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HERITAGE OIL LIMITED

FORWARD LOOKING INFORMATION

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The information contained in this presentation does not purport to be all-inclusive. Heritage makes no representation or warranty as to the accuracy

• r completeness of this information and shall not have any liability for any representations (expressed or implied) regarding information contained

in, or for any omissions from, this information or any other written or oral communications transmitted to the recipient in the context of this presentation. This presentation includes certain statements and estimates provided by Heritage with respect to the projected future performance of Heritage. Such statements, estimates and projections reflect various assumptions by management concerning possible anticipated results, which assumptions may or may not be correct. No representations are made as to the accuracy of such statements, estimates or projections. This presentation and the information contained in this document are confidential and may not, directly or indirectly, be reproduced, forwarded to any other person or published, in whole or in part or disclosed by recipients to any other person or used for any purpose other than the purpose for which it was distributed.

HIGHLIGHTS

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Summary  Heritage is a private company following the acquisition by Al Mirqab on 30 June 2014. Al Mirqab, which owns 80% of the company is

• wned by His Excellency Sheikh Hamad Bin Jassim Bin Jabor Al Thani and his family in a private capacity

 Tony Buckingham, Heritage’s founder, owns the remaining 20% Operational highlights  OML 30 achieved record peak production since acquisition, of over 60,000 bopd in August 2014  2014 average production from OML 30 net to Heritage of 9,654 bopd (68.25% unreconciled) and net production from Russia of 566 bopd (95%)  Work progressing on three onshore licences in Papua New Guinea with seismic acquisition and interpretation completed Outlook – Internal  Continued investment in OML 30 during 2015 will result in further increases in production  Development drilling on OML 30 could commence imminently, but is being deferred until oil price increases  Transition to an operating role in Nigeria  Multiple drill ready prospects identified in Papua New Guinea  Farm out exploration projects where possible Outlook – External  Focus on long term oil production with value created through production growth generating dividend income  Opportunities exist in the US, North Sea and Latin America  US opportunities offer greater deal certainty but sellers are limited due to capital markets re-opening. Latin America and sub-Saharan Africa offer greater risk/return opportunities  Invest in minority equity stakes in listed major and super major oil companies

TANZANIA

100% Rukwa South Basin 100% Kyela

One drill ready prospect identified

DIVERSIFIED PORTFOLIO ACROSS CORE AREAS

MALTA

100% Area 2 100% Area 7

One drill ready prospect identified

LIBYA

Sahara Oil

Well positioned to play a future role in the Libyan oil industry

NIGERIA

OML 30

Major interest in OML 30 through Shoreline Natural Resources

RUSSIA

95% Zapadno Chumpasskoye

Produced 590 bopd in 2014

PAPUA NEW GUINEA

40% PPL 486 40% PRL 13 42.5% PPL 437

2 drill ready prospects identified

EXPLORATION OTHER PRODUCTION

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GHANA

39.6% in Offshore South West Tano Block 38.7% in East Keta Block 33.3% in GOSCO

Awarded Licences in July 2014, preparatory work ongoing Established GOSCO

WELL POSITIONED FOR FUTURE GROWTH

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OML 30 INTEREST

• A world class asset providing a step change in production, reserves and cash flow
• A platform upon which to build within Nigeria and in other core areas

VALUE GENERATION BALANCED PORTFOLIO STRATEGIC ADVANTAGE

• Look to acquire assets that are underdeveloped or overlooked
• Early mover advantage
• Ability to make decisions and complete on opportunities in timely manner

TECHNICAL SKILLSET

• Discovered four of the five largest onshore discoveries in sub-Saharan Africa (excluding Nigeria)

in the last 13 years

• Depth and breadth of industry experience

MANAGEMENT OF RISK

• Ability to mitigate risk associated with political and security issues through local partners,
• n-the-ground experience and engagement with local communities
• Balanced portfolio of exploration and production assets
• Significant production growth expected to continue
• Focused exploration activity continues
• Exceptional record of generating value and monetising assets
• Raised $2 billion in asset sales with the current management team

OML 30 – DRIVING GROWTH

OML 30, NIGERIA

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 45% interest in OML 30 through Shoreline Natural Resources Limited (“Shoreline”)1  Onshore Nigeria, located less than 50 kilometres east of Warri  Lease covers 1,097 square kilometres with eight producing fields; Afiesere, Eriemu, Evwreni, Kokori, Oroni, Oweh, Olomoro-Oleh, Uzere West  Potential to significantly increase to c.300,000 bopd in the long term, according to RPS evaluation  Combined field infrastructure capacity of c. 395,000 bpd  Shoreline is in discussions with Government regarding operatorship  OML 30 owns and operates the 850,000 bpd capacity Trans Forcados Pipeline to the export terminal. Other operators tie-in and pay a capacity tariff

¹ OML 30 is 55% owned by Nigerian Petroleum Development Corporation (“NPDC”), Shoreline equity split is 45% Heritage, 55% Shoreline Power Company.

OML 30 – THE OPPORTUNITY

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• 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

• Remaining 2 P Reserves in excess of 1 billion
• 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 making it easier to

bring production back on

• Engaging with communities through a Non-Governmental

Organisation has been successful

OML 30 HISTORICAL OIL PRODUCTION, ‘000 BOPD OML 30 HISTORICAL DRILLING

50 100 150 200 250 300 5 10 15 20 25 30

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010

Cumulative Wells Wells per Year Wells Drilled Annually Cumulative Wells 50 100 150 200 250 300

1960 1970 1980 1990 2000 2010

Mbopd

SUMMARY OF MAJOR FIELDS IN OML 30

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 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

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

RUSSIA

RUSSIA

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 95% equity interest in Zapadno Chumpasskoye Licence1  Licence located in Western Siberia (region accounts for more than 60% of Russia’s oil production)  RPS certified 65 MMboe and $336 million NPV10 in 2012  Production in 2014 averaged 590 bopd

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Production is from four producers (well 363 is horizontal, 226 vertical, and P3 and P4 are deviated) shown below



Production is sold to the local refinery market. Since December this market has become unstable due to large drops in refined products prices and fluctuations in crude sales prices



Rouble exchange rate has increased from 35 to 67 per USD. Crude sales prices are largely USD based, converted to Roubles, but impacted by Brent drop to c.$60/bbl

¹ Acquired 95% ownership stake in Russian company ChumpassNefteDobycha Limited, 100% owner of the licence.

EXPLORATION ASSETS

GHANA

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 Two high impact exploration licences, Offshore South West Tano (“OSWT”) Block and East Keta Block  Favourable economic terms and fiscal regime  Petroleum Agreements awarded and ratified by Parliament in July 2014  Local partner is Blue Star Exploration Ghana Limited Offshore South West Tano  Deep water, located adjacent to Jubilee Block oil producing block with all infrastructure in place  Prospects already identified by legacy 3D seismic  Early production capability as existing infrastructure will fast track production  Single well commitment during first exploration period East Keta  Deep water, located on border with Togo  Opportunity to open up a significant new basin in Ghana  Low cost seismic option during first exploration period

Offshore South West Tano 175 sq. km 39.6% East Keta 2,239 sq. km 38.7%

PAPUA NEW GUINEA

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 Three licences, PPL 486, PRL 13 and PPL 437

PPL 486 (ex 319) and PRL 13



Heritage has earned a 40% working interest in PPL 486 and PRL 13 by contributing to back costs and shooting seismic



Heritage operated acquisition of ~230 km of 2D seismic and reprocessed 434 km of legacy 2D data



Identified drill ready Tuyuwopi prospect with potential for ~ 600 bcf mean resources in gas case and 125MMbbl of oil with 375 BCF of associated gas in the oil case



Farm out process has started

PPL 437



Heritage has a 42.5% working interest in PPL 437



Heritage operated acquisition of ~104 km of 2D seismic and reprocessed ~800km of legacy 2D data



Identified drill ready Malisa prospect with potential for ~ 300 bcf mean resources



Farm out process has started

PPL 486 2,025 sq. km 40% PRL 13 160 sq. km 40% PPL 437 1,530 sq. km 42.5%

TANZANIA

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 Awarded Rukwa PSA in October 2011 and Kyela PSA in January 2012  Operations have commenced across the licences;

 Rukwa - 2,300 km of legacy 2D seismic data

• reprocessed. Acquisition and processing of an

additional 600 km of 2D seismic data to infill this legacy data has completed. Results have identified several prospects in the South Rukwa licence which are geologically analogous to the Kingfisher discovery in Uganda

 Kyela - full tensor gravity survey acquired,

which has now been interpreted in conjunction with 100 km of new 2D seismic

• data. The presence of tilted fault blocks and

structural features has been confirmed, reinforcing prospectivity. A geochemical survey has been acquired and interpreted with further encouraging results

 Identified drill ready Rukwa-A prospect with

potential for ~ 200 MMbbl mean oil resources  Heritage considers these blocks as sharing geological similarities with the Albert Basin of Uganda where the Company had considerable exploration success

South Rukwa 4,395 sq. km 100%, operator Kyela 1,934 sq. km 100%, operator

 Targeting +200 MMbls of oil resources in the basin  Fast track development if successful by exporting crude by rail cars  Farm out process started

MALTA

 Two areas; c.18,000 sq. km  Heritage has 100% working interest and is the

• perator

 Structures identified on Areas 2 & 7 have >1 billion bbl resource potential  Structures analogous to producing fields

• ffshore Libya and Tunisia including the giant

Bouri Field where IHS estimate reserves of 630 MMbbl and in excess of 8 TCF of gas  Oil and gas shows close to Area 7  Water depths of 250 to 300 metres  1,023 km of legacy 2D seismic reprocessed  1,400 km of 2D seismic acquired processed and interpreted  High-impact exploration well planned subject to necessary government approvals and international boundary agreement

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 International boundary dispute with Libya  Licence on “care and maintenance” until resolved  Farm out licence following resolution

SUMMARY AND OUTLOOK

SUMMARY

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

Highlights  Production increasing:

• OML 30 recently achieved peak gross production, since acquisition, of c.60,000 bopd

 Exploration programmes continuing:

• With seismic reprocessing in PNG leading to identification of three prospects and multiple leads
• Continued the work programmes in Tanzania with the processing and reprocessing of 2D seismic, generating a drill ready prospect

within South Rukwa and further enhancement of prospectivity on Kyela  Cash generation increasing:

• Generated revenues1 of approximately $432 million in 2013

Catalysts  Production increases from OML 30:

• Uzere West has recommenced production after being shut-in for nearly two years
• Maintenance to continue
• Working over existing wells
• Development drilling of OML 30, Nigeria, scheduled to commence in the second half of 2014
• Appointment of operating role in Nigeria

 Heritage net production for 2014 is estimated in the range of 14,500 to 18,000 bopd, including Russia Future Growth  Targeting growth opportunities through third party transactions

CONTACT DETAILS

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HERITAGE OIL LTD

PAUL ATHERTON

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

ROBERT FAGG

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