OGX Management Presentation

MANAGEMENT PRESENTATION

Rio de Janeiro | March 2013 |

AGENDA

1 OGX Overview

2 OGX Portfolio and Execution

3 OGX Operations

4 Financial Overview

Appendix

Last update: 03/11/2013

OGX OVERVIEW

Highly successful and experienced management team, combining unique intellectual capital and
superior execution skills

Overall exploratory success rate exceeding 85% with high productivity reservoirs amongst the best in
Brazil

World class E&P portfolio, mostly in shallow waters and onshore (low cost and off-the-shelf technology)

OGX is among the largest pure E&P companies globally

Proven execution capability (from concept to oil in an unprecedented timing) with fully established
operations comprising more than 6,000 people

Solid cash position allows OGX to conduct the largest and most successful private sector exploratory
campaign in Brazil and to support production development (more than 100 wells spud since the beginning
of its exploratory campaign in Sep. 2009)

Brazil’s historical under-exploration underpins massive growth opportunities for OGX
4

OGX MAIN ACCOMPLISHMENTS
New Bond:
US$ 1.1bn
raised

Updated OGX 1st Oil
portfolio to 10.8 1 block
bn(1) boe of acquired in Arrival of FPSO
potential Parnaíba (50% OSX-1
resources stake)

Bond: US$ Mar/12
US$1.3 bn Beginning of the 5 onshore 2.6bn raised
raised through an drilling campaign blocks acquired Jan/12
equity Private in Colombia
Placement Oct/11
Acquisition of 70%
21 blocks acquired stake in the
during the 9th Parnaíba Assets Sep/11
Bidding Round
May/11

IPO: US$4.1 bn Apr/11 Total investments of ~ US$ 4.8bn of
raised Jun/10 Drilling Capex and Signature Bonus +
OGX ~ US$ 500 M of Seismic Campaign
Creation Sep/09 Survey and interpretation of
the 3D seismic data Total cash raised to date: US$9.4 bn
Aug/09
Procurement of all equipment
Jun/08 and services necessary to
Nov/07 initiate the drilling campaign
Jul/07
Proven Execution Capability (From Concept To First Oil in Unprecedented Timing) With Fully
Established Operations Comprising More Than 6,000 People
(1) Calculated by OGX based on potential, prospective and contingent volumes contained in the DeGolyer and
MacNaughton Reports
5

OGX OWNERSHIP AND CORPORATE STRUCTURE

 Average daily traded
volume (1 month):
61%¹ 39% Free Float ~ US$100 million
 ~ 40 thousand investors
 3rd most representative stock
in Ibovespa index 5.4%
 One of the most liquid
Petróleo e Gás Participações S.A. common shares
(Market Capitalization (3): ~ US$ 5 Billion)

99.99% 66.67%4 100.00%

Maranhão
Petróleo e International
Petróleo e Gás
Gás S.A.
S.A.

100%

25 Blocks 8 Blocks
5 - Campos (100%) (2)
7 - Parnaíba (70%) (2)
OGX
2 - Campos (70%) (2) 1 – Parnaíba (50%) (2)
Austria
4 - Santos (100%) (2)

4 - Espírito Santo (50%)
5 - PAMA (100%) (2)

5 - Colombia (100%) (2)

(1) EBX represented through Centennial Asset Mining Fund LLC (Nevada, USA) (“CAMF”)
(2) OGX as operator
(3) Market data as of March 08, 2013
(4) MPX S.A. holds 33.33%

6

MANAGEMENT ORGANIZATION STRUCTURE(1)

Luiz Carneiro (33)
CEO

Armando Ferreira (31)
Reservoir & Reserves

Paulo de Tarso
José Roberto Faveret Roberto Monteiro Reinaldo Belotti (34)
Guimarães (35)
General Counsel CFO Production Officer
Exploration Officer

Davilson Andrade (20) Dolores Carvalho (35) Joaquim Dib Cohen (32) Olavo Foerch (32)
Exploration Campos & ES E&P Laboratory Oil & Gas Commercialization Procurement

Celso Martins (34) Marcos Amaral (28) Ricardo Juiniti (27)
Onshore Basin Applied Technology Drilling and Completion

Ernani Porsche (33) Moacir Santos (38) Billy Pinheiro (30)
International Geological Operations Logistics

Paulo Otávio Gomes (25) José Sartori (39) Vilmar Barbosa (27)
Exploration Santos & PAMA Exploratory Management Production

Leandro Leme (31)
HSE

Highly Successful And Committed Management Team,
Combining Unique Intellectual Capital and Superior Execution Skills
(1) Parentheses represent years of experience in the E&P industry
7

HIGHLY QUALIFIED EXPLORATION TEAM

PBR Success Index

Exploratory Team
Part of our team led the
Petrobras exploration team
from 2002 to 2007
Success index in excess of
60% on average offshore
Brazil from 2002-2007 whilst
at Petrobras
Over 9 billion boe and more
than 50 new fields discovered

Proven Track Record Having Opened Several New Oil Frontiers, Including The Pre-salt, and
Discovering Over 50 New Oil Fields
8

BRAZIL
Vast Untapped Oil & Gas Potential
Largest Oil And Gas New Provinces Could Propel Brazil Into Still Significantly Under-explored
Discoveries In The World Top Reserves Holders
Oil and Gas Discovered Volumes Oil Resources - December 2009 (Bn bbl) % of sedimentary basins under concession
+ 35 bn boe
2000 – 2010 (Bn boe) Licensed
Saudi Arabia 4%
Brazil 265
Venezuela 172
Turkmenistan

Iran Iran 138
Kazakhstan Iraq 115 Unlicensed
China Kuwait 102 Unlicensed 96%
96%
Russia Brazil post Tupi 100 Source: ANP
Australia
UAE 98
Kuwait
Russia 74 Oil & Gas in The World
Israel

Saudi Arabia
Libya 44 HISTORICAL O&G
COUNTRY
Kazakhstan 40 PROD.(BN BOE)
India

Indonesia Nigeria 37 USA (1900-2010) 440
Venezuela Canada 33
28 EX-USSR
Papua US 335
(1900-2010)
New Guinea Qatar 27
SAUDI ARABIA
Ghana Bn Boe China 15 145
(1938-2010)
Angola 14 BRAZIL
0 10 20 30 40 14.5
Brazil 13 (1941-2010)

Source: IHS Source: BP Statistical Review of World Energy 2010 Source: EIA-DOE, BP Statistical Review of World Energy 2010, Saudi
& analyst estimates Aramco, UPPSALA University, Petrobras, ANP and OGX analysis

Brazil’s Historical Under-Exploration Underpins Massive Growth Opportunities for OGX
9

OGX PORTFOLIO
33 blocks: 28 blocks in 5 Brazilian sedimentary basins and 5 onshore blocks in 2 Colombian
sedimentary basins
Unique portfolio with 10.8 billion potential recoverable barrels of oil equivalent (boer)
OGX’s business plan is based on 4.1 billion barrels already discovered in the shallow waters of the
Campos Basin

Shallow water
~120m Shallow water
~150m
PORTFOLIO

Deep water
Shallow water
~1,000m
~60m

11

OGX PORTFOLIO POTENTIAL
Breakdown
Oil discoveries of 4.1 bn bbl are already under production development in the shallow waters of Campos Basin

D&M Certified Volumes (Bnboe) Portfolio Breakdown
19%
10.8 Onshore
73% 8%
Shallow Deep
Water Water
6.5
6.7¹ C1
(4%)
0.1
4.8
C2
1.3 (19%)
C3 0.6
(77%)
3.0 2.3 21%
Gas

Mar-08 Sep-09 Dec-10 79%
Oil
Contingent Delineation Prospective

Note:
1 Does not include Parnaíba 3C contingent resources of 141 million boe

12

CAMPOS BASIN
Low Risk, Shallow Water And Large Volumes
Campos Basin

~400 MM bbl already
declared commercial
(Tubarão Azul and Tubarão
Martelo Fields)
7 blocks operated by OGX
Total area of 1,177 km2
Average water depth of
~120m
72 wells drilled
~90% of success rate

OGX’s Discovered Accumulations Confirm a New Hydrocarbon Province
in the Southern Campos Basin
13

CAMPOS BASIN
Areas Update– Not including pre-salt and exploratory prospects
Waimea / Pipeline and Vesuvio Complexes Waikiki Complex Highlights
Successful appraisal campaign with 39 wells
drilled and a 87% hit ratio
Acquisition of incremental 20% participation
of blocks BM-C-37 and BM-C-38 from Maersk,
with OGX becoming the operator
Declaration of Commerciality of the Waikiki
accumulation and Development Plan (DP)
submitted to the ANP
 Named as Tubarão Martelo Field with
expected total recoverable volume of
285 MMbbl
Declaration of Commerciality for a portion of
the Waimea Complex and Development Plan
(DP) submitted to the ANP
 Named as Tubarão Azul Field with
expected total recoverable volume of
110 MMbbl
New discoveries in the 1H12: Itacoatiara and
Honolulu
Source:
Area estimates based exclusively on OGX’s studies
14

CAMPOS BASIN
Waimea Complex – Not including pre-salt and exploratory prospects
Waimea Complex¹
TUBARÃO AZUL FIELD (1ST MODULE) OSORNO

OGX-3 Albian: 80m OGX-31 Albian: 48m
N.A. N.A.
Aptian/Barrem: 50m Aptian: 23m

OGX-21D/OGX-26HP Albian: 14m OGX-73 Albian: 37m N.A.
N.A.

OGX-50D/OGX-55HP Santonian: 1,7m CHIMBORAZO
1C
Albian: 52m
OGX-33 Albian: 42m N.A.
OGX-53D/OGX-60HP Albian: 71m 1C

OGX-65D/OGX-68HP Albian: 97m 1C TAMBORA
OGX-52 Santonian: 5m
FUJI N.A.
Albian: 96m
OGX-8 Albian: 43m OGX-58DP - N.A.
N.A.
Aptian: 44m
OGX-56D Albian: 60m 3C
OGX-69 Albian: 38m 3C

ILLIMANI
OGX-28D Albian: 24m N.A. WELL UNDER EVALUATION

OGX-43D Albian: 50m Del. OGX-54 Albian: 24m Del.


TUPUNGATO
OGX-20 Maastrich: 9m & 3m N.A.
Albian: 50m
Aptian: 42m

Note:
Source: 1 Figures in “meters” illustrate net pays of oil columns
Area estimates based exclusively on OGX’s studies 2 Discovered after D&M ‘s Dec 2010 contingent resources report 15

CAMPOS BASIN
Waikiki Complex – Not including pre-salt and exploratory prospects
Waikiki Complex¹
TUBARÃO MARTELO FIELD WELLS UNDER EVALUATION

OGX-25 Eocene: 8m (gas) OGX-45D Maastrich: 5m Del.
N.A.
Albocenomaniano: 145m
OGX-29/32 Oil Shows N.A.
OGX-35D Albocenomanian: 80m 3C

OGX-41D/ Albian: 92m
2C
OGX-44HP

PERÓ
OGX-14 Albian: 35m & 27m N.A.
OGX-76² Albian: 6m 2C

INGÁ
OGX-18 Santonian: Oil Shows
Albian: 12m (oil column) N.A.

OGX-62 Albocenomanian: 20m
2C
Santonian: 26m
OGX-64DP Santonian: 23m 3C
OGX-67 - 3C
OGX-71 - 3C

ITACOATIARA

Source: Notes:
Area estimates based exclusively on OGX’s studies 1 Figures in “meters” illustrate net pays of oil columns 16

CAMPOS BASIN
Pipeline Complex – Not including pre-salt and exploratory prospects

Pipeline Complex¹
PIPELINE CARAMBOLA A (PIPELINE)
OGX-2A Eocene: Oil shows MRK-3 Santonian: 14m
Cretac: Oil shows Albian: 43m N.A.
Albian: 100m N.A. Aptian: 12m
Aptian: 50m
Barremian: 15m CARAMBOLA
OGX-36D/ Albian: 60m MRK-5 Albian: 17m N.A.
3C
OGX-39HP
RJS-105² Albian: 150m N.A.
OGX-40D Albian: 107m 2C

OGX-42D Eocene: 6m
3C
Albian: 82m

OGX-70 - 3C
OGX-80³ Albian: 51m N.A.

ETNA (PIPELINE)
OGX-6 Albian: 74m
N.A.
Aptian: 17m

SANTA HELENA (PIPELINE)
OGX-15 Albian: 32m
N.A.
Aptian: 31m

Notes:
1 Figures in “meters” illustrate net pays of oil columns
Source: 2 RJS-105 well drilled by Petrobras
Area estimates based exclusively on OGX’s studies 3 Discovered after D&M ‘s Dec 2010 contingent resources report
17

CAMPOS BASIN
Vesúvio Complex – Not including pre-salt and exploratory prospects
Vesuvio Complex¹
VESUVIO
OGX-1 Eocene: 57m N.A.
OGX-9D Eocene: 60m 1C
OGX-13 Eocene: 10m 1C

KRAKATOA
OGX-5 Maastrich: Oil shows
Albian: 30m N.A.
Aptian: 20m

KILAWEA
OGX-4 Eocene: 17m N.A.

POTOSI (VESUVIO)
OGX-37 Oil Shows N.A.

Note:
Source:
Area estimates based exclusively on OGX’s studies
1 Figures in “meters” illustrate net pays of oil columns 18

CAMPOS BASIN
Production in the Tubarão Azul Field
Main characteristics:
Three producer wells on-stream:
OGX-26HP, OGX-68HP and TBAZ-1HP
4th producer well to be connected by 2013
2 injection wells planned
Oil quality of 20° API
Water depth of 140 meters
OSX-1 Buoy

Wet
Risers and
christmas
Wet Umbilicals
tree
christmas TBAZ-1HP
tree

Flexible
lines

Electrical
submersible
pump
Wet
christmas
tree
OGX-26HP
Wet
christmas
tree
OGX-68HP

Illustrative

OGX First Oil Flowing Since January/12 Through EWT 19

CAMPOS BASIN
From Discovery to 1st Oil in Waimea

Sep 16, Granting of the Dec 25, FPSO OSX-1 sets sail
2011 preliminary and 2011 from the port of Rio de
installation license Janeiro
by IBAMA Dec 19, Flexible lines launched
2011 and connected to the Jan 31, FPSO OSX-1 begins
Dec 18, Discovery of wet christmas tree 2012 production
Oct 4, Arrival of the
2009 Waimea OGX-3
2011 FPSO OSX-1 in
Rio de Janeiro 1st
Oil

Dec 23, Concluded the connection of
2011 the flexible lines to the Jan 12, Connection of the FPSO
Sep 17, Beginning of the subsea
detachable turret 2012 OSX-1 to the turret
2011 installation (piles,
moorings and MWA)

20

OPERATIONS UPDATE: Production
Production in Tubarão Azul and Gavião Real fields
OGX Average Monthly Production (kboepd)

16.4 16.8

3.2
5.5
11.6
10.3 10.6 10.4 10.3 10.1 10.1
9.1 9.0 9.2
Onshore¹ ²
7.0
13.2 Offshore
11.6 11.3
10.3 10.6 10.4 10.3 10.1 10.1
9.1 9.0 9.2
7.0

Effective
Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13
Production Days
OGX-26HP 29 31 30 29 20 - 27 30 31 30 31 29 28

OGX-68HP - - - 17 30 31 31 30 31 30 31 29 28

TBAZ-1HP - - - - - - - - - - - 26 28

Total 29 31 30 46 50 31 58 60 62 60 62 84 84

Average per
offshore well 11.6 10.3 9.1 6.1 5.5 7.0 5.7 5.2 5.2 5.1 5.1 4.9 3.8
(kboepd)

Notes:
1 Average net production (OGX participation only) in the Gavião Real Field. Conversion factor considered: 6.29 kboe = 1 million cubic meters of natural gas
2 January 2013 refers to a production period of 12 days, since the beginning of the synchronization of the first turbine in the TPP Parnaíba I 21

CAMPOS BASIN
OSX-2 and OSX-3 Production Schematic
Main characteristics:
OSX-2: 1st oil expected for 2H13
OSX-3: 1st oil expected for 2H13
4 subsea wells connected to each FPSO
Oil quality: 20-28° API
Water depth: ~120 meters

Dry
christmas
tree
OSX-2/OSX-3

WHP-1/WHP-2
Flexible
lines

Wet
christmas
tree

Illustrative

22
22

CAMPOS BASIN
OSX-2 and OSX-3 Engineering Status

OSX-2 Overview OSX-3 Overview
1st oil expected for 2H13 1st oil expected for 2H13

EPC: Single Buoy Moorings Inc (SBM) EPC: MODEC

Shipyard: Keppel Fels - Singapore Shipyard: Jurong Shipyard (JSL) – Singapore

Technical specifications: Technical specifications:

 Production capacity: 100 kbbl/day  Production capacity: 100 kbbl/day
 Storage capacity: 1.3 Mboe  Storage capacity: 1.3 Mboe

Both FPSOs Underway and On Schedule, Constructed in Top Tier Shipyards
23

SECURED PRODUCTION EQUIPMENT

FPSOs WHPs

OSX-1: OSX-2: OSX-3:
Production capacity of 60 kbpd Production capacity of 100 kbpd Production capacity of 100 kbpd
and storage of 950 kbbl and storage of 1.3 Mbbl and storage of 1.3 Mbbl
WHP-1:
Average Day rate of US$ 263 k Expected Average day rate of US$ Expected Average day rate of US$
360 k 360 k Capacity to drill up to 30 wells
Arrived in Oct/11
Contracted by OSX with SBM Contracted by OSX with MODEC Equipment on-stream by the 1H14
First oil in Jan/12
Expected delivery: 2H13 Expected delivery: 2H13 Detailed engineering ongoing (EPC
awarded to Techint by OSX)

WHP-2:
Two sister VLCC´s (Very
Large Crude Oil Carriers) Capacity to drill up to 30 wells
purchased on November, Equipment on-stream by 1H14
2010 by OSX to be
converted into FPSOs
Detailed engineering ongoing (EPC
awarded to Techint by OSX)

OSX-4: OSX-5: WHP-3 and WHP-4:
Production capacity of 100 kbpd and Production capacity of 100 kbpd and Order placed for charter and
storage of 1.3 Mbbl storage of 1.3 Mbbl construction with OSX
Order placed for Leasing contract and Order placed for Leasing contract and Both WHPs will be built in the Açu
EPCI under procurement EPCI under procurement Superport
24
24

SANTOS BASIN
High Potential
Santos Basin

(100% owned)
Total area of 623 km²
~150 m
14 wells drilled
Pre-salt potential in shallow
waters (OGX-63)
~75% success rate

Santos Basin is One of The Most Promising Exploratory Areas in Brazil, With Significant
Potential For Gas and Light Oil
25

SANTOS BASIN
Positive Drill-Stem Test Results
Exploratory Campaign Drill-stem Tests Performed
2010 Activities Maceió (OGX – 47)
MRK-2B
Gas and condensate (~20% with approx.
50° API)
OGX-11D
AOF production potential results:
OGX-12
 Vertical well: 1.0M m³/day of gas
OGX-17  Horizontal well: 2.5M m³/day of
OGX-19 gas
2011 Activities
OGX-23 Natal (OGX-11D)
Gas and condensate (~25% with approx.
OGX-24
47° API)
OGX-30 AOF production potential results:
OGX-47  Vertical well: 1.0 M m³/day of gas
and 1.2K bbl/day of condensate
OGX-63
 Horizontal well: 5.0M m³/day of
2012 Activities gas and 6K bbl/day of condensate
OGX-74
OGX-85
Drill-stem Test for Fluid Identification
OGX-89D Natal (OGX-74)
OGX-94DA Light oil (38º API) confirmation
Illustrative Sandstone reservoirs (Santonian age)
4 km distant from OGX-11D

Encouraging Results From 3 Drill-stem Tests Confirm Emergence of a New Oil, Gas and
Condensate Center in The Region 26

SANTOS BASIN
Pre-salt Discovery In Shallow Waters
Highlights Albian Gas Interval

Albian reservoir Good porosity

 Approximately 1,000 meters of column and Dolomitized layers with open fractures
110 meters of net pay
MDT Dual-Packer Test collected 47º
 Good permoporosity and fractures
API hydrocarbons
Shallow waters Pre-salt (Aptian reservoir)
Aptian Interval
 Drilled up to 6,135 meters and thus far
identified column of 150 meters Oil
Dolomitized microbial
 1st microbiolite Pre-salt discovery in shallow
waters in Brazil Connected vugular porosity

 Same reservoir rock in pre-salt as only seen Light oil/condensate shows
so far in deep and ultra-deep waters in the
Santos and Campos Basins

 Strong kick in the last drilled layer of the
reservoir with shows of hydrocarbons

 Already drilling first appraisal well in the
Fortaleza accumulation (OGX-85) Pore
27

PARNAÍBA BASIN
Major Gas Province
Parnaíba Basin

1.1 Tcf (~200MM boe)
already declared
commercial (Gavião Real
and Gavião Azul Fields)
Total area of 24,500 km²
Commence of gas
monetization through
thermoelectric plants
under development by
MPX/Petra (3,722 MW
already licensed)
~65% success rate (26
wells drilled)

New Frontier Basin With High Potential For Gas Production
28

PARNAÍBA BASIN
Developing the Business Plan

Parnaíba Complex

More than 20 prospects identified

Beginning of GTU commercial production in
January/13

Available production capacity of up to ~6 M m³
per day in 2013

MPX has obtained installation license of 3,722
MW

Gavião Declaration of Commerciality of Bom Jesus
Gavião Azul accumulation (Gavião Branco Field)
Real
3 seismic crews working on the site

3 rigs operating simultaneously: 2 focused on
exploration and 1 completion rig on the
Legend: production development
Seismic Lines

29

PARNAÍBA BASIN
Project Development
Gas Thermal Power Plant
Parnaíba Development Schematic
Development
OGX Maranhão (70%) + Petra (30%) MPX + Petra

Capex GTU TPP
Total drilling cost:
US$ 340 M
Total facilities1
cost: US$ 110M

Opex field life CAMPO DE GAVIÃO AZUL Short Gas
Pipeline
Less than US$ (<2 km)
0.30/1,000 cubic
feet
Poços de produção

SITE DA MPX
Production

Manifold de
Site UTG OGX S
wells

Manifold
produção

Planta de
Tratamento
Notes:
1 Facilities cost includes: gathering system (lines and manifolds), a production facility for dry gas and a very short pipeline Gasoduto
2 Includes operating and maintenance of production facilities, lines, gas pipelines and wells
2 x 12" - 11,7 km 30
30

PARNAÍBA BASIN
Project Development

Execution Highlights GTU Site View

Commenced commercial natural gas
production in Jan/13
Two turbines synchronized since Feb/13
All environmental permits granted
Concluded drilling and completion of all
16 production wells planned for this
phase of the project
EPC contracted for the construction of
the gas processing facility
 Awarded to Valerus-Geogas
Future available production capacity of
up to 7.5 million cubic meters per day
Estimated operational beginning of the
two remaining turbines of the first
project phase by Mar/13

31

ESPÍRITO SANTO BASIN
New Frontier In Deep Water
0-50 Meters 50-100 Meters Espírito Santo Basin

Espírito
Santo

200-1.000 Meters

1.000-2.000 Meters 4 blocks operated by
Perenco (OGX has 50%
W.I.)

Total area of ~2,900 km²

2.000-3.000 Meters
Legend ~1,000 m
OGX Blocks
Atlantic Ocean Production Fields

The New Frontier of Espírito Santo Has Proven to be a Very Active Petrolific System With
Recent Important Discoveries in Neighboring Blocks
32

PARÁ MARANHÃO BASIN
Promising New Frontier
Pará-Maranhão Basin

(100% owned)

Total area of 960 km²

~60m

New Frontier With Geological Model Similar to West Africa,
Where Significant Discoveries Were Made Recently
33

COLOMBIA
Cesar-Ranchería and Lower Magdalena Valley Great Upside Potential
Colombian Basins

(100% owned), 3 of which
are located close to
Maracaibo Basin (~80 bn
boe discovered and ~50 bn
boe already produced)

Balanced Portfolio of Exploratory Assets, Combining Production Regions With Less Explored
Areas Next to The Maracaibo Basin, One of The Most Prolific Provinces in The World
34

OPERATIONAL CAPABILITIES AND STRUCTURE

Logistics
OFFSHORE DRILLING First Class
Operational Suppliers
Support EFFICIENCY,
PLATFORM SUPPLY VESSEL (PSV) AGILITY AND
QUANTITY:5 OPERATIONAL
CONTRACTOR: EDISON CHOUEST/
SECURITY
TIDE WATER
ANCHOR HANDLING TUG SUPPLY (AHTS)
QUANTITY: 3
CONTRACTOR: EDISON CHOUEST/
NORSKAN/MAERSK

FAST SUPPLY VESSEL (FSV)
QUANTITY: 1 High Qualified
CONTRACTOR: EDISON
CHOUEST
Team
MID SIZE HELICOPTER OGX Team: ~380 employees
QUANTITY: 3 Over 6,000 people dedicated
CONTRACTOR: AERÓLEO
3D Room / IOSC
36

STRONG CASH POSITION

Cash Position Evolution Cash Allocation
R$ billion
8.0

Others
6.0 21% Morgan
Stanley
Bradesco 28%

4.0 2%

BTG Pactual
5%
2.0 Santander
10% Votorantim
18%

0.0 Itaú Unibanco
16%
2Q12 JUL AUG 3Q12

Cash in R$

Solid cash position of R$ 5.1 billion, or US$ 2.5 Cash allocation in R$: R$ 1.8 billion (~36%)
billion (as of September 30), to support exploration  Average cumulative gross return equivalent to 102.9%
commitments, development and production ramp- of the Interbank Deposit Rate (CDI), or 9.17% p.a.
up:
Cash Allocation in US$: US$ 1.6 billion (~64%)
 OGX has the option to require controlling
 Average cumulative gross return equivalent to 1.46%
shareholder, Eike Batista, to purchase up to
p.a.
US$1.0 billion of new common shares of OGX
at a price of R$6.30 per share Cash position in fixed income instruments allocated to most
solid financial institutions
38

FPSO OSX-1 FINANCIAL RESULTS
Pro Forma EBITDA Reconciliation Cargos Delivered
Delivered cargos 1st ¹ 2nd ¹ 3rd ² 4th ³ Total
Delivery Date 03/28/2012 4/21/2012 07/26/2012 10/15/2012
Operation Period 51 days 27 days 98 days 80 days

Production related to the shipments
547,376 246,809 789,774 809,495 2,393,454
- in barrels (bbls)

R$ ('000)
Net Revenue 118,003 55,996 150,686 169,145 493,830

Sales Taxes - - - - -
Royalties (10,687) (4,938) (14,842) (15,772) (46,239)
Leasing (24,078) (13,222) (52,708) (41,998) (132,006)
OSX Services (13,944) (7,236) (28,071) (22,499) (71,750)
Logistics (12,005) (7,410) (27,795) (18,405) (65,615)
Others (871) 36 (1,183) (1,529) (3,547)

EBITDA 56,418 23,226 26,087 68,942 174,673

% EBITDA / Net Revenue 47.81% 41.48% 17.31% 40.76% 35.37%
Total Net Revenue of R$ 493.8 million and Total EBITDA
EBITDA / barrel - (R$/barrel) 103.07 94.11 33.03 85.17 72.98
of R$ 174.7 million, reflecting the asset’s high value
Daily Cost (USD '000) 1st cargo 2nd cargo 3rd cargo 4th cargo Average

Economies of scale will dilute costs per barrel
Leasing (268) (262) (268) (259) (264)
OSX Services (155) (143) (143) (139) (144)  More wells on stream
Logistics (134) (147) (141) (113) (131)
Others (10) 1 (6) (9) (7)
 Majority of costs are fixed: logistics, leasing and
operations
Total (567) (551) (557) (520) (546)

Note:
1 Sales occurred during the Extended Well Test and before the declaration of commerciality – not accounted in Results and recorded as a reduction of “Fixed Assets”
2 Sale occurred after the Extended Well Test and declaration of commerciality – recorded as net revenues
39
3 Sale occurred after the Extended Well Test and declaration of commerciality – recorded as net revenues. Net figure of expenses associated with the sale of freight costs

ONGOING ACTIVITIES

Well Block Accumulation Rig Coast Distance Water Depth Status Net Pay
Campanian: 23.5m
DC OGX-94DA BM-S-58 Curitiba Ocean Quest 101 km 143m In progress since 08/29
Santonian: 9m
DG TBMT-10H BM-C-39 Tubarão Martelo Field Ocean Star 89 km 106m In progress since 01/04

DG TBMT-8H BM-C-39 Tubarão Martelo Field ENSCO-5002 90 km 107m In progress since 01/17

DP OGX-106 BM-C-37² Cancun ENSCO-5004 62 km 130m In progress since 01/22

DQ OGX-107 PN-T-49¹ Fazenda Chicote BCH-12 Onshore Block In progress since 01/25 Devonian: 66m

DR OGX-108 PN-T-49¹ Fazenda Santa Isabel BCH-5 Onshore Block In progress since 01/27

Development Wells

CAMPOS BASIN PARNAÍBA BASIN SANTOS BASIN ESPÍRITO SANTO BASIN

¹ OGX Maranhão has 70% W.I. ² OGX has 70% W.I. and Maersk 30% OGX Blocks Oil & Gas Fields 41

CONCLUDED WELLS (1 OF 7)
Well Block Accumulation Rig Coast Distance Water Depth Net Pay

A 1- MRK - 2B BM-S-29 Abacate Sovereign Explorer 130 km 100 m Oil &Gas shows
B OGX-1 BM-C-43 Vesúvio Ocean Ambassador 85 km 140 m Eocene: 57m
J OGX-9D BM-C-41 Vesúvio Direcional Ocean Ambassador 87 km 142 m Eocene: 60m
N OGX-13 BM-C-41 Vesúvio Vertical Ocean Lexington 87 Km 138m Eocene: 10m
Eocene: Shows
Cretac.: Shows
C OGX-2A BM-C-41 Pipeline Ocean Ambassador 77 km 130 m Albian: 100m
Aptian: 50m
Barremian: 15m
Albian: 74m
G OGX-6 BM-C-41 Etna Ocean Quest 82 km 137 m
Aptian: 17m
Albian: 80m
D OGX-3 BM-C-41 Waimea Sea Explorer 83 km 130 m
Apt./Barrem: 50m
Albian: 43m
I OGX-8 BM-C-41 Fuji Ocean Star 82 km 125 m
Aptian: 44m
E OGX-4 BM-C-42 Kilawea Ocean Quest 79 km 150 m Eocene: 17m
Maastric.: Shows
F OGX-5 BM-C-43 Krakatoa Ocean Ambassador 79 km 145 m Albian: 30m
Aptian: 20m
Albian: >17m
H OGX-7A BM-C-42 Huna Ocean Lexington 86 km 152 m
Aptian: 35m

Cenomanian: 11m
K OGX-10 BM-C-42 Hawaii Sea Explorer 79 km 158 m Albian: >13m
Aptian: 40m

L OGX-11D BM-S-59 Natal Ocean Quest 84 km 180m Santonian: 75m
M OGX-12 BM-S-57 Niterói Ocean Star 95 km 150m -

O OGX-14 BM-C-40 Peró Ocean Lexington 96 km 104m Albian: 35m & 27m

Albian: 32m
P OGX-15 BM-C-41 Santa Helena Ocean Ambassador 78 km 130m
Aptian: 31m

42


1 Devonian: Gas shows, 23m & 25m
Q OGX-16 PN-T-68 California QG-1 Onshore Block
(column)
R OGX-17 BM-S-56 Belém Ocean Star 85 Km 136m Albian: 43m
Santonian: Oil shows
S OGX-18A BM-C-40 Ingá Ocean Lexington 95 Km 105m
Albian: 12m (Oil column)
T OGX-19 BM-S-58 Aracaju Ocean Quest 112 Km 172m Santonian: 40m
Maastrichtian: 9m & 3m
U OGX-20 BM-C-41 Tupungato Ocean Ambassador 84 Km 132m Albian: 50m
Aptian: 42m

V OGX-21D BM-C-41 Waimea Direcional Sea Explorer 84 Km 134m Albian: 14m
Upper Devonian: 49m
W OGX-22 PN-T-681 Fazenda São José QG-1 Onshore Block
Lower Devonian: 47m
X OGX-23 BM-S-58 Ilhéus Ocean Quest 107 Km 152m -

Y OGX-24 BM-S-56 Itagi Ocean Star 94 Km 140m -
Santonian: 14m
Z MRK-3/4P BM-C-372 Carambola – A Blackford Dolphin 74 Km 134m Albian: 43m
Aptian: 12m
Eocene: 8m (gas)
AA OGX-25/27P BM-C-39 Waikiki Pride Venezuela 94 Km 105m
Albian-cenomanian: 145m

V OGX-26HP BM-C-41 Waimea Horizontal Sea Explorer 84 Km 134m Albian: >1,000m (horizontal section)

AB OGX-28D BM-C-41 Illimani Ocean Star 80 Km 126m Albian: 24m

AC OGX-29/32 BM-C-39 Itaipu Ocean Lexington 86 Km 104m Oil shows

Albian: 48m
AE OGX-31 BM-C-41 Osorno Ocean Ambassador 79 Km 136m
Aptian: 23m
AJ OGX-36D BM-C-41 Pipeline D Ocean Star 77 Km 128m Albian: 60m

AH OGX-35D BM-C-39 Waikiki Direcional Ocean Lexington 89 Km 104m Albian-Cenomanian: 80m

43
43
¹ OGX Maranhão has 70% W.I. ² OGX has 70% W.I. and Maersk 30%

2
AG MRK-5 BM-C-37 Carambola B Blackford Dolphin 80 Km 130m Albian: 17m

AF OGX-33 BM-C-41 Chimborazo Pride Venezuela 84 Km 127m Albian: 42m

AK OGX-37 BM-C-43 Potosi Ocean Ambassador 87 Km 140m Oil Shows
BM-C-39 /
AO OGX-41D Waikiki - 2D Ocean Lexington 90 Km 110m Albian: 92m
BM-C-40
AN OGX-40D BM-C-41 Pipeline - 2D Sea Explorer 79 Km 130m Albian: 107m

AD OGX-30 BM-S-58 Salvador Ocean Quest 105 Km 151m Albian: 50m
1
AI OGX-34 PN-T-68 Bom Jesus QG-1 Onshore Block Devonian: 23m

AQ OGX-43D BM-C-41 Illimani - 1D Ocean Ambassador 80 km 140 m Albian: 50m
BM-C-39/ Albian-Cenomanian: 1,063m
AO OGX-44HP Waikiki Ocean Lexington 90 Km 110m
BM-C- 40 (horizontal section)
1
AL OGX-38 PN-T-68 Fazenda São José BCH-05 Onshore Block Devonian: 43m
1
AS OGX-46D PN-T-68 Califórnia – D QG-1 Onshore Block Devonian: 15m

AU OGX-48 BM-C-41 Pipeline – 4 Ocean Ambassador 75 Km 128m Albian: 12m
Eocene: 6m
AP OGX-42D BM-C-41 Pipeline - 3D Pride Venezuela 78 km 120m
Albian: 82m
Santonian: 1.7m
AW OGX-50D BM-C-41 Waimea – 3D Sea Explorer 84 Km 131m
Albian: 52m
AR OGX-45D BM-C-40 Waikiki – 3D Ocean Lexington 96 Km 109m Maastrichtian: 5m

AM OGX-39HP BM-C-41 Pipeline Horizontal Ocean Star 77 Km 128m Albian: 1,000m (horizontal section)

Santonian: 5m
AX OGX-52 BM-C-41 Tambora Ocean Ambassador 93 Km 128m
Albian: 96m

AS OGX-51DP PN-T-68¹ Califórnia - 2DP QG-1 Onshore Block Devonian: 8m

AV OGX-49 PN-T-68¹ Fazenda São José BCH-05 Onshore Block -

44


AY OGX-53D BM-C-41 Waimea – 2D Pride Venezuela 84 Km 132m Albian: 71m

BB OGX-57 PN-T-68¹ Fazenda São José - 2 QG-1 Onshore Block -

AT OGX-47 BM-S- 59 Maceió Ocean Quest 110Km 185m Santonian: 51m

AZ OGX-54 BM-C-41 Fuji - 2 Ocean Lexington 81Km 136m Albian: 24

BC OGX-58DP BM-C-41 Tambora Ocean Ambassador 93Km 128m -

BA OGX-56D BM-C-41 Fuji – 1D Ocean Star 77Km 128m Albian: 60m

BD OGX-59 PN-T-49¹ Fazenda Torrão BCH-05 Onshore Block Devonian: 9m
Albian-Cenomanian: 20m
BG OGX-62 BM-C-40 Ingá - 1 Ocean Lexington 93Km 105m
Santonian: 26m
AW OGX-55HP BM-C-41 Waimea – 3HP Sea Explorer 84Km 131m Albian: >1,000m (horizontal section)

BE GVR-1D PN-T-68¹ Gavião Real QG-1 Onshore Block Development well

BF OGX-61 BM-C-41 Illimani – 2 Ocean Ambassador 87 Km 124m Albian: 9m

BJ OGX-66 PN-T-67¹ Angical BCH-05 Onshore Block -

BI OGX-65D BM-C-41 Waimea – 4D ENSCO 5002 83 km 135m Albian: 97m

BG OGX-64DP BM-C-40 Ingá – 1DP Ocean Lexington 93 km 105m Santonian: 23m

BM PERN-1 BM-ES-374 Moriche Ocean Star 52 km 1,148m -

BP OGX-69 BM-C-41 Fuji - 4 ENSCO 5002 81 km 125m Albian: 38m

BN GVR-3D PN-T-68¹ Gavião Real QG-1 Onshore Block Development well

BO GVR-2D PN-T-68¹ Gavião Real BCH-05 Onshore Block Development well

BQ OGX-70 BM-C-41 Pipeline - 5 Ocean Lexington 80 km 123m -

45


AY OGX-60HP BM-C-41 Waimea – 2D ENSCO 5004 84 km 132m Albian: >1,000m (horizontal section)

Albian: 110m
BH OGX-63 BM-S-57 Fortaleza Ocean Quest 102 km 155m
Aptian: 150m (column)

BL OGX-67 BM-C-40 Ingá - 2 Ocean Ambassador 93 km 111m -

BS OGX-71 BM-C-40 Ingá - 3 Ocean Ambassador 93 km 112m -

BX OGX-73 BM-C-41 Osorno – 1 Ocean Ambassador 78 km 130m Albian: 37m

BT GVR-4D PN-T-681 Gavião Real QG-1 Onshore Block Development well

BR PERN-2 BM-ES-384 Guarapari Ocean Star 110 km 823m -
1
BU GVR-5D PN-T-68 Gavião Real BCH-05 Onshore Block Development well

BV OGX-72 BM-C-41 Pipeline – 7 Ocean Lexington 78 km 130m Albian: 129m

BZ GVR-6D PN-T-68¹ Gavião Real QG-1 Onshore Block Development well
BI OGX-68HP BM-C-41 Waimea – 4HP ENSCO 5004 83 km 135m Albian: > 1,000m (horizontal section)

CA OGX-76 BM-C-40 Peró - 1 Ocean Lexington 96 km 103m Albian: 6m

BY OGX-75 BM-C-41 Tambora – 3 Ocean Ambassador 86 km 130m Albian: 49m

CB OGX-77 PN-T-85¹ Fazenda Axixá BCH-05 Onshore Block Devonian: 2m

BW OGX-74 BM-S-59 Natal – 1 Ocean Quest 115 km 196m Santonian: 6m

CD GVR-8D PN-T-68¹ Gavião Real BCH-12 Onshore Block Development well

CG OGX-80 BM-C-41 Pipeline – 6 Ocean Lexington 76 km 128m Albian: 51m
Eocene: 6m
CH OGX-81 BM-C-41 Tambora – 2 Ocean Ambassador 87 km 139m
Albian: 62m
CF GVR-7DA PN-T-68¹ Gavião Real QG-1 Onshore Block Development well

4OGX
46
¹ OGX Maranhão has 70% W.I. ² OGX has 70% W.I. and Maersk 30% has 50% W.I. and Perenco is the operator


CE OGX-79 BM-C-39 Itacoatiara ENSCO 5004 89 km 102m Albian: 64m
CK OGX-82 PN-T-85¹ Fazenda São Francisco BCH-5 Onshore Block Devonian: 3m
CM OGX-84 BM-C-40 Ingá-4 Ocean Ambassador 96 km 107m -
CJ GVR-9 PN-T-68¹ Gavião Real BCH-12 Onshore Block Development well
CC OGX-78 BM-C-43 Honolulu ENSCO 5002 99 km 320m Aptian: 67m
CL OGX-83D BM-C-41 Tupungato - 1D Ocean Lexington 86 km 132m Albian: 83m
CN GVR-10D PN-T-68¹ Gavião Real QG-1 Onshore Block Development well
CP OGX-86 BM-C-39 Camboinhas ENSCO 5004 84 km 101m -
Maastrichtian: 8m
CQ OGX-87 BM-C-42 Villarrica Ocean Ambassador 87 km 138m
Paleocene: 2m
CR OGX-88 PN-T-68¹ Bom Jesus - 1 BCH-5 Onshore Block Carboniferous: 36m

CS GVR-12D PN-T-68¹ Gavião Real BCH-12 Onshore Block Development well
CT GVR-14D PN-T-68¹ Gavião Real QG-1 Onshore Block Development well
CX GVR-11D PN-T-68¹ Gavião Real BCH-12 Onshore Block Development well
CU OGX-89D BM-S-59 Natal – 2D Ocean Quest 111 km 170m Santonian: 7m
CV OGX-90D BM-C-41 Fuji - 3D ENSCO 5004 82 km 128m Albian: 2m
CW OGX-91D PN-T-67¹ SW Bom Jesus BCH-5 Onshore Block Carboniferous: 23m
DE OGX-95 PN-T-67¹ NW Bom Jesus BCH-5 Onshore Block Carboniferous: 4m
DD GVR-13D PN-T-68¹ Gavião Real BCH-12 Onshore Block Development well
CO OGX-85 BM-S-57 Fortaleza – 1 Ocean Star 85 km 155m Under analysis
CZ OGX-92 PN-T-84¹ Faz. Santa Maria TUS-125 Onshore Block -
DC OGX-93 PN-T-84¹ Rio Corda QG-1 Onshore Block -
GVR-15D
DD PN-T-68¹ Gavião Real TUS-125 Onshore Block Disposal well
(Disposal)
CY TBMT-1D/2HP BM-C-39 Tubarão Martelo Field Ocean Lexington 90 km 105m Development well
4OGX
47


DH OGX-97 PN-T-67¹ Basílios BCH-12 Onshore Block Gas shows
DI OGX-98 PN-T-68¹ N California QG-1 Onshore Block -
DF OGX-96 PN-T-50¹ Peritoró BCH-5 Onshore Block -
DG TBMT-3D/4HP BM-C-39 Tubarão Martelo Field Ocean Star 89 km 106m Development well
GVR-16D
DD PN-T-68¹ Gavião Real TUS-125 Onshore Block Disposal well
(Disposal)
DK OGX-100 BM-C-38² Viedma Ocean Lexington 75 km 139m Upper Cretaceous: 52m
DA TBAZ-1HP BM-C-41 Tubarão Azul Field ENSCO 5002 84 km 133m Development well
DJ OGX-99 BM-C-37² Cozumel ENSCO 5004 67 km 134m -
DL OGX-101 PN-T-68¹ Roncador QG-01 Onshore Block -
DM OGX-102 PN-T-67¹ Esperantinópolis BCH-12 Onshore Block Devonian: 3m
DF OGX-103 PN-T-50¹ Peritoró-2 BCH-5 Onshore Block -
DN OGX-104 BM-C-37² Tulum Ocean Lexington 69 km 123m Santonian: 35.5
DO OGX-105 PN-T-85¹ Rocha Lima QG-1 Onshore Block -

4OGX
48

PARNAÍBA BASIN
Gas Sale Contract with MPX

Revenue Schematic

Parnaíba II

(by Jan/14 $
20 year contract
50% take-or-pay)

$
Parnaíba I TPPs Gas Producers
(by Jan/13
15 year contract $
0% take-or-pay)

Future
Projects

(MPX and Petra) (OGX Maranhão and
Petra)

49

OGX Management Presentation

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