfolio of
exploration, appraisal and development assets, OML 30 is expected to provide
significant production and cash flow, thereby de-risking Heritage's financial
profile, and our technical expertise will provide a comparative advantage in
creating additional value.
Heritage is very excited to be participating in the development of OML 30 and
entering at an attractive valuation. We look forward to continuing to build
local relationships and partnerships with the communities in the delta region
and creating a platform to build a substantial presence in Nigeria."
Notes to Editors
Shoreline Power
-- Shoreline Power is a subsidiary of Shoreline Energy International
Limited ("SEI"), a leading private Nigerian energy and infrastructure
company. SEI was founded in 1997 and has offices in Lagos, where it has
its headquarters, and London.
-- SEI has operations across Sub-Saharan Africa and a portfolio of 16
operating companies with over 3,000 employees.
-- SEI has interests in the infrastructure, construction, energy,
investments and energy trading, and telecommunications sectors.
-- Shoreline Power is led by Mr. Kola Karim, who is also the CEO of SEI.
-- For further information please refer to www.shoreline-power.com
Heritage
-- Heritage is listed on the Main Market of the LSE and is a constituent of
the FTSE 250 Index. The trading symbol is HOIL. Heritage has a further
listing on the Toronto Stock Exchange (TSX:HOC).
-- Heritage is an independent upstream exploration and production company
engaged in the exploration for, and the development, production and
acquisition of, oil and gas in its core areas of Africa, the Middle East
and Russia.
-- Heritage has an exploration, appraisal and development asset in the
Kurdistan Region of Iraq, exploration assets in Malta, Tanzania, Mali,
Pakistan, Libya and the Democratic Republic of Congo and a producing
property in Russia.
-- All dollars are US$ unless otherwise stated.
-- For further information please refer to our website,
www.heritageoilplc.com
This press release is not for distribution to United States Newswire Services or
for dissemination in the United States.
J.P. Morgan Limited, which conducts its UK investment banking business as J.P.
Morgan Cazenove and is authorised and regulated in the United Kingdom by the
Financial Services Authority, is acting as Sole Financial Adviser to Heritage
and for no one else in connection with the Proposed Acquisition and will not be
responsible to anyone other than Heritage for providing the protections afforded
to its clients nor for providing advice in relation to the matters set out in
this announcement.
J.P. Morgan Securities Ltd., which conducts its UK investment banking business
as J.P. Morgan Cazenove and is authorised and regulated in the United Kingdom by
the Financial Services Authority, is acting as Sole Sponsor to Heritage in
connection with the matters set out in this announcement, and Joint Global
Coordinator and Joint Bookrunner in connection with the Rights Issue and any
other capital raising as set out in this announcement to Heritage and for no one
else and will not be responsible to anyone other than Heritage for providing the
protections afforded to its clients nor for providing advice in relation to the
matters set out in this announcement. For the purposes of this announcement,
references to "J.P. Morgan Cazenove" are to both J.P. Morgan Limited and/or J.P.
Morgan Securities Ltd., as appropriate.
Standard Bank Plc is authorised and regulated in the United Kingdom by the
Financial Services Authority and is entered in the FSA's register (register
number 124823). Standard Bank Plc is acting as Joint Global Coordinator and
Joint Bookrunner to Heritage and for no one else in connection with the Rights
Issue and any other capital raising as set out in this announcement and will not
be responsible to anyone other than Heritage for providing the protections
afforded to its clients nor for providing advice in relation to the matters set
out in this announcement.
Canaccord Genuity Limited is authorised and regulated in the United Kingdom by
the Financial Services Authority, is acting as Lead Manager to Heritage and for
no one else in connection with the Rights Issue and any other capital raising as
set out in this announcement and will not be responsible to anyone other than
Heritage for providing the protections afforded to its clients nor for providing
advice in relation to the matters set out in this announcement.
If you would prefer to receive press releases via email please contact Jeanny So
(jeanny@chfir.com) and specify "Heritage press releases" in the subject line.
Certain information in this announcement 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. None of the Company, J.P. Morgan Cazenove, Standard Bank Group or
Canaccord 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
The participation in the Rights Issue by persons who are not resident in the
United Kingdom may be affected by the laws of the relevant jurisdictions. Such
persons should inform themselves about and observe any applicable requirements.
Further details in relation to overseas shareholders will be contained in the
Prospectus.
Any failure to comply with the 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 Acquisition
and the Rights Issue disclaim any responsibility or liability for the violation
of such restrictions by any person.
This announcement has been prepared for the purposes of complying with English
law and the Listing Rules of the United Kingdom Financial Services Authority and
information disclosed may not be the same as that which would have been prepared
in accordance with the laws of jurisdictions outside England.
Unless otherwise determined by Heritage, and permitted by applicable law and
regulation, the shares to be issued in connection with the Rights Issue will not
be issued directly to shareholders in and will not be capable of acceptance in
or from any jurisdiction where to do so would constitute a breach of securities
laws in that jurisdiction. Copies of this announcement 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 announcement (including custodians,
nominees and trustees) should observe these restrictions and should not send or
distribute this announcement in, into or from any such jurisdictions.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
This announcement 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 Proposed
Acquisition, future production and grades, projections for sales growth,
estimated revenues, reserves and resources, targets for cost savings, the
construction cost of new projects, projected capital expenditures, the timing of
new projects, future cash flow and debt levels, the outlook for the prices of
hydrocarbons, the outlook for economic recovery and trends in the trading
environment, statements about cost synergies, revenue benefits or integration
costs and capacity 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 will be satisfied or waived.
Any forward-looking statements in this announcement reflect the Company's view
with respect to future events as at the date of this announcement 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, Standard Bank
Group or Canaccord undertake any obligation publicly to release the results of
any revisions or up-dates to any forward-looking statements in this announcement
that may occur due to any change in its expectations or to reflect events or
circumstances after the date of this announcement.
Subject to certain exceptions, neither this announcement nor any copy of it may
be taken or transmitted into the United States of America, its territories or
possessions or distributed, directly or indirectly, in or into the United States
of America, its territories or possessions. Neither this announcement nor any
copy of it may be taken or transmitted into Australia, Japan or South Africa 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, Australian, South African or Japanese securities law. The distribution
of this announcement 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 announcement 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
Australia, South Africa or Japan and, subject to certain exceptions, may not be
offered or sold within Australia, South Africa or Japan or to any national,
resident or citizen of Australia, South Africa or Japan.
This announcement constitutes an advertisement within the meaning of the
Prospectus Rules of the United Kingdom Financial Services Authority and is not a
prospectus and has been prepared solely in connection with the Proposed
Acquisition. A circular will be published by Heritage in due course in
connection with the Proposed Acquisition. Copies of the circular will be
available, following publication, from the Company's registered office and from
34 Park Street, London, W1K 2JD.
Important Information
This announcement 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
the Heritage Shares can go down as well as up and past performance cannot be
relied on as a guide to future performance.
(1) BP Statistical Review 2012
(2) BP Statistical Review 2012
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