Hertiage Oil

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Glossary

Item Description 
$ US dollars unless otherwise stated
AFREN Afren plc
API

a specific gravity scale developed by the American Petroleum Institute for measuring the
relative density of various petroleum liquids, expressed in degrees

BBL/BBLS  barrel/barrels
BBLS/D OR BOPD  barrels per day or barrels of oil per day
BCF  billion cubic feet
BOE  barrels of oil equivalent1
BOE/D OR BOEPD  barrels of oil equivalent per day
BONDS $165,000,000 8.00% convertible bonds repaid 2012
CDP Carbon Disclosure Project
CODE UK Corporate Governance Code
COMBINED CODE Combined Code of Corporate Governance published in 2008
COMPANY Heritage Oil Plc
CONDENSATE low density, high API hydrocarbon liquids that are present in natural gas fields where it condenses out of the raw gas if the temperature is reduced to below the hydrocarbon dew point temperature of the raw gas
CONTINGENT RESOURCES those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects but which are not currently considered to be commercially recoverable due to one or more contingencies
CONVERSION RIGHTS conversion rights under the terms of the Bond
CSR Corporate Social Responsibility
EIA Environmental Impact Assessment
ENI Eni International B.V.
FCA Financial Conduct Authority
FRC Financial Reporting Council
GENEL ENERGY Genel Energy plc
GROUP, HERITAGE the Company and all of its subsidiaries
HOGL Heritage Oil and Gas Limited
HOC OR CORPORATION Heritage Oil Corporation, incorporated in Canada and a wholly owned subsidiary of the Company
KPI Key Performance Indicator
LEAD potential drilling target that is less well defined than a prospect and requires further data before being considered a prospect for drilling
LNG ENERGY Energy Ltd.
LSE London Stock Exchange
LTI Lost Time Injury
LTIFR Lost Time Injury Frequency Rate per 10,000 hours worked
LTIP Long Term Incentive Plan
M metres
M3 cubic metres
MBBLS thousand barrels
MMBBLS million barrels
MBOE thousands of barrels of oil equivalent
MMBOE millions of barrels of oil equivalent
MCF thousand cubic feet
MCF/D thousand cubic feet per day
MMBTU MMBTU million british thermal units
MMSCF million british thermal units
MMSCF million standard cubic feet
MMSCFD million standard cubic feet per day
MMSTB million stock tank barrels
N/A not applicable
NGO Non-Governmental Organisation
NTC National Transitional Council
OML 30

Oil Mining Licence in Nigeria

P10 10% certainty
P50 50% certainty
P90 90% certainty
PASS-THROUGH DIVIDEND special dividend paid to Bondholders
PETRODEL Petrodel Resources Limited
PETROFRONTIER PetroFrontier Corp.
PETROLEUM any mineral, oil or relative hydrocarbon (including condensate and natural gas liquids) and natural gas existing in its natural condition in strata (but not including coal or bituminous  shale or other stratified deposits from which oil can be extracted by destructive distillation)
PNG Papua New Guinea
POSSIBLE RESERVES those additional reserves which analysis and geoscience and engineering data suggest are less likely to be recovered than Probable Reserves. The total quantities ultimately recovered from the project have a low probability to exceed the sum of Proved plus Probable plus Possible Reserves
PPL Petroleum Prospecting Licence
PRL Petroleum Retention Licence
PROBABLE RESERVES those additional reserves that are less likely to be recovered than Proved Reserves but more certain to be recovered than Possible Reserves. It is equally likely that actual remaining quantities recovered will be greater than or less than the sum of the estimated Proved plus Probable Reserves
PROSPECT potential drilling target that is well defined, usually by seismic data
PROSPECTIVE RESOURCES those quantities of petroleum which are estimated, as of a given date, to be potentially recoverable from undiscovered accumulations
PSA OR PSC production sharing agreement or production sharing contract
RPS RPS Energy Consultants Limited
SAHARA Sahara Oil Services Limited
SAHARA OIL Sahara Oil Services Holdings Limited
SHORELINE Shoreline Natural Resources Limited
SHORELINE POWER Shoreline Power Company Limited
SPA Sale and Purchase Agreement
TCF trillion cubic feet
TSR Total Shareholder Return
TSX Toronto Stock Exchange
TULLOW Tullow Uganda Limited
URA Uganda Revenue Authority
UGANDAN ASSETS HOGL’s 50% interests in Blocks 1 and 3A in Uganda
WTI West Texas Intermediate