Heritage Oil Plc issued its Interim Management Statement for the period from January 1, 2012 to May 18, 2012, in accordance with reporting requirements of the EU Transparency Directive.

Highlights •The Miran West-3 well was drilled to a total depth of 11,575 feet (3,528 meters) and the primary target of the Jurassic gas reservoir was successfully tested. The well is being suspended pending completion as a production well •Well testing of the main Jurassic reservoir resulted in a constrained flow of up to 22 MMscf/d of wet gas with a yield of 20 bbl/MMscf of 55 degree API condensate •It is estimated that this well will be capable of delivering 50 MMscf/d of wet gas and 1,000 bbl/d condensate when put into production •The Miran East-1 well is currently at a depth of 6,627 feet (2,020 meters). Oil shows encountered whilst drilling in the Upper Cretaceous are consistent with wireline log interpretation indicating the presence of hydrocarbons and pressure data indicates that the East and West structures are in communication •Operations on Miran East-1 well are on schedule and drilling is expected to take a further five months •The full processed 3D seismic, across the Miran Block, is now available and initial interpretation of the data has been completed •Tanzania work program commenced in the recently awarded Kyela and Rukwa licenses with the acquisition of a high resolution gravity survey, following which a seismic program is planned •Production for the first quarter 2012 averaged 605 bopd, an increase of 40 percent on the same period in the prior year •Cash position of approximately $154 million, excluding amounts related to the Ugandan tax dispute, as at 31 March 2012

Tags: Heritage Oil Ltd.