Heritage Oil Down 4% Following Final Results

Outlook
·   Rig contract to drill Miran West-3 well signed in April, well scheduled to spud July 2011

·   Exploration drilling to commence on Miran East in Q4 2011

·   3D seismic data being processed for Tanzania with a view to establishing a drilling location

·   Mali 2D seismic data currently being acquired with a well expected to be drilled in early 2012

·   Malta 2D seismic data to be acquired during summer 2011

·   Well in Pakistan planned for H2 2011

·   Development options being reviewed for Kurdistan which include a phased development for oil, condensate and gas

·   First horizontal well to be drilled in Q2, 2011, in the Zapadno Chumpasskoye Field, Russia, which should help to provide a material increase in production

Tony Buckingham, Chief Executive Officer, commented:

"The sale of the Ugandan Assets in 2010 has provided Heritage with a strong balance sheet for activities within the current portfolio and the ability to appraise further opportunities to generate value for shareholders.  We remain active across the portfolio with seismic programmes and drilling planned for 2011, including a multi-well exploration and appraisal drilling programme in Kurdistan commencing in July. In addition, we are progressing with discussions with the Kurdistan Regional Government for the fast-track development of the Miran Field."

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