20%) in PetroFrontier Corp. and exploration of Australia's highly prospective Northern Territory situated in Georgina Basin.

[7] The firm announced positive financial results in 2013, after major successes with this oil field, which achieved record gross production in August 2013.

Investors were also boosted by the news that the firm had expanded its portfolio in a promising region of Papua New Guinea and Tanzania, with drilling to commence on new sites in these areas in 2014.

[10] In February 2014, Heritage Oil's stock jumped the most it had in 18 months after a report on massive production increases at the firm's OML 30 well in Nigeria, as well as the successful conclusion of tax rebate negotiations in the country.

[13] The company is the operator and holds 50% interests in two licences in the Albert Basin of the Western Rift Valley of Uganda.

Recent exploration activity has focused on the eastern shores of Lake Albert, which straddles the border of Uganda and the Democratic Republic of Congo, and Kurdistan.