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Farm in BM-S-8
July 2011
Acquisition of 10% stake in BM-S-
8 Block in the Santos Basin                   (1)




                                                    2
         (1) Subject to approval by the ANP
Offshore, Santos basin
hot spot of the pre-salt




                           3
Largest Block in the pre-salt




                                                                Júpiter
                                                  Tupi (Lula)
                                          Guará
                                Carioca




                                                                          4
Low Risk Prospects with High Volume
Potential
Santos Basin: BM-S-8                 Promising area with several discoveries nearby
►   2 Discoveries: Bem-te-vi and
    Abaré W

►   4 Prospects                                                             Santos 01

►   Fluid: Oil

►   Working Interest: 10%

►   Petrobras Operator                                                      Santos 03


►   Partners: Petrobras (66%);
    Petrogal (14%); Barra Energia
    (10%); QGEP (10%)



                                    Source: ANP/Wood Mackenzie




                                                                                        5
Low Risk Prospects with High Volume
Potential
Santos Basin: BM-S-8                         Short-Term Schedule

►    Transaction Value: US$ 175 MM

►    CAPEX(1) related to 10% of the block:

             ►   2011: US$ 25 MM

             ►   2012: US$ 20MM   (2)




                                                ►   Drilling started in June (SPS-71A)

                                                ►   5-6 months drilling

                                                ►   Sevan Driller Rig (SS-74)

                                                ►   Water depth: 2,177m
    (1)   Preliminary Figures
    (2)   QGEP estimates                        ►   Total depth: 6,400m


                                                                                         6
Changing composition of QGEP's asset
portfolio
                   Field/Block               Volume (MM boe)                    Classification
                     Manati                          73.3                          Reserves

                  Camarão Norte                       4.5                     Contingent Resources

                    BM-CAL-5                         35.1                     Contingent Resources

                   CAL-M-372                         24.4                  Risked Prosp. Resources

                     BM-J-2                          94.1                  Risked Prosp. Resources

                    BM-S-12                          159.7                 Risked Prosp. Resources

                     BM-S-8                             *

                                                  Volume (mmboe) : 391.1 (Blended Case)

 Asset Maturity                                                      Basin
                         Reserves
                           19%
                                                                                                 Camamu
                                                                     Santos                        35%
                               Contingents                            41%
                                  11%
 Prospectives
     70%
                                                                                                  Jequitinhonha
                                                                                                       24%



                                             * Disclosure under discussion with partners                          7
Short-Term Catalysts




                       8
Short-Term Catalysts: BM-S-8



                                                           Drilling ends
                                                           at the Biguá
                                                             prospect




 JUNE     JULY   AUGUST   SEPTEMBER   OCTOBER   NOVEMBER      DECEMBER




   Drilling
  begins at
 Block BM-S-
      8




                                                                           9
Short-Term Catalysts


                       Drilling
                      begins at
                     Block BM-S-
                         12                                                                        Drilling
                                              Crossing               Crossing       Crossing     ends at the
                                              Prospect              Prospect        Prospect        Biguá
 Drilling
                                            Santos #1 in           Santos#2 in    Santos #3 in    prospect
begins at
                                            Block BM-S-             the Block     Block BM-S-
Block BM-
                                                 12                  BM-S-12           12
   J-2



   JUNE         JULY        AUGUST            SEPTEMBER        OCTOBER           NOVEMBER        DECEMBER



                                                                                                   Crossing
Return of                                                                                          Prospect
 a 4th well                                                                                      Santos #4 in
               Drilling                        Drilling ends
 at Manati                                                                                       Block BM-S-
              begins at        Return to          at the       11th ANP
   Filed                                                                                              12
              Block BM-          Full             JEQ#1        Bidding
(Capacity:
                 S-8          Capacity at        prospect       Round
  5.3 MM
  m3/day)                       Manati
                                 Field




                                                                                                           10
BM-S-8: Boosting our Portfolio



                          Low risk &
                         high volumes

     Close to future                       Portfolio
     infrastructure                     Diversification
        facilities




     Partnership with                     Strategic
        Petrobras                        Positioning

                         Short-Term
                          Catalyst


                                                          11
For additional information:
Investor Relations
QGEP Participações S.A.
Av. Almirante Barroso, nº 52, sala 1301, Centro – Rio
de Janeiro, RJ
CEP: 20031-918

Phone - IR: 55 21 3509-5959
Fax: 55 21 3509-5958
E-mail: ri@qgep.com.br
www.qgep.com.br/ri




                                                        12
Disclaimer

This document contains some statements and information about the Company that reflect the
current views and/or expectations of the Company and its managers with regard to its activities.
These include all statements containing forecasts and projections or that indicate or imply future
results, performance or achievements, which may include such words as "believe", "predict",
"expect", "contemplate", "will probably result", or any other words or expressions of similar
meaning. Such statements are subject to a series of expressive risks, uncertainties and
assumptions. Readers are warned that several important factors may lead actual results to
significantly diverge from the plans, targets, expectations, estimates and intentions expressed
herein, there can be no assurance that the Company will achieve or is likely to achieve the future
results or projections contained herein. Under no circumstances shall the Company or its
directors, officers, representatives or employees be liable to any third parties (including
investors) should they make decisions, investments or business acts based on information and
statements presented herein, nor shall the Company be liable for any indirect damages, loss of
profit, or similar consequences thereof. The Company does not intend to provide shareholders
with any revised versions of the statements or analysis of differences between the statements
and actual results. This presentation does not contain all the necessary information for a
complete investment assessment on the Company. Investors must produce their own assessments,
including the associated risks, before making an investment decision.




                                                                                                     13

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Bm s-8 overview

  • 2. Acquisition of 10% stake in BM-S- 8 Block in the Santos Basin (1) 2 (1) Subject to approval by the ANP
  • 3. Offshore, Santos basin hot spot of the pre-salt 3
  • 4. Largest Block in the pre-salt Júpiter Tupi (Lula) Guará Carioca 4
  • 5. Low Risk Prospects with High Volume Potential Santos Basin: BM-S-8 Promising area with several discoveries nearby ► 2 Discoveries: Bem-te-vi and Abaré W ► 4 Prospects Santos 01 ► Fluid: Oil ► Working Interest: 10% ► Petrobras Operator Santos 03 ► Partners: Petrobras (66%); Petrogal (14%); Barra Energia (10%); QGEP (10%) Source: ANP/Wood Mackenzie 5
  • 6. Low Risk Prospects with High Volume Potential Santos Basin: BM-S-8 Short-Term Schedule ► Transaction Value: US$ 175 MM ► CAPEX(1) related to 10% of the block: ► 2011: US$ 25 MM ► 2012: US$ 20MM (2) ► Drilling started in June (SPS-71A) ► 5-6 months drilling ► Sevan Driller Rig (SS-74) ► Water depth: 2,177m (1) Preliminary Figures (2) QGEP estimates ► Total depth: 6,400m 6
  • 7. Changing composition of QGEP's asset portfolio Field/Block Volume (MM boe) Classification Manati 73.3 Reserves Camarão Norte 4.5 Contingent Resources BM-CAL-5 35.1 Contingent Resources CAL-M-372 24.4 Risked Prosp. Resources BM-J-2 94.1 Risked Prosp. Resources BM-S-12 159.7 Risked Prosp. Resources BM-S-8 * Volume (mmboe) : 391.1 (Blended Case) Asset Maturity Basin Reserves 19% Camamu Santos 35% Contingents 41% 11% Prospectives 70% Jequitinhonha 24% * Disclosure under discussion with partners 7
  • 9. Short-Term Catalysts: BM-S-8 Drilling ends at the Biguá prospect JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER Drilling begins at Block BM-S- 8 9
  • 10. Short-Term Catalysts Drilling begins at Block BM-S- 12 Drilling Crossing Crossing Crossing ends at the Prospect Prospect Prospect Biguá Drilling Santos #1 in Santos#2 in Santos #3 in prospect begins at Block BM-S- the Block Block BM-S- Block BM- 12 BM-S-12 12 J-2 JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER Crossing Return of Prospect a 4th well Santos #4 in Drilling Drilling ends at Manati Block BM-S- begins at Return to at the 11th ANP Filed 12 Block BM- Full JEQ#1 Bidding (Capacity: S-8 Capacity at prospect Round 5.3 MM m3/day) Manati Field 10
  • 11. BM-S-8: Boosting our Portfolio Low risk & high volumes Close to future Portfolio infrastructure Diversification facilities Partnership with Strategic Petrobras Positioning Short-Term Catalyst 11
  • 12. For additional information: Investor Relations QGEP Participações S.A. Av. Almirante Barroso, nº 52, sala 1301, Centro – Rio de Janeiro, RJ CEP: 20031-918 Phone - IR: 55 21 3509-5959 Fax: 55 21 3509-5958 E-mail: ri@qgep.com.br www.qgep.com.br/ri 12
  • 13. Disclaimer This document contains some statements and information about the Company that reflect the current views and/or expectations of the Company and its managers with regard to its activities. These include all statements containing forecasts and projections or that indicate or imply future results, performance or achievements, which may include such words as "believe", "predict", "expect", "contemplate", "will probably result", or any other words or expressions of similar meaning. Such statements are subject to a series of expressive risks, uncertainties and assumptions. Readers are warned that several important factors may lead actual results to significantly diverge from the plans, targets, expectations, estimates and intentions expressed herein, there can be no assurance that the Company will achieve or is likely to achieve the future results or projections contained herein. Under no circumstances shall the Company or its directors, officers, representatives or employees be liable to any third parties (including investors) should they make decisions, investments or business acts based on information and statements presented herein, nor shall the Company be liable for any indirect damages, loss of profit, or similar consequences thereof. The Company does not intend to provide shareholders with any revised versions of the statements or analysis of differences between the statements and actual results. This presentation does not contain all the necessary information for a complete investment assessment on the Company. Investors must produce their own assessments, including the associated risks, before making an investment decision. 13