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OGX Management Presentation

The presentation provides an overview of OGX, including: 1) OGX has a highly experienced management team and has successfully executed its exploration and production campaign. 2) OGX's portfolio contains 31 blocks in Brazil and Colombia with over 10 billion barrels of potential recoverable oil and gas. 3) OGX's business plan is based on the 4.1 billion barrels already discovered in Brazil's Campos Basin in shallow waters.

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MANAGEMENT PRESENTATION Rio de Janeiro | May 2013 |
AGENDA 1 2 3 4 OGX Overview OGX Portfolio and Execution OGX Operations Financial Overview Appendix Last update: 05/07/2013
OGX OVERVIEW 1
OGX OVERVIEW 4 Highly successful and experienced management team, combining unique intellectual capital and superior execution skills Overall exploratory success rate around 80% with important advances in exploration campaign World class E&P portfolio, mostly in shallow waters and onshore (low cost and off-the-shelf technology) 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
OGX MAIN ACCOMPLISHMENTS 5 Proven Execution Capability (From Concept To First Oil in Unprecedented Timing) With Fully Established Operations Comprising More Than 6,000 People OGX Creation US$1.3 bn raised through an equity Private Placement 21 blocks acquired during the 9th Bidding Round Jul/07 Nov/07 Jun/08 IPO: US$4.1 bn raised Aug/09 Jun/10 Bond: US$ 2.6bn raised Beginning of the drilling campaign Acquisition of 70% stake in the Parnaíba Assets Survey and interpretation of the 3D seismic data Procurement of all equipment and services necessary to initiate the drilling campaign May/11 5 onshore blocks acquired in Colombia Mar/12 Sep/09 Oct/11 Jan/12 Arrival of FPSO OSX-1 Total investments of ~ US$6.1 bn of Drilling Capex and Signature Bonus + ~ US$810 M of Seismic Campaign Total cash raised to date: US$9.4 bn 1st Oil New Bond: US$1.1bn raised
OGX OWNERSHIP AND CORPORATE STRUCTURE Free Float 23 Blocks 5 - Campos (100%) (2) 2 - Campos (70%) (2) 3 - Santos (100%) (2) 3 - Espírito Santo (50%) 5 - PAMA (100%) (2) 5 - Colombia (100%) (2) 8 Blocks 7 - Parnaíba (70%) (2) 1 – Parnaíba (50%) (2) (1) EBX represented through Centennial Asset Mining Fund LLC (Nevada, USA) (“CAMF”) (2) OGX as operator (3) Market data as of May 3rd, 2013 (4) MPX S.A. holds 33.33% Petróleo e Gás Participações S.A. (Market Capitalization (3): ~ US$ 3 Billion) Petróleo e Gás S.A. Maranhão Petróleo e Gás S.A. Average daily traded volume (1 month): ~ US$150 million  ~ 50 thousand investors 3rd most representative stock in Ibovespa index 5.4% One of the most liquid common shares 61%¹ 39% 99.99% 66.67%4 International OGX Austria 100.00% 100% 6
Luis Carneiro (33) Chief Executive Officer Armando Ferreira (31) Reservoir & Reserves Executive Manager José Roberto Faveret General Counsel Roberto Monteiro Chief Financial Officer Paulo de Tarso Guimarães (35) Exploration Officer 7 MANAGEMENT ORGANIZATION STRUCTURE(1) 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 Dolores Carvalho (35) E&P Laboratory Davilson Andrade (20) Exploration Campos & ES Celso Martins (34) Onshore Basin Ernani Porsche (33) International Moacir Santos (38) Geological Operations Marcos Amaral (28) Applied Technology José Sartori (39) Exploratory Management Paulo Otávio Gomes (25) Exploration Santos & PAMA Joaquim Dib Cohen (32) Oil & Gas Commercialization Olavo Foerch (32) Procurement Ricardo Juiniti (27) Drilling and Completion Billy Pinheiro (30) Logistics Vilmar Barbosa (27) Production Leandro Leme (31) HSE Reinaldo Belotti (34) Production Officer
HIGHLY QUALIFIED EXPLORATION TEAM 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 PBR Success Index Proven Track Record Having Opened Several New Oil Frontiers, Including The Pre-salt, and Discovering Over 50 New Oil Fields 8
BRAZIL Source: EIA-DOE, BP Statistical Review of World Energy 2010, Saudi Aramco, UPPSALA University, Petrobras, ANP and OGX analysis Source: ANP Still Significantly Under-explored Oil & Gas in The World Source: IHS Largest Oil And Gas Discoveries In The World Source: BP Statistical Review of World Energy 2010 & analyst estimates New Provinces Could Propel Brazil Into Top Reserves Holders Oil Resources - December 2009 (Bn bbl) % of sedimentary basins under concession 0 10 20 30 40 Bn Boe Brazil Turkmenistan Iran Kazakhstan China Russia Australia Kuwait Israel Saudi Arabia India Indonesia Venezuela Papua New Guinea Ghana + 35 bn boe 265 172 138 115 102 100 98 74 44 40 37 33 28 27 15 14 13 Saudi Arabia Venezuela Iran Iraq Kuwait Brazil post Tupi UAE Russia Libya Kazakhstan Nigeria Canada US Qatar China Angola Brazil Unlicensed 96% Licensed 4% COUNTRY HISTORICAL O&G PROD.(BN BOE) USA (1900-2010) 440 EX-USSR (1900-2010) 335 SAUDI ARABIA (1938-2010) 145 BRAZIL (1941-2010) 14.5 Brazil’s Historical Under-Exploration Underpins Massive Growth Opportunities for OGX 9 Unlicensed 96% Oil and Gas Discovered Volumes 2000 – 2010 (Bn boe) Vast Untapped Oil & Gas Potential
OGX PORTFOLIO AND EXECUTION 2
PORTFOLIO OGX PORTFOLIO 11 31 blocks: 26 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
Oil discoveries of 4.1 bn bbl are already under production development in the shallow waters of Campos Basin OGX PORTFOLIO POTENTIAL 73% Shallow Water 8% Deep Water 19% Onshore 79% Oil 21% Gas Portfolio Breakdown 12 Breakdown D&M Certified Volumes (Bnboe) Note: 1 Does not include Parnaíba 3C contingent resources of 141 million boe 10.8 C1 (4%) 0.1 C2 (19%) 0.6C3 (77%) 2.33.0 1.3 4.8 6.7¹ 6.5 Mar-08 Sep-09 Dec-10 Contingent Delineation Prospective
CAMPOS BASIN OGX’s Discovered Accumulations Confirm a New Hydrocarbon Province in the Southern Campos Basin ~400 MM bbl already declared commercial (Tubarão Azul and Tubarão Martelo Fields) 7 blocks operated by OGX Total area of 1,035 km2 Average water depth of ~120m 73 wells drilled ~90% of success rate Campos Basin 13 Low Risk, Shallow Water And Large Volumes
Areas Update– Not including pre-salt and exploratory prospects CAMPOS BASIN 14 Highlights Successful appraisal campaign with 40 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 Waikiki ComplexWaimea / Pipeline and Vesuvio Complexes
TUBARÃO AZUL FIELD (1ST MODULE) OGX-3 Albian: 80m Aptian/Barrem: 50m N.A. OGX-21D/OGX-26HP Albian: 14m N.A. OGX-50D/OGX-55HP Santonian: 1,7m Albian: 52m 1C OGX-53D/OGX-60HP Albian: 71m 1C OGX-65D/OGX-68HP Albian: 97m 1C 15 Waimea Complex – Not including pre-salt and exploratory prospects TAMBORA OGX-52 Santonian: 5m Albian: 96m N.A. OGX-58DP - N.A. OGX-75 Albian: 49m N.A. OGX-81 Albian: 62m N.A. ILLIMANI OGX-28D Albian: 24m N.A. OGX-43D Albian: 50m Del. OGX-61 Albian: 9m 3C TUPUNGATO OGX-20 Maastrich: 9m & 3m Albian: 50m Aptian: 42m N.A. OSORNO OGX-31 Albian: 48m Aptian: 23m N.A. OGX-73 Albian: 37m N.A. FUJI OGX-8 Albian: 43m Aptian: 44m N.A. OGX-56D Albian: 60m 3C OGX-69 Albian: 38m 3C CHIMBORAZO OGX-33 Albian: 42m N.A. Waimea Complex¹ WELL UNDER EVALUATION OGX-54 Albian: 24m Del. Note: 1 Figures in “meters” illustrate net pays of oil columns 2 Discovered after D&M „s Dec 2010 contingent resources report CAMPOS BASIN Source: Area estimates based exclusively on OGX‟s studies
TUBARÃO MARTELO FIELD OGX-25 Eocene: 8m (gas) Albocenomaniano: 145m N.A. OGX-35D Albocenomanian: 80m 3C OGX-41D/ OGX-44HP Albian: 92m 2C 16 INGÁ OGX-18 Santonian: Oil Shows Albian: 12m (oil column) N.A. OGX-62 Albocenomanian: 20m Santonian: 26m 2C OGX-64DP Santonian: 23m 3C OGX-67 - 3C OGX-71 - 3C ITACOATIARA OGX-79 Albian: 64m N.A. PERÓ OGX-14 Albian: 35m & 27m N.A. OGX-76² Albian: 6m 2C Waikiki Complex¹ WELLS UNDER EVALUATION OGX-45D Maastrich: 5m Del. OGX-29/32 Oil Shows N.A. Waikiki Complex – Not including pre-salt and exploratory prospects CAMPOS BASIN Source: Area estimates based exclusively on OGX‟s studies Notes: 1 Figures in “meters” illustrate net pays of oil columns
PIPELINE OGX-2A Eocene: Oil shows Cretac: Oil shows Albian: 100m Aptian: 50m Barremian: 15m N.A. OGX-36D/ OGX-39HP Albian: 60m 3C OGX-40D Albian: 107m 2C OGX-42D Eocene: 6m Albian: 82m 3C OGX-48 Albian: 12m 3C OGX-70 - 3C OGX-72 Albian: 129m 3C OGX-80³ Albian: 51m N.A. 17 SANTA HELENA (PIPELINE) OGX-15 Albian: 32m Aptian: 31m N.A. ETNA (PIPELINE) OGX-6 Albian: 74m Aptian: 17m N.A. Pipeline Complex¹ CARAMBOLA MRK-5 Albian: 17m N.A. RJS-105² Albian: 150m N.A. CARAMBOLA A (PIPELINE) MRK-3 Santonian: 14m Albian: 43m Aptian: 12m N.A. Pipeline Complex – Not including pre-salt and exploratory prospects CAMPOS BASIN Source: Area estimates based exclusively on OGX‟s studies Notes: 1 Figures in “meters” illustrate net pays of oil columns 2 RJS-105 well drilled by Petrobras 3 Discovered after D&M „s Dec 2010 contingent resources report
VESUVIO OGX-1 Eocene: 57m N.A. OGX-9D Eocene: 60m 1C OGX-13 Eocene: 10m 1C 18 KRAKATOA OGX-5 Maastrich: Oil shows Albian: 30m Aptian: 20m N.A. KILAWEA OGX-4 Eocene: 17m N.A. Vesuvio Complex¹ POTOSI (VESUVIO) OGX-37 Oil Shows N.A. Note: 1 Figures in “meters” illustrate net pays of oil columns Vesúvio Complex – Not including pre-salt and exploratory prospects CAMPOS BASIN Source: Area estimates based exclusively on OGX‟s studies
CAMPOS BASIN Production in the Tubarão Azul Field 19OGX First Oil Flowing Since January/12 Through EWT Electrical submersible pump BuoyOSX-1 Risers and Umbilicals Flexible lines Wet christmas tree OGX-26HP Wet christmas tree OGX-68HP Wet christmas tree TBAZ-1HP 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 Wet christmas tree Illustrative
CAMPOS BASIN Dec 23, 2011 Concluded the connection of the flexible lines to the detachable turret Sep 16, 2011 Granting of the preliminary and installation license by IBAMA Sep 17, 2011 Beginning of the subsea installation (piles, moorings and MWA) Dec 19, 2011 Flexible lines launched and connected to the wet christmas tree Dec 25, 2011 FPSO OSX-1 sets sail from the port of Rio de Janeiro Jan 31, 2012 FPSO OSX-1 begins production Jan 12, 2012 Connection of the FPSO OSX-1 to the turret Dec 18, 2009 Discovery of Waimea OGX-3 Oct 4, 2011 Arrival of the FPSO OSX-1 in Rio de Janeiro 1st Oil 20 From Discovery to 1st Oil in Waimea
OPERATIONS UPDATE: Production 21 Production in Tubarão Azul and Gavião Real fields 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 OGX Average Monthly Production (kboepd) Effective Production Days 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 Mar-13 Apr-13 OGX-26HP 29 31 30 29 20 - 27 30 31 30 31 29 28 29 16 OGX-68HP - - - 17 30 31 31 30 31 30 31 29 28 16 - TBAZ-1HP - - - - - - - - - - - 26 28 20 - Total 29 31 30 46 50 31 58 60 62 60 62 84 84 65 16 Average per offshore well (kboepd) 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 3.9 3.4 11.6 10.3 9.1 9.0 9.2 7.0 10.6 10.4 10.3 10.1 10.1 13.2 11.3 8.3 1.8 3.2 5.5 6.8 12.1 11.6 10.3 9.1 9.0 9.2 7.0 10.6 10.4 10.3 10.1 10.1 16.4 16.8 15.1 13.9 Onshore¹ ² Offshore
CAMPOS BASIN 2222 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 OSX-2/OSX-3 Flexible lines WHP-1/WHP-2 Dry christmas tree Wet christmas tree Illustrative
CAMPOS BASIN 23 1st oil expected for 2H13 EPC: MODEC Shipyard: Jurong Shipyard (JSL) – Singapore Technical specifications:  Production capacity: 100 kbbl/day  Storage capacity: 1.3 Mboe OSX-2 and OSX-3 Engineering Status OSX-2 Overview OSX-3 Overview 1st oil expected for 2H13 EPC: Single Buoy Moorings Inc (SBM) Shipyard: Keppel Fels - Singapore Technical specifications:  Production capacity: 100 kbbl/day  Storage capacity: 1.3 Mboe Both FPSOs Underway and On Schedule, Constructed in Top Tier Shipyards
FPSOs WHPs OSX-1: Production capacity of 60 kbpd and storage of 950 kbbl Average Day rate of US$ 263 k Arrived in Oct/11 First oil in Jan/12 OSX-2: Production capacity of 100 kbpd and storage of 1.3 Mbbl Expected Average day rate of US$ 360 k Contracted by OSX with SBM Expected delivery: 2H13 OSX-3: Production capacity of 100 kbpd and storage of 1.3 Mbbl Expected Average day rate of US$ 360 k Contracted by OSX with MODEC Expected delivery: 2H13 WHP-1: Capacity to drill up to 30 wells Equipment on-stream by the 1H14 Detailed engineering ongoing (EPC awarded to Techint by OSX) WHP-2: Capacity to drill up to 30 wells Equipment on-stream by 1H14 Detailed engineering ongoing (EPC awarded to Techint by OSX) OSX-4: Production capacity of 100 kbpd and storage of 1.3 Mbbl Order placed for Leasing contract and EPCI under procurement OSX-5: Production capacity of 100 kbpd and storage of 1.3 Mbbl Order placed for Leasing contract and EPCI under procurement Two sister VLCC´s (Very Large Crude Oil Carriers) purchased on November, 2010 by OSX to be converted into FPSOs SECURED PRODUCTION EQUIPMENT 2424 WHP-3 and WHP-4: Order placed for charter and construction with OSX Both WHPs will be built in the Açu Superport
Santos Basin is One of The Most Promising Exploratory Areas in Brazil, With Significant Potential For Gas and Light Oil 3 blocks operated by OGX (100% owned) Total area of ~417 km² Average water depth of ~150 m 14 wells drilled ~75% success rate Santos Basin SANTOS BASIN 25 High Potential
SANTOS BASIN Encouraging Results From 3 Drill-stem Tests Confirm Emergence of a New Oil, Gas and Condensate Center in The Region Exploratory Campaign 2010 Activities MRK-2B OGX-11D OGX-12 OGX-17 OGX-19 2011 Activities OGX-23 OGX-24 OGX-30 OGX-47 OGX-63 Maceió (OGX – 47) Gas and condensate (~20% with approx. 50° API) AOF production potential results:  Vertical well: 1.0M m³/day of gas  Horizontal well: 2.5M m³/day of gas Natal (OGX-11D) Gas and condensate (~25% with approx. 47° API) AOF production potential results:  Vertical well: 1.0 M m³/day of gas and 1.2K bbl/day of condensate  Horizontal well: 5.0M m³/day of gas and 6K bbl/day of condensate Drill-stem Tests Performed 26 2012 Activities OGX-74 OGX-85 OGX-89D OGX-94DA Illustrative Positive Drill-Stem Test Results Natal (OGX-74) Light oil (38º API) confirmation Sandstone reservoirs (Santonian age) 4 km distant from OGX-11D Drill-stem Test for Fluid Identification
New Frontier Basin With High Potential For Gas Production 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) ~60% success rate (28 wells drilled) Parnaíba Basin PARNAÍBA BASIN 27 Major Gas Province
Legend: Seismic Lines PARNAÍBA BASIN 28 8 blocks operated by OGX Maranhão Total area of 24,500 km² More than 20 prospects identified Beginning of GTU commercial production in January/13 MPX has obtained installation license of 3,722 MW 3 seismic crews working on the site 3 rigs operating simultaneously: 2 focused on exploration and 1 completion rig on the production development Parnaíba Complex Developing the Business Plan Legend: Seismic Lines
PARNAÍBA BASIN 29 MPX + PetraOGX Maranhão (70%) + Petra (30%) Parnaíba Development Schematic Gas Thermal Power Plant Development Notes: 1 Facilities cost includes: gathering system (lines and manifolds), a production facility for dry gas and a very short pipeline 2 Includes operating and maintenance of production facilities, lines, gas pipelines and wells Capex Total drilling cost: US$ 340 M Total facilities1 cost: US$ 110M Opex field life Less than US$ 0.30/1,000 cubic feet 29 Short Gas Pipeline (<2 km) Gasoduto 2 x 12" - 11,7 km CAMPO DE GAVIÃO AZUL Poçosdeprodução Manifold de produção SITE DA MPX Planta de Tratamento Site UTG OGX SManifold Production wells GTU TPP Project Development
PARNAÍBA BASIN 30 Execution Highlights Project Development Achieved first gas production at the end of Nov/12 with the commissioning of the GTU in the Gavião Real Field Revenue generation commenced in January 2013 Four turbines synchronized since Apr/13 All environmental permits granted Concluded drilling and completion of all 16 production wells planned for this phase of the project Future available production capacity of up to 7.5 million cubic meters per day GTU Site View
The New Frontier of Espírito Santo Has Proven to be a Very Active Petrolific System With Recent Important Discoveries in Neighboring Blocks 3 blocks operated by Perenco (OGX has 50% W.I.) Total area of ~2,172 km² Average water depth of ~1,000 m Espírito Santo Basin ESPÍRITO SANTO BASIN 31 New Frontier In Deep Water
New Frontier With Geological Model Similar to West Africa, Where Significant Discoveries Were Made Recently 5 blocks operated by OGX (100% owned) Total area of 960 km² Average water depth of ~60m Pará-Maranhão Basin PARÁ MARANHÃO BASIN 32 Promising New Frontier
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 5 blocks operated by OGX (100% owned), 3 of which are located close to Maracaibo Basin (~80 bn boe discovered and ~50 bn boe already produced) Colombian Basins COLOMBIA 33 Cesar-Ranchería and Lower Magdalena Valley Great Upside Potential
OGX OPERATIONS 3
OPERATIONAL CAPABILITIES AND STRUCTURE OFFSHORE DRILLING First Class Suppliers High Qualified Team Logistics Operational Support PLATFORM SUPPLY VESSEL (PSV) QUANTITY:5 CONTRACTOR: EDISON CHOUEST/ TIDE WATER ANCHOR HANDLING TUG SUPPLY (AHTS) QUANTITY: 3 CONTRACTOR: EDISON CHOUEST/ NORSKAN/MAERSK FAST SUPPLY VESSEL (FSV) QUANTITY: 1 CONTRACTOR: EDISON CHOUEST MID SIZE HELICOPTER QUANTITY: 3 CONTRACTOR: AERÓLEO OGX Team: ~380 employees Over 6,000 people dedicated 3D Room / IOSC EFFICIENCY, AGILITY AND OPERATIONAL SECURITY 35
4FINANCIAL OVERVIEW
Cash position of R$3.4 billion, or US$1.7 billion (as of December 31, 2012), to support exploration commitments, development and production ramp-up  OGX has the option to require controlling shareholder, Eike Batista, to purchase up to US$1.0 billion of new common shares of OGX at a price of R$6.30 per share Cash allocation in R$: R$1 billion (~29%)  Average cumulative gross return equivalent to 103% of the Interbank Deposit Rate (CDI), or 8.66% p.a. Cash Allocation in US$: US$1.2 billion (~71%)  Average cumulative gross return equivalent to 1.32% p.a. Cash position in fixed income instruments allocated to most solid financial institutions R$ billion Cash Position Evolution Cash Allocation 37 Itaú Unibanco 24% Santander 22% Morgan Stanley 17% BTG Pactual 16% Votorantim 12% CS 8% Others 1% 0.0 2.0 4.0 6.0 3Q12 OCT NOV 4Q12 Cash in R$ CASH POSITION
38 FPSO OSX-1 FINANCIAL RESULTS Total Sales Revenues of R$754 million and total EBITDA of R$286 million, reflecting the asset‟s high value Economies of scale will reduce costs per barrel Note: ¹ Sales occurred ​​during the Extended Well Test and before the declaration of commerciality - not accounted in Results and recorded as a reduction of "Fixed Assets” Pro Forma EBITDA 1st ¹ 2nd ¹ 3rd 4th Total 2012 5th 6th Overall Total Delivery Date 03/28/2012 4/21/2012 07/26/2012 10/15/2012 1/5/2013 2/7/2013 Operation Period 51 days 27 days 98 days 80 days 73 days 39 days Production related to the shipments - in barrels (bbls) 547,376 246,809 789,774 809,495 2,393,454 779,110 425,313 3,597,877 R$ ('000) Sales Revenues 118,003 55,996 150,686 174,707 499,392 165,000 89,634 754,026 Sales Taxes - - - - - - - - Royalties (10,687) (4,938) (14,842) (15,772) (46,239) (15,351) (8,685) (70,275) Leasing (24,078) (13,222) (52,708) (41,998) (132,006) (39,116) (20,868) (191,990) OSX Services (13,944) (7,236) (28,071) (22,499) (71,750) (25,194) (12,471) (109,415) Logistics (12,005) (7,410) (27,795) (18,405) (65,615) (8,355) (4,310) (78,280) Freight cost on sales - - - (5,831) (5,831) (3,877) (1,577) (11,285) Others (871) 36 (1,183) (1,529) (3,547) (2,394) (1,200) (7,141) EBITDA 56,418 23,226 26,087 68,673 174,404 70,713 40,523 285,640 % EBITDA / Revenues 47.81% 41.48% 17.31% 39.31% 34.92% 42.86% 45.21% 37.88% EBITDA / barrel - (R$/barrel) 103.07 94.11 33.03 84.83 72.87 90.76 95.28 79.39 2012 2013 Delivered cargos 1st cargo 2nd cargo 3rd cargo 4th cargo Avg. 2012 5th cargo 6th cargo Overall Average Leasing (268) (262) (268) (259) (264) (263) (263) (264) OSX Services (155) (143) (143) (139) (145) (169) (157) (151) Logistics (134) (147) (141) (113) (134) (56) (54) (108) Others (10) 1 (6) (9) (6) (16) (15) (9) Total (567) (551) (557) (520) (549) (504) (489) (531) Daily Cost (USD '000) 2012 2013
APPENDIX
ONGOING ACTIVITIES Well Block Accumulation Rig Coast Distance Water Depth Status Net Pay PERN-3 BM-ES-39³ Caju Ocean Star 105 km 1,428m In progress since Mar/31 OGX-68HP BM-C-41 Tubarão Azul Field (Workover) ENSCO-5004 83 km 135m In progress since Apr/19 Development well OGX-111 PN-T-68¹ SE Bom Jesus BCH-12 Onshore Block In progress since Apr/26 GVR-18 PN-T-68¹ Gavião Real Field BCH-5 Onshore Block In progress since Apr/29 Development well OGX-94DA BM-S-58 Curitiba (Drill-Stem Test) Ocean Quest 101 km 143m In progress since May/01 Campanian: 23.5m Santonian: 9m GVR-17 PN-T-68¹ Gavião Real Field (Completion) TUS-106 Onshore Block In progress since May/03 Development well 40 ¹ OGX Maranhão has 70% W.I. ² OGX has 70% W.I. and Maersk 30% ³OGX has 50% W.I. and Perenco is the operator
CONCLUDED WELLS (1 OF 7) Well Block Accumulation Rig Coast Distance Water Depth Net Pay 1- MRK - 2B BM-S-29 Abacate Sovereign Explorer 130 km 100 m Oil &Gas shows OGX-1 BM-C-43 Vesúvio Ocean Ambassador 85 km 140 m Eocene: 57m OGX-9D BM-C-41 Vesúvio Direcional Ocean Ambassador 87 km 142 m Eocene: 60m OGX-13 BM-C-41 Vesúvio Vertical Ocean Lexington 87 Km 138m Eocene: 10m OGX-2A BM-C-41 Pipeline Ocean Ambassador 77 km 130 m Eocene: Shows Cretac.: Shows Albian: 100m Aptian: 50m Barremian: 15m OGX-6 BM-C-41 Etna Ocean Quest 82 km 137 m Albian: 74m Aptian: 17m OGX-3 BM-C-41 Waimea Sea Explorer 83 km 130 m Albian: 80m Apt./Barrem: 50m OGX-8 BM-C-41 Fuji Ocean Star 82 km 125 m Albian: 43m Aptian: 44m OGX-4 BM-C-42 Kilawea Ocean Quest 79 km 150 m Eocene: 17m OGX-5 BM-C-43 Krakatoa Ocean Ambassador 79 km 145 m Maastric.: Shows Albian: 30m Aptian: 20m OGX-7A BM-C-42 Huna Ocean Lexington 86 km 152 m Albian: >17m Aptian: 35m OGX-10 BM-C-42 Hawaii Sea Explorer 79 km 158 m Cenomanian: 11m Albian: >13m Aptian: 40m OGX-11D BM-S-59 Natal Ocean Quest 84 km 180m Santonian: 75m OGX-12 BM-S-57 Niterói Ocean Star 95 km 150m - OGX-14 BM-C-40 Peró Ocean Lexington 96 km 104m Albian: 35m & 27m OGX-15 BM-C-41 Santa Helena Ocean Ambassador 78 km 130m Albian: 32m Aptian: 31m 41
CONCLUDED WELLS (2 OF 7) 4242 Well Block Accumulation Rig Coast Distance Water Depth Net Pay OGX-16 PN-T-681 California QG-1 Onshore Block Devonian: Gas shows, 23m & 25m (column) OGX-17 BM-S-56 Belém Ocean Star 85 Km 136m Albian: 43m OGX-18A BM-C-40 Ingá Ocean Lexington 95 Km 105m Santonian: Oil shows Albian: 12m (Oil column) OGX-19 BM-S-58 Aracaju Ocean Quest 112 Km 172m Santonian: 40m OGX-20 BM-C-41 Tupungato Ocean Ambassador 84 Km 132m Maastrichtian: 9m & 3m Albian: 50m Aptian: 42m OGX-21D BM-C-41 Waimea Direcional Sea Explorer 84 Km 134m Albian: 14m OGX-22 PN-T-681 Fazenda São José QG-1 Onshore Block Upper Devonian: 49m Lower Devonian: 47m OGX-23 BM-S-58 Ilhéus Ocean Quest 107 Km 152m - OGX-24 BM-S-56 Itagi Ocean Star 94 Km 140m - MRK-3/4P BM-C-372 Carambola – A Blackford Dolphin 74 Km 134m Santonian: 14m Albian: 43m Aptian: 12m OGX-25/27P BM-C-39 Waikiki Pride Venezuela 94 Km 105m Eocene: 8m (gas) Albian-cenomanian: 145m OGX-26HP BM-C-41 Waimea Horizontal Sea Explorer 84 Km 134m Albian: >1,000m (horizontal section) OGX-28D BM-C-41 Illimani Ocean Star 80 Km 126m Albian: 24m OGX-29/32 BM-C-39 Itaipu Ocean Lexington 86 Km 104m Oil shows OGX-31 BM-C-41 Osorno Ocean Ambassador 79 Km 136m Albian: 48m Aptian: 23m OGX-36D BM-C-41 Pipeline D Ocean Star 77 Km 128m Albian: 60m OGX-35D BM-C-39 Waikiki Direcional Ocean Lexington 89 Km 104m Albian-Cenomanian: 80m ¹ OGX Maranhão has 70% W.I. ² OGX has 70% W.I. and Maersk 30%
CONCLUDED WELLS (3 OF 7) ¹ OGX Maranhão has 70% W.I. ² OGX has 70% W.I. and Maersk 30% 43 Well Block Accumulation Rig Coast Distance Water Depth Net Pay MRK-5 BM-C-37 2 Carambola B Blackford Dolphin 80 Km 130m Albian: 17m OGX-33 BM-C-41 Chimborazo Pride Venezuela 84 Km 127m Albian: 42m OGX-37 BM-C-43 Potosi Ocean Ambassador 87 Km 140m Oil Shows OGX-41D BM-C-39 / BM-C-40 Waikiki - 2D Ocean Lexington 90 Km 110m Albian: 92m OGX-40D BM-C-41 Pipeline - 2D Sea Explorer 79 Km 130m Albian: 107m OGX-30 BM-S-58 Salvador Ocean Quest 105 Km 151m Albian: 50m OGX-34 PN-T-68 1 Bom Jesus QG-1 Onshore Block Devonian: 23m OGX-43D BM-C-41 Illimani - 1D Ocean Ambassador 80 km 140 m Albian: 50m OGX-44HP BM-C-39/ BM-C- 40 Waikiki Ocean Lexington 90 Km 110m Albian-Cenomanian: 1,063m (horizontal section) OGX-38 PN-T-68 1 Fazenda São José BCH-05 Onshore Block Devonian: 43m OGX-46D PN-T-68 1 Califórnia – D QG-1 Onshore Block Devonian: 15m OGX-48 BM-C-41 Pipeline – 4 Ocean Ambassador 75 Km 128m Albian: 12m OGX-42D BM-C-41 Pipeline - 3D Pride Venezuela 78 km 120m Eocene: 6m Albian: 82m OGX-50D BM-C-41 Waimea – 3D Sea Explorer 84 Km 131m Santonian: 1.7m Albian: 52m OGX-45D BM-C-40 Waikiki – 3D Ocean Lexington 96 Km 109m Maastrichtian: 5m OGX-39HP BM-C-41 Pipeline Horizontal Ocean Star 77 Km 128m Albian: 1,000m (horizontal section) OGX-52 BM-C-41 Tambora Ocean Ambassador 93 Km 128m Santonian: 5m Albian: 96m OGX-51DP PN-T-68¹ Califórnia - 2DP QG-1 Onshore Block Devonian: 8m OGX-49 PN-T-68¹ Fazenda São José BCH-05 Onshore Block -
CONCLUDED WELLS (4 OF 7) 44 Well Block Accumulation Rig Coast Distance Water Depth Net Pay OGX-53D BM-C-41 Waimea – 2D Pride Venezuela 84 Km 132m Albian: 71m OGX-57 PN-T-68¹ Fazenda São José - 2 QG-1 Onshore Block - OGX-47 BM-S- 59 Maceió Ocean Quest 110Km 185m Santonian: 51m OGX-54 BM-C-41 Fuji - 2 Ocean Lexington 81Km 136m Albian: 24 OGX-58DP BM-C-41 Tambora Ocean Ambassador 93Km 128m - OGX-56D BM-C-41 Fuji – 1D Ocean Star 77Km 128m Albian: 60m OGX-59 PN-T-49¹ Fazenda Torrão BCH-05 Onshore Block Devonian: 9m OGX-62 BM-C-40 Ingá - 1 Ocean Lexington 93Km 105m Albian-Cenomanian: 20m Santonian: 26m OGX-55HP BM-C-41 Waimea – 3HP Sea Explorer 84Km 131m Albian: >1,000m (horizontal section) GVR-1D PN-T-68¹ Gavião Real QG-1 Onshore Block Development well OGX-61 BM-C-41 Illimani – 2 Ocean Ambassador 87 Km 124m Albian: 9m OGX-66 PN-T-67¹ Angical BCH-05 Onshore Block - OGX-65D BM-C-41 Waimea – 4D ENSCO 5002 83 km 135m Albian: 97m OGX-64DP BM-C-40 Ingá – 1DP Ocean Lexington 93 km 105m Santonian: 23m PERN-1 BM-ES-37³ Moriche Ocean Star 52 km 1,148m - OGX-69 BM-C-41 Fuji - 4 ENSCO 5002 81 km 125m Albian: 38m GVR-3D PN-T-68¹ Gavião Real QG-1 Onshore Block Development well GVR-2D PN-T-68¹ Gavião Real BCH-05 Onshore Block Development well OGX-70 BM-C-41 Pipeline - 5 Ocean Lexington 80 km 123m - ¹ OGX Maranhão has 70% W.I. ² OGX has 70% W.I. and Maersk 30% ³OGX has 50% W.I. and Perenco is the operator
CONCLUDED WELLS (5 OF 7) ¹ OGX Maranhão has 70% W.I. ² OGX has 70% W.I. and Maersk 30% ³OGX has 50% W.I. and Perenco is the operator 45 Well Block Accumulation Rig Coast Distance Water Depth Net Pay OGX-60HP BM-C-41 Waimea – 2D ENSCO 5004 84 km 132m Albian: >1,000m (horizontal section) OGX-63 BM-S-57 Fortaleza Ocean Quest 102 km 155m Albian: 110m Aptian: 150m (column) OGX-67 BM-C-40 Ingá - 2 Ocean Ambassador 93 km 111m - OGX-71 BM-C-40 Ingá - 3 Ocean Ambassador 93 km 112m - OGX-73 BM-C-41 Osorno – 1 Ocean Ambassador 78 km 130m Albian: 37m GVR-4D PN-T-681 Gavião Real QG-1 Onshore Block Development well PERN-2 BM-ES-38³ Guarapari Ocean Star 110 km 823m - GVR-5D PN-T-681 Gavião Real BCH-05 Onshore Block Development well OGX-72 BM-C-41 Pipeline – 7 Ocean Lexington 78 km 130m Albian: 129m GVR-6D PN-T-68¹ Gavião Real QG-1 Onshore Block Development well OGX-68HP BM-C-41 Waimea – 4HP ENSCO 5004 83 km 135m Albian: > 1,000m (horizontal section) OGX-76 BM-C-40 Peró - 1 Ocean Lexington 96 km 103m Albian: 6m OGX-75 BM-C-41 Tambora – 3 Ocean Ambassador 86 km 130m Albian: 49m OGX-77 PN-T-85¹ Fazenda Axixá BCH-05 Onshore Block Devonian: 2m OGX-74 BM-S-59 Natal – 1 Ocean Quest 115 km 196m Santonian: 6m GVR-8D PN-T-68¹ Gavião Real BCH-12 Onshore Block Development well OGX-80 BM-C-41 Pipeline – 6 Ocean Lexington 76 km 128m Albian: 51m OGX-81 BM-C-41 Tambora – 2 Ocean Ambassador 87 km 139m Eocene: 6m Albian: 62m GVR-7DA PN-T-68¹ Gavião Real QG-1 Onshore Block Development well
CONCLUDED WELLS (6 OF 7) 46 Well Block Accumulation Rig Coast Distance Water Depth Net Pay OGX-79 BM-C-39 Itacoatiara ENSCO 5004 89 km 102m Albian: 64m OGX-82 PN-T-85¹ Fazenda São Francisco BCH-5 Onshore Block Devonian: 3m OGX-84 BM-C-40 Ingá-4 Ocean Ambassador 96 km 107m - GVR-9 PN-T-68¹ Gavião Real BCH-12 Onshore Block Development well OGX-78 BM-C-43 Honolulu ENSCO 5002 99 km 320m Aptian: 67m OGX-83D BM-C-41 Tupungato - 1D Ocean Lexington 86 km 132m Albian: 83m GVR-10D PN-T-68¹ Gavião Real QG-1 Onshore Block Development well OGX-86 BM-C-39 Camboinhas ENSCO 5004 84 km 101m - OGX-87 BM-C-42 Villarrica Ocean Ambassador 87 km 138m Maastrichtian: 8m Paleocene: 2m OGX-88 PN-T-68¹ Bom Jesus - 1 BCH-5 Onshore Block Carboniferous: 36m GVR-12D PN-T-68¹ Gavião Real BCH-12 Onshore Block Development well GVR-14D PN-T-68¹ Gavião Real QG-1 Onshore Block Development well GVR-11D PN-T-68¹ Gavião Real BCH-12 Onshore Block Development well OGX-89D BM-S-59 Natal – 2D Ocean Quest 111 km 170m Santonian: 7m OGX-90D BM-C-41 Fuji - 3D ENSCO 5004 82 km 128m Albian: 2m OGX-91D PN-T-67¹ SW Bom Jesus BCH-5 Onshore Block Carboniferous: 23m OGX-95 PN-T-67¹ NW Bom Jesus BCH-5 Onshore Block Carboniferous: 4m GVR-13D PN-T-68¹ Gavião Real BCH-12 Onshore Block Development well OGX-85 BM-S-57 Fortaleza – 1 Ocean Star 85 km 155m Under analysis OGX-92 PN-T-84¹ Faz. Santa Maria TUS-125 Onshore Block - OGX-93 PN-T-84¹ Rio Corda QG-1 Onshore Block - GVR-15D (Disposal) PN-T-68¹ Gavião Real TUS-125 Onshore Block Disposal well TBMT-1D/2HP BM-C-39 Tubarão Martelo Field Ocean Lexington 90 km 105m Development well ¹ OGX Maranhão has 70% W.I. ² OGX has 70% W.I. and Maersk 30% ³OGX has 50% W.I. and Perenco is the operator
CONCLUDED WELLS (7 OF 7) 47 Well Block Accumulation Rig Coast Distance Water Depth Net Pay OGX-97 PN-T-67¹ Basílios BCH-12 Onshore Block Gas shows OGX-98 PN-T-68¹ N California QG-1 Onshore Block - OGX-96 PN-T-50¹ Peritoró BCH-5 Onshore Block - TBMT-3D/4HP BM-C-39 Tubarão Martelo Field Ocean Star 89 km 106m Development well GVR-16D (Disposal) PN-T-68¹ Gavião Real TUS-125 Onshore Block Disposal well OGX-100 BM-C-38² Viedma Ocean Lexington 75 km 139m Upper Cretaceous: 52m TBAZ-1HP BM-C-41 Tubarão Azul Field ENSCO 5002 84 km 133m Development well OGX-99 BM-C-37² Cozumel ENSCO 5004 67 km 134m - OGX-101 PN-T-68¹ Roncador QG-01 Onshore Block - OGX-102 PN-T-67¹ Esperantinópolis BCH-12 Onshore Block Devonian: 3m OGX-103 PN-T-50¹ Peritoró-2 BCH-5 Onshore Block - OGX-104 BM-C-37² Tulum Ocean Lexington 69 km 123m Santonian: 35.5 OGX-105 PN-T-85¹ Rocha Lima QG-1 Onshore Block - OGX-106 BM-C-37² Cancun ENSCO-5004 62 km 130m - OGX-107 PN-T-49¹ Fazenda Chicote BCH-12 Onshore Block Devonian: 66m OGX-108 PN-T-49¹ Fazenda Santa Isabel BCH-5 Onshore Block Carboniferous: 24m OGX-109 BM-C-37² Viedma-1 ENSCO-5004 70 km 133m Santonian: 6m TBMT-10H BM-C-39 Tubarão Martelo Field Ocean Star 89 km 106m Development well TBMT-8H BM-C-39 Tubarão Martelo Field ENSCO-5002 90 km 107m Development well OGX-110 PN-T-67¹ São Raimundo BCH-12 Onshore Block Carboniferous: 27m ¹ OGX Maranhão has 70% W.I. ² OGX has 70% W.I. and Maersk 30% ³OGX has 50% W.I. and Perenco is the operator
TPPs Parnaíba II PARNAÍBA BASIN Revenue Schematic (OGX Maranhão and Petra) $ $ $ (by Jan/14 20 year contract 50% take-or-pay) (by Jan/13 15 year contract 0% take-or-pay) (MPX and Petra) Parnaíba I Future Projects Gas Producers 48 Gas Sale Contract with MPX
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OGX Management Presentation

  • 1.
    MANAGEMENT PRESENTATION Rio deJaneiro | May 2013 |
  • 2.
    AGENDA 1 2 3 4 OGX Overview OGX Portfolioand Execution OGX Operations Financial Overview Appendix Last update: 05/07/2013
  • 3.
  • 4.
    OGX OVERVIEW 4 Highly successfuland experienced management team, combining unique intellectual capital and superior execution skills Overall exploratory success rate around 80% with important advances in exploration campaign World class E&P portfolio, mostly in shallow waters and onshore (low cost and off-the-shelf technology) 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
  • 5.
    OGX MAIN ACCOMPLISHMENTS 5 ProvenExecution Capability (From Concept To First Oil in Unprecedented Timing) With Fully Established Operations Comprising More Than 6,000 People OGX Creation US$1.3 bn raised through an equity Private Placement 21 blocks acquired during the 9th Bidding Round Jul/07 Nov/07 Jun/08 IPO: US$4.1 bn raised Aug/09 Jun/10 Bond: US$ 2.6bn raised Beginning of the drilling campaign Acquisition of 70% stake in the Parnaíba Assets Survey and interpretation of the 3D seismic data Procurement of all equipment and services necessary to initiate the drilling campaign May/11 5 onshore blocks acquired in Colombia Mar/12 Sep/09 Oct/11 Jan/12 Arrival of FPSO OSX-1 Total investments of ~ US$6.1 bn of Drilling Capex and Signature Bonus + ~ US$810 M of Seismic Campaign Total cash raised to date: US$9.4 bn 1st Oil New Bond: US$1.1bn raised
  • 6.
    OGX OWNERSHIP ANDCORPORATE STRUCTURE Free Float 23 Blocks 5 - Campos (100%) (2) 2 - Campos (70%) (2) 3 - Santos (100%) (2) 3 - Espírito Santo (50%) 5 - PAMA (100%) (2) 5 - Colombia (100%) (2) 8 Blocks 7 - Parnaíba (70%) (2) 1 – Parnaíba (50%) (2) (1) EBX represented through Centennial Asset Mining Fund LLC (Nevada, USA) (“CAMF”) (2) OGX as operator (3) Market data as of May 3rd, 2013 (4) MPX S.A. holds 33.33% Petróleo e Gás Participações S.A. (Market Capitalization (3): ~ US$ 3 Billion) Petróleo e Gás S.A. Maranhão Petróleo e Gás S.A. Average daily traded volume (1 month): ~ US$150 million  ~ 50 thousand investors 3rd most representative stock in Ibovespa index 5.4% One of the most liquid common shares 61%¹ 39% 99.99% 66.67%4 International OGX Austria 100.00% 100% 6
  • 7.
    Luis Carneiro (33) ChiefExecutive Officer Armando Ferreira (31) Reservoir & Reserves Executive Manager José Roberto Faveret General Counsel Roberto Monteiro Chief Financial Officer Paulo de Tarso Guimarães (35) Exploration Officer 7 MANAGEMENT ORGANIZATION STRUCTURE(1) 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 Dolores Carvalho (35) E&P Laboratory Davilson Andrade (20) Exploration Campos & ES Celso Martins (34) Onshore Basin Ernani Porsche (33) International Moacir Santos (38) Geological Operations Marcos Amaral (28) Applied Technology José Sartori (39) Exploratory Management Paulo Otávio Gomes (25) Exploration Santos & PAMA Joaquim Dib Cohen (32) Oil & Gas Commercialization Olavo Foerch (32) Procurement Ricardo Juiniti (27) Drilling and Completion Billy Pinheiro (30) Logistics Vilmar Barbosa (27) Production Leandro Leme (31) HSE Reinaldo Belotti (34) Production Officer
  • 8.
    HIGHLY QUALIFIED EXPLORATIONTEAM 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 PBR Success Index Proven Track Record Having Opened Several New Oil Frontiers, Including The Pre-salt, and Discovering Over 50 New Oil Fields 8
  • 9.
    BRAZIL Source: EIA-DOE, BPStatistical Review of World Energy 2010, Saudi Aramco, UPPSALA University, Petrobras, ANP and OGX analysis Source: ANP Still Significantly Under-explored Oil & Gas in The World Source: IHS Largest Oil And Gas Discoveries In The World Source: BP Statistical Review of World Energy 2010 & analyst estimates New Provinces Could Propel Brazil Into Top Reserves Holders Oil Resources - December 2009 (Bn bbl) % of sedimentary basins under concession 0 10 20 30 40 Bn Boe Brazil Turkmenistan Iran Kazakhstan China Russia Australia Kuwait Israel Saudi Arabia India Indonesia Venezuela Papua New Guinea Ghana + 35 bn boe 265 172 138 115 102 100 98 74 44 40 37 33 28 27 15 14 13 Saudi Arabia Venezuela Iran Iraq Kuwait Brazil post Tupi UAE Russia Libya Kazakhstan Nigeria Canada US Qatar China Angola Brazil Unlicensed 96% Licensed 4% COUNTRY HISTORICAL O&G PROD.(BN BOE) USA (1900-2010) 440 EX-USSR (1900-2010) 335 SAUDI ARABIA (1938-2010) 145 BRAZIL (1941-2010) 14.5 Brazil’s Historical Under-Exploration Underpins Massive Growth Opportunities for OGX 9 Unlicensed 96% Oil and Gas Discovered Volumes 2000 – 2010 (Bn boe) Vast Untapped Oil & Gas Potential
  • 10.
    OGX PORTFOLIO ANDEXECUTION 2
  • 11.
    PORTFOLIO OGX PORTFOLIO 11 31 blocks:26 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
  • 12.
    Oil discoveries of4.1 bn bbl are already under production development in the shallow waters of Campos Basin OGX PORTFOLIO POTENTIAL 73% Shallow Water 8% Deep Water 19% Onshore 79% Oil 21% Gas Portfolio Breakdown 12 Breakdown D&M Certified Volumes (Bnboe) Note: 1 Does not include Parnaíba 3C contingent resources of 141 million boe 10.8 C1 (4%) 0.1 C2 (19%) 0.6C3 (77%) 2.33.0 1.3 4.8 6.7¹ 6.5 Mar-08 Sep-09 Dec-10 Contingent Delineation Prospective
  • 13.
    CAMPOS BASIN OGX’s DiscoveredAccumulations Confirm a New Hydrocarbon Province in the Southern Campos Basin ~400 MM bbl already declared commercial (Tubarão Azul and Tubarão Martelo Fields) 7 blocks operated by OGX Total area of 1,035 km2 Average water depth of ~120m 73 wells drilled ~90% of success rate Campos Basin 13 Low Risk, Shallow Water And Large Volumes
  • 14.
    Areas Update– Notincluding pre-salt and exploratory prospects CAMPOS BASIN 14 Highlights Successful appraisal campaign with 40 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 Waikiki ComplexWaimea / Pipeline and Vesuvio Complexes
  • 15.
    TUBARÃO AZUL FIELD(1ST MODULE) OGX-3 Albian: 80m Aptian/Barrem: 50m N.A. OGX-21D/OGX-26HP Albian: 14m N.A. OGX-50D/OGX-55HP Santonian: 1,7m Albian: 52m 1C OGX-53D/OGX-60HP Albian: 71m 1C OGX-65D/OGX-68HP Albian: 97m 1C 15 Waimea Complex – Not including pre-salt and exploratory prospects TAMBORA OGX-52 Santonian: 5m Albian: 96m N.A. OGX-58DP - N.A. OGX-75 Albian: 49m N.A. OGX-81 Albian: 62m N.A. ILLIMANI OGX-28D Albian: 24m N.A. OGX-43D Albian: 50m Del. OGX-61 Albian: 9m 3C TUPUNGATO OGX-20 Maastrich: 9m & 3m Albian: 50m Aptian: 42m N.A. OSORNO OGX-31 Albian: 48m Aptian: 23m N.A. OGX-73 Albian: 37m N.A. FUJI OGX-8 Albian: 43m Aptian: 44m N.A. OGX-56D Albian: 60m 3C OGX-69 Albian: 38m 3C CHIMBORAZO OGX-33 Albian: 42m N.A. Waimea Complex¹ WELL UNDER EVALUATION OGX-54 Albian: 24m Del. Note: 1 Figures in “meters” illustrate net pays of oil columns 2 Discovered after D&M „s Dec 2010 contingent resources report CAMPOS BASIN Source: Area estimates based exclusively on OGX‟s studies
  • 16.
    TUBARÃO MARTELO FIELD OGX-25Eocene: 8m (gas) Albocenomaniano: 145m N.A. OGX-35D Albocenomanian: 80m 3C OGX-41D/ OGX-44HP Albian: 92m 2C 16 INGÁ OGX-18 Santonian: Oil Shows Albian: 12m (oil column) N.A. OGX-62 Albocenomanian: 20m Santonian: 26m 2C OGX-64DP Santonian: 23m 3C OGX-67 - 3C OGX-71 - 3C ITACOATIARA OGX-79 Albian: 64m N.A. PERÓ OGX-14 Albian: 35m & 27m N.A. OGX-76² Albian: 6m 2C Waikiki Complex¹ WELLS UNDER EVALUATION OGX-45D Maastrich: 5m Del. OGX-29/32 Oil Shows N.A. Waikiki Complex – Not including pre-salt and exploratory prospects CAMPOS BASIN Source: Area estimates based exclusively on OGX‟s studies Notes: 1 Figures in “meters” illustrate net pays of oil columns
  • 17.
    PIPELINE OGX-2A Eocene: Oilshows Cretac: Oil shows Albian: 100m Aptian: 50m Barremian: 15m N.A. OGX-36D/ OGX-39HP Albian: 60m 3C OGX-40D Albian: 107m 2C OGX-42D Eocene: 6m Albian: 82m 3C OGX-48 Albian: 12m 3C OGX-70 - 3C OGX-72 Albian: 129m 3C OGX-80³ Albian: 51m N.A. 17 SANTA HELENA (PIPELINE) OGX-15 Albian: 32m Aptian: 31m N.A. ETNA (PIPELINE) OGX-6 Albian: 74m Aptian: 17m N.A. Pipeline Complex¹ CARAMBOLA MRK-5 Albian: 17m N.A. RJS-105² Albian: 150m N.A. CARAMBOLA A (PIPELINE) MRK-3 Santonian: 14m Albian: 43m Aptian: 12m N.A. Pipeline Complex – Not including pre-salt and exploratory prospects CAMPOS BASIN Source: Area estimates based exclusively on OGX‟s studies Notes: 1 Figures in “meters” illustrate net pays of oil columns 2 RJS-105 well drilled by Petrobras 3 Discovered after D&M „s Dec 2010 contingent resources report
  • 18.
    VESUVIO OGX-1 Eocene: 57mN.A. OGX-9D Eocene: 60m 1C OGX-13 Eocene: 10m 1C 18 KRAKATOA OGX-5 Maastrich: Oil shows Albian: 30m Aptian: 20m N.A. KILAWEA OGX-4 Eocene: 17m N.A. Vesuvio Complex¹ POTOSI (VESUVIO) OGX-37 Oil Shows N.A. Note: 1 Figures in “meters” illustrate net pays of oil columns Vesúvio Complex – Not including pre-salt and exploratory prospects CAMPOS BASIN Source: Area estimates based exclusively on OGX‟s studies
  • 19.
    CAMPOS BASIN Production inthe Tubarão Azul Field 19OGX First Oil Flowing Since January/12 Through EWT Electrical submersible pump BuoyOSX-1 Risers and Umbilicals Flexible lines Wet christmas tree OGX-26HP Wet christmas tree OGX-68HP Wet christmas tree TBAZ-1HP 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 Wet christmas tree Illustrative
  • 20.
    CAMPOS BASIN Dec 23, 2011 Concludedthe connection of the flexible lines to the detachable turret Sep 16, 2011 Granting of the preliminary and installation license by IBAMA Sep 17, 2011 Beginning of the subsea installation (piles, moorings and MWA) Dec 19, 2011 Flexible lines launched and connected to the wet christmas tree Dec 25, 2011 FPSO OSX-1 sets sail from the port of Rio de Janeiro Jan 31, 2012 FPSO OSX-1 begins production Jan 12, 2012 Connection of the FPSO OSX-1 to the turret Dec 18, 2009 Discovery of Waimea OGX-3 Oct 4, 2011 Arrival of the FPSO OSX-1 in Rio de Janeiro 1st Oil 20 From Discovery to 1st Oil in Waimea
  • 21.
    OPERATIONS UPDATE: Production 21 Productionin Tubarão Azul and Gavião Real fields 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 OGX Average Monthly Production (kboepd) Effective Production Days 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 Mar-13 Apr-13 OGX-26HP 29 31 30 29 20 - 27 30 31 30 31 29 28 29 16 OGX-68HP - - - 17 30 31 31 30 31 30 31 29 28 16 - TBAZ-1HP - - - - - - - - - - - 26 28 20 - Total 29 31 30 46 50 31 58 60 62 60 62 84 84 65 16 Average per offshore well (kboepd) 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 3.9 3.4 11.6 10.3 9.1 9.0 9.2 7.0 10.6 10.4 10.3 10.1 10.1 13.2 11.3 8.3 1.8 3.2 5.5 6.8 12.1 11.6 10.3 9.1 9.0 9.2 7.0 10.6 10.4 10.3 10.1 10.1 16.4 16.8 15.1 13.9 Onshore¹ ² Offshore
  • 22.
    CAMPOS BASIN 2222 OSX-2 andOSX-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 OSX-2/OSX-3 Flexible lines WHP-1/WHP-2 Dry christmas tree Wet christmas tree Illustrative
  • 23.
    CAMPOS BASIN 23 1st oilexpected for 2H13 EPC: MODEC Shipyard: Jurong Shipyard (JSL) – Singapore Technical specifications:  Production capacity: 100 kbbl/day  Storage capacity: 1.3 Mboe OSX-2 and OSX-3 Engineering Status OSX-2 Overview OSX-3 Overview 1st oil expected for 2H13 EPC: Single Buoy Moorings Inc (SBM) Shipyard: Keppel Fels - Singapore Technical specifications:  Production capacity: 100 kbbl/day  Storage capacity: 1.3 Mboe Both FPSOs Underway and On Schedule, Constructed in Top Tier Shipyards
  • 24.
    FPSOs WHPs OSX-1: Production capacityof 60 kbpd and storage of 950 kbbl Average Day rate of US$ 263 k Arrived in Oct/11 First oil in Jan/12 OSX-2: Production capacity of 100 kbpd and storage of 1.3 Mbbl Expected Average day rate of US$ 360 k Contracted by OSX with SBM Expected delivery: 2H13 OSX-3: Production capacity of 100 kbpd and storage of 1.3 Mbbl Expected Average day rate of US$ 360 k Contracted by OSX with MODEC Expected delivery: 2H13 WHP-1: Capacity to drill up to 30 wells Equipment on-stream by the 1H14 Detailed engineering ongoing (EPC awarded to Techint by OSX) WHP-2: Capacity to drill up to 30 wells Equipment on-stream by 1H14 Detailed engineering ongoing (EPC awarded to Techint by OSX) OSX-4: Production capacity of 100 kbpd and storage of 1.3 Mbbl Order placed for Leasing contract and EPCI under procurement OSX-5: Production capacity of 100 kbpd and storage of 1.3 Mbbl Order placed for Leasing contract and EPCI under procurement Two sister VLCC´s (Very Large Crude Oil Carriers) purchased on November, 2010 by OSX to be converted into FPSOs SECURED PRODUCTION EQUIPMENT 2424 WHP-3 and WHP-4: Order placed for charter and construction with OSX Both WHPs will be built in the Açu Superport
  • 25.
    Santos Basin isOne of The Most Promising Exploratory Areas in Brazil, With Significant Potential For Gas and Light Oil 3 blocks operated by OGX (100% owned) Total area of ~417 km² Average water depth of ~150 m 14 wells drilled ~75% success rate Santos Basin SANTOS BASIN 25 High Potential
  • 26.
    SANTOS BASIN Encouraging ResultsFrom 3 Drill-stem Tests Confirm Emergence of a New Oil, Gas and Condensate Center in The Region Exploratory Campaign 2010 Activities MRK-2B OGX-11D OGX-12 OGX-17 OGX-19 2011 Activities OGX-23 OGX-24 OGX-30 OGX-47 OGX-63 Maceió (OGX – 47) Gas and condensate (~20% with approx. 50° API) AOF production potential results:  Vertical well: 1.0M m³/day of gas  Horizontal well: 2.5M m³/day of gas Natal (OGX-11D) Gas and condensate (~25% with approx. 47° API) AOF production potential results:  Vertical well: 1.0 M m³/day of gas and 1.2K bbl/day of condensate  Horizontal well: 5.0M m³/day of gas and 6K bbl/day of condensate Drill-stem Tests Performed 26 2012 Activities OGX-74 OGX-85 OGX-89D OGX-94DA Illustrative Positive Drill-Stem Test Results Natal (OGX-74) Light oil (38º API) confirmation Sandstone reservoirs (Santonian age) 4 km distant from OGX-11D Drill-stem Test for Fluid Identification
  • 27.
    New Frontier BasinWith High Potential For Gas Production 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) ~60% success rate (28 wells drilled) Parnaíba Basin PARNAÍBA BASIN 27 Major Gas Province
  • 28.
    Legend: Seismic Lines PARNAÍBA BASIN 28 8blocks operated by OGX Maranhão Total area of 24,500 km² More than 20 prospects identified Beginning of GTU commercial production in January/13 MPX has obtained installation license of 3,722 MW 3 seismic crews working on the site 3 rigs operating simultaneously: 2 focused on exploration and 1 completion rig on the production development Parnaíba Complex Developing the Business Plan Legend: Seismic Lines
  • 29.
    PARNAÍBA BASIN 29 MPX +PetraOGX Maranhão (70%) + Petra (30%) Parnaíba Development Schematic Gas Thermal Power Plant Development Notes: 1 Facilities cost includes: gathering system (lines and manifolds), a production facility for dry gas and a very short pipeline 2 Includes operating and maintenance of production facilities, lines, gas pipelines and wells Capex Total drilling cost: US$ 340 M Total facilities1 cost: US$ 110M Opex field life Less than US$ 0.30/1,000 cubic feet 29 Short Gas Pipeline (<2 km) Gasoduto 2 x 12" - 11,7 km CAMPO DE GAVIÃO AZUL Poçosdeprodução Manifold de produção SITE DA MPX Planta de Tratamento Site UTG OGX SManifold Production wells GTU TPP Project Development
  • 30.
    PARNAÍBA BASIN 30 Execution Highlights ProjectDevelopment Achieved first gas production at the end of Nov/12 with the commissioning of the GTU in the Gavião Real Field Revenue generation commenced in January 2013 Four turbines synchronized since Apr/13 All environmental permits granted Concluded drilling and completion of all 16 production wells planned for this phase of the project Future available production capacity of up to 7.5 million cubic meters per day GTU Site View
  • 31.
    The New Frontierof Espírito Santo Has Proven to be a Very Active Petrolific System With Recent Important Discoveries in Neighboring Blocks 3 blocks operated by Perenco (OGX has 50% W.I.) Total area of ~2,172 km² Average water depth of ~1,000 m Espírito Santo Basin ESPÍRITO SANTO BASIN 31 New Frontier In Deep Water
  • 32.
    New Frontier WithGeological Model Similar to West Africa, Where Significant Discoveries Were Made Recently 5 blocks operated by OGX (100% owned) Total area of 960 km² Average water depth of ~60m Pará-Maranhão Basin PARÁ MARANHÃO BASIN 32 Promising New Frontier
  • 33.
    Balanced Portfolio ofExploratory Assets, Combining Production Regions With Less Explored Areas Next to The Maracaibo Basin, One of The Most Prolific Provinces in The World 5 blocks operated by OGX (100% owned), 3 of which are located close to Maracaibo Basin (~80 bn boe discovered and ~50 bn boe already produced) Colombian Basins COLOMBIA 33 Cesar-Ranchería and Lower Magdalena Valley Great Upside Potential
  • 34.
  • 35.
    OPERATIONAL CAPABILITIES ANDSTRUCTURE OFFSHORE DRILLING First Class Suppliers High Qualified Team Logistics Operational Support PLATFORM SUPPLY VESSEL (PSV) QUANTITY:5 CONTRACTOR: EDISON CHOUEST/ TIDE WATER ANCHOR HANDLING TUG SUPPLY (AHTS) QUANTITY: 3 CONTRACTOR: EDISON CHOUEST/ NORSKAN/MAERSK FAST SUPPLY VESSEL (FSV) QUANTITY: 1 CONTRACTOR: EDISON CHOUEST MID SIZE HELICOPTER QUANTITY: 3 CONTRACTOR: AERÓLEO OGX Team: ~380 employees Over 6,000 people dedicated 3D Room / IOSC EFFICIENCY, AGILITY AND OPERATIONAL SECURITY 35
  • 36.
  • 37.
    Cash position ofR$3.4 billion, or US$1.7 billion (as of December 31, 2012), to support exploration commitments, development and production ramp-up  OGX has the option to require controlling shareholder, Eike Batista, to purchase up to US$1.0 billion of new common shares of OGX at a price of R$6.30 per share Cash allocation in R$: R$1 billion (~29%)  Average cumulative gross return equivalent to 103% of the Interbank Deposit Rate (CDI), or 8.66% p.a. Cash Allocation in US$: US$1.2 billion (~71%)  Average cumulative gross return equivalent to 1.32% p.a. Cash position in fixed income instruments allocated to most solid financial institutions R$ billion Cash Position Evolution Cash Allocation 37 Itaú Unibanco 24% Santander 22% Morgan Stanley 17% BTG Pactual 16% Votorantim 12% CS 8% Others 1% 0.0 2.0 4.0 6.0 3Q12 OCT NOV 4Q12 Cash in R$ CASH POSITION
  • 38.
    38 FPSO OSX-1 FINANCIALRESULTS Total Sales Revenues of R$754 million and total EBITDA of R$286 million, reflecting the asset‟s high value Economies of scale will reduce costs per barrel Note: ¹ Sales occurred ​​during the Extended Well Test and before the declaration of commerciality - not accounted in Results and recorded as a reduction of "Fixed Assets” Pro Forma EBITDA 1st ¹ 2nd ¹ 3rd 4th Total 2012 5th 6th Overall Total Delivery Date 03/28/2012 4/21/2012 07/26/2012 10/15/2012 1/5/2013 2/7/2013 Operation Period 51 days 27 days 98 days 80 days 73 days 39 days Production related to the shipments - in barrels (bbls) 547,376 246,809 789,774 809,495 2,393,454 779,110 425,313 3,597,877 R$ ('000) Sales Revenues 118,003 55,996 150,686 174,707 499,392 165,000 89,634 754,026 Sales Taxes - - - - - - - - Royalties (10,687) (4,938) (14,842) (15,772) (46,239) (15,351) (8,685) (70,275) Leasing (24,078) (13,222) (52,708) (41,998) (132,006) (39,116) (20,868) (191,990) OSX Services (13,944) (7,236) (28,071) (22,499) (71,750) (25,194) (12,471) (109,415) Logistics (12,005) (7,410) (27,795) (18,405) (65,615) (8,355) (4,310) (78,280) Freight cost on sales - - - (5,831) (5,831) (3,877) (1,577) (11,285) Others (871) 36 (1,183) (1,529) (3,547) (2,394) (1,200) (7,141) EBITDA 56,418 23,226 26,087 68,673 174,404 70,713 40,523 285,640 % EBITDA / Revenues 47.81% 41.48% 17.31% 39.31% 34.92% 42.86% 45.21% 37.88% EBITDA / barrel - (R$/barrel) 103.07 94.11 33.03 84.83 72.87 90.76 95.28 79.39 2012 2013 Delivered cargos 1st cargo 2nd cargo 3rd cargo 4th cargo Avg. 2012 5th cargo 6th cargo Overall Average Leasing (268) (262) (268) (259) (264) (263) (263) (264) OSX Services (155) (143) (143) (139) (145) (169) (157) (151) Logistics (134) (147) (141) (113) (134) (56) (54) (108) Others (10) 1 (6) (9) (6) (16) (15) (9) Total (567) (551) (557) (520) (549) (504) (489) (531) Daily Cost (USD '000) 2012 2013
  • 39.
  • 40.
    ONGOING ACTIVITIES Well BlockAccumulation Rig Coast Distance Water Depth Status Net Pay PERN-3 BM-ES-39³ Caju Ocean Star 105 km 1,428m In progress since Mar/31 OGX-68HP BM-C-41 Tubarão Azul Field (Workover) ENSCO-5004 83 km 135m In progress since Apr/19 Development well OGX-111 PN-T-68¹ SE Bom Jesus BCH-12 Onshore Block In progress since Apr/26 GVR-18 PN-T-68¹ Gavião Real Field BCH-5 Onshore Block In progress since Apr/29 Development well OGX-94DA BM-S-58 Curitiba (Drill-Stem Test) Ocean Quest 101 km 143m In progress since May/01 Campanian: 23.5m Santonian: 9m GVR-17 PN-T-68¹ Gavião Real Field (Completion) TUS-106 Onshore Block In progress since May/03 Development well 40 ¹ OGX Maranhão has 70% W.I. ² OGX has 70% W.I. and Maersk 30% ³OGX has 50% W.I. and Perenco is the operator
  • 41.
    CONCLUDED WELLS (1OF 7) Well Block Accumulation Rig Coast Distance Water Depth Net Pay 1- MRK - 2B BM-S-29 Abacate Sovereign Explorer 130 km 100 m Oil &Gas shows OGX-1 BM-C-43 Vesúvio Ocean Ambassador 85 km 140 m Eocene: 57m OGX-9D BM-C-41 Vesúvio Direcional Ocean Ambassador 87 km 142 m Eocene: 60m OGX-13 BM-C-41 Vesúvio Vertical Ocean Lexington 87 Km 138m Eocene: 10m OGX-2A BM-C-41 Pipeline Ocean Ambassador 77 km 130 m Eocene: Shows Cretac.: Shows Albian: 100m Aptian: 50m Barremian: 15m OGX-6 BM-C-41 Etna Ocean Quest 82 km 137 m Albian: 74m Aptian: 17m OGX-3 BM-C-41 Waimea Sea Explorer 83 km 130 m Albian: 80m Apt./Barrem: 50m OGX-8 BM-C-41 Fuji Ocean Star 82 km 125 m Albian: 43m Aptian: 44m OGX-4 BM-C-42 Kilawea Ocean Quest 79 km 150 m Eocene: 17m OGX-5 BM-C-43 Krakatoa Ocean Ambassador 79 km 145 m Maastric.: Shows Albian: 30m Aptian: 20m OGX-7A BM-C-42 Huna Ocean Lexington 86 km 152 m Albian: >17m Aptian: 35m OGX-10 BM-C-42 Hawaii Sea Explorer 79 km 158 m Cenomanian: 11m Albian: >13m Aptian: 40m OGX-11D BM-S-59 Natal Ocean Quest 84 km 180m Santonian: 75m OGX-12 BM-S-57 Niterói Ocean Star 95 km 150m - OGX-14 BM-C-40 Peró Ocean Lexington 96 km 104m Albian: 35m & 27m OGX-15 BM-C-41 Santa Helena Ocean Ambassador 78 km 130m Albian: 32m Aptian: 31m 41
  • 42.
    CONCLUDED WELLS (2OF 7) 4242 Well Block Accumulation Rig Coast Distance Water Depth Net Pay OGX-16 PN-T-681 California QG-1 Onshore Block Devonian: Gas shows, 23m & 25m (column) OGX-17 BM-S-56 Belém Ocean Star 85 Km 136m Albian: 43m OGX-18A BM-C-40 Ingá Ocean Lexington 95 Km 105m Santonian: Oil shows Albian: 12m (Oil column) OGX-19 BM-S-58 Aracaju Ocean Quest 112 Km 172m Santonian: 40m OGX-20 BM-C-41 Tupungato Ocean Ambassador 84 Km 132m Maastrichtian: 9m & 3m Albian: 50m Aptian: 42m OGX-21D BM-C-41 Waimea Direcional Sea Explorer 84 Km 134m Albian: 14m OGX-22 PN-T-681 Fazenda São José QG-1 Onshore Block Upper Devonian: 49m Lower Devonian: 47m OGX-23 BM-S-58 Ilhéus Ocean Quest 107 Km 152m - OGX-24 BM-S-56 Itagi Ocean Star 94 Km 140m - MRK-3/4P BM-C-372 Carambola – A Blackford Dolphin 74 Km 134m Santonian: 14m Albian: 43m Aptian: 12m OGX-25/27P BM-C-39 Waikiki Pride Venezuela 94 Km 105m Eocene: 8m (gas) Albian-cenomanian: 145m OGX-26HP BM-C-41 Waimea Horizontal Sea Explorer 84 Km 134m Albian: >1,000m (horizontal section) OGX-28D BM-C-41 Illimani Ocean Star 80 Km 126m Albian: 24m OGX-29/32 BM-C-39 Itaipu Ocean Lexington 86 Km 104m Oil shows OGX-31 BM-C-41 Osorno Ocean Ambassador 79 Km 136m Albian: 48m Aptian: 23m OGX-36D BM-C-41 Pipeline D Ocean Star 77 Km 128m Albian: 60m OGX-35D BM-C-39 Waikiki Direcional Ocean Lexington 89 Km 104m Albian-Cenomanian: 80m ¹ OGX Maranhão has 70% W.I. ² OGX has 70% W.I. and Maersk 30%
  • 43.
    CONCLUDED WELLS (3OF 7) ¹ OGX Maranhão has 70% W.I. ² OGX has 70% W.I. and Maersk 30% 43 Well Block Accumulation Rig Coast Distance Water Depth Net Pay MRK-5 BM-C-37 2 Carambola B Blackford Dolphin 80 Km 130m Albian: 17m OGX-33 BM-C-41 Chimborazo Pride Venezuela 84 Km 127m Albian: 42m OGX-37 BM-C-43 Potosi Ocean Ambassador 87 Km 140m Oil Shows OGX-41D BM-C-39 / BM-C-40 Waikiki - 2D Ocean Lexington 90 Km 110m Albian: 92m OGX-40D BM-C-41 Pipeline - 2D Sea Explorer 79 Km 130m Albian: 107m OGX-30 BM-S-58 Salvador Ocean Quest 105 Km 151m Albian: 50m OGX-34 PN-T-68 1 Bom Jesus QG-1 Onshore Block Devonian: 23m OGX-43D BM-C-41 Illimani - 1D Ocean Ambassador 80 km 140 m Albian: 50m OGX-44HP BM-C-39/ BM-C- 40 Waikiki Ocean Lexington 90 Km 110m Albian-Cenomanian: 1,063m (horizontal section) OGX-38 PN-T-68 1 Fazenda São José BCH-05 Onshore Block Devonian: 43m OGX-46D PN-T-68 1 Califórnia – D QG-1 Onshore Block Devonian: 15m OGX-48 BM-C-41 Pipeline – 4 Ocean Ambassador 75 Km 128m Albian: 12m OGX-42D BM-C-41 Pipeline - 3D Pride Venezuela 78 km 120m Eocene: 6m Albian: 82m OGX-50D BM-C-41 Waimea – 3D Sea Explorer 84 Km 131m Santonian: 1.7m Albian: 52m OGX-45D BM-C-40 Waikiki – 3D Ocean Lexington 96 Km 109m Maastrichtian: 5m OGX-39HP BM-C-41 Pipeline Horizontal Ocean Star 77 Km 128m Albian: 1,000m (horizontal section) OGX-52 BM-C-41 Tambora Ocean Ambassador 93 Km 128m Santonian: 5m Albian: 96m OGX-51DP PN-T-68¹ Califórnia - 2DP QG-1 Onshore Block Devonian: 8m OGX-49 PN-T-68¹ Fazenda São José BCH-05 Onshore Block -
  • 44.
    CONCLUDED WELLS (4OF 7) 44 Well Block Accumulation Rig Coast Distance Water Depth Net Pay OGX-53D BM-C-41 Waimea – 2D Pride Venezuela 84 Km 132m Albian: 71m OGX-57 PN-T-68¹ Fazenda São José - 2 QG-1 Onshore Block - OGX-47 BM-S- 59 Maceió Ocean Quest 110Km 185m Santonian: 51m OGX-54 BM-C-41 Fuji - 2 Ocean Lexington 81Km 136m Albian: 24 OGX-58DP BM-C-41 Tambora Ocean Ambassador 93Km 128m - OGX-56D BM-C-41 Fuji – 1D Ocean Star 77Km 128m Albian: 60m OGX-59 PN-T-49¹ Fazenda Torrão BCH-05 Onshore Block Devonian: 9m OGX-62 BM-C-40 Ingá - 1 Ocean Lexington 93Km 105m Albian-Cenomanian: 20m Santonian: 26m OGX-55HP BM-C-41 Waimea – 3HP Sea Explorer 84Km 131m Albian: >1,000m (horizontal section) GVR-1D PN-T-68¹ Gavião Real QG-1 Onshore Block Development well OGX-61 BM-C-41 Illimani – 2 Ocean Ambassador 87 Km 124m Albian: 9m OGX-66 PN-T-67¹ Angical BCH-05 Onshore Block - OGX-65D BM-C-41 Waimea – 4D ENSCO 5002 83 km 135m Albian: 97m OGX-64DP BM-C-40 Ingá – 1DP Ocean Lexington 93 km 105m Santonian: 23m PERN-1 BM-ES-37³ Moriche Ocean Star 52 km 1,148m - OGX-69 BM-C-41 Fuji - 4 ENSCO 5002 81 km 125m Albian: 38m GVR-3D PN-T-68¹ Gavião Real QG-1 Onshore Block Development well GVR-2D PN-T-68¹ Gavião Real BCH-05 Onshore Block Development well OGX-70 BM-C-41 Pipeline - 5 Ocean Lexington 80 km 123m - ¹ OGX Maranhão has 70% W.I. ² OGX has 70% W.I. and Maersk 30% ³OGX has 50% W.I. and Perenco is the operator
  • 45.
    CONCLUDED WELLS (5OF 7) ¹ OGX Maranhão has 70% W.I. ² OGX has 70% W.I. and Maersk 30% ³OGX has 50% W.I. and Perenco is the operator 45 Well Block Accumulation Rig Coast Distance Water Depth Net Pay OGX-60HP BM-C-41 Waimea – 2D ENSCO 5004 84 km 132m Albian: >1,000m (horizontal section) OGX-63 BM-S-57 Fortaleza Ocean Quest 102 km 155m Albian: 110m Aptian: 150m (column) OGX-67 BM-C-40 Ingá - 2 Ocean Ambassador 93 km 111m - OGX-71 BM-C-40 Ingá - 3 Ocean Ambassador 93 km 112m - OGX-73 BM-C-41 Osorno – 1 Ocean Ambassador 78 km 130m Albian: 37m GVR-4D PN-T-681 Gavião Real QG-1 Onshore Block Development well PERN-2 BM-ES-38³ Guarapari Ocean Star 110 km 823m - GVR-5D PN-T-681 Gavião Real BCH-05 Onshore Block Development well OGX-72 BM-C-41 Pipeline – 7 Ocean Lexington 78 km 130m Albian: 129m GVR-6D PN-T-68¹ Gavião Real QG-1 Onshore Block Development well OGX-68HP BM-C-41 Waimea – 4HP ENSCO 5004 83 km 135m Albian: > 1,000m (horizontal section) OGX-76 BM-C-40 Peró - 1 Ocean Lexington 96 km 103m Albian: 6m OGX-75 BM-C-41 Tambora – 3 Ocean Ambassador 86 km 130m Albian: 49m OGX-77 PN-T-85¹ Fazenda Axixá BCH-05 Onshore Block Devonian: 2m OGX-74 BM-S-59 Natal – 1 Ocean Quest 115 km 196m Santonian: 6m GVR-8D PN-T-68¹ Gavião Real BCH-12 Onshore Block Development well OGX-80 BM-C-41 Pipeline – 6 Ocean Lexington 76 km 128m Albian: 51m OGX-81 BM-C-41 Tambora – 2 Ocean Ambassador 87 km 139m Eocene: 6m Albian: 62m GVR-7DA PN-T-68¹ Gavião Real QG-1 Onshore Block Development well
  • 46.
    CONCLUDED WELLS (6OF 7) 46 Well Block Accumulation Rig Coast Distance Water Depth Net Pay OGX-79 BM-C-39 Itacoatiara ENSCO 5004 89 km 102m Albian: 64m OGX-82 PN-T-85¹ Fazenda São Francisco BCH-5 Onshore Block Devonian: 3m OGX-84 BM-C-40 Ingá-4 Ocean Ambassador 96 km 107m - GVR-9 PN-T-68¹ Gavião Real BCH-12 Onshore Block Development well OGX-78 BM-C-43 Honolulu ENSCO 5002 99 km 320m Aptian: 67m OGX-83D BM-C-41 Tupungato - 1D Ocean Lexington 86 km 132m Albian: 83m GVR-10D PN-T-68¹ Gavião Real QG-1 Onshore Block Development well OGX-86 BM-C-39 Camboinhas ENSCO 5004 84 km 101m - OGX-87 BM-C-42 Villarrica Ocean Ambassador 87 km 138m Maastrichtian: 8m Paleocene: 2m OGX-88 PN-T-68¹ Bom Jesus - 1 BCH-5 Onshore Block Carboniferous: 36m GVR-12D PN-T-68¹ Gavião Real BCH-12 Onshore Block Development well GVR-14D PN-T-68¹ Gavião Real QG-1 Onshore Block Development well GVR-11D PN-T-68¹ Gavião Real BCH-12 Onshore Block Development well OGX-89D BM-S-59 Natal – 2D Ocean Quest 111 km 170m Santonian: 7m OGX-90D BM-C-41 Fuji - 3D ENSCO 5004 82 km 128m Albian: 2m OGX-91D PN-T-67¹ SW Bom Jesus BCH-5 Onshore Block Carboniferous: 23m OGX-95 PN-T-67¹ NW Bom Jesus BCH-5 Onshore Block Carboniferous: 4m GVR-13D PN-T-68¹ Gavião Real BCH-12 Onshore Block Development well OGX-85 BM-S-57 Fortaleza – 1 Ocean Star 85 km 155m Under analysis OGX-92 PN-T-84¹ Faz. Santa Maria TUS-125 Onshore Block - OGX-93 PN-T-84¹ Rio Corda QG-1 Onshore Block - GVR-15D (Disposal) PN-T-68¹ Gavião Real TUS-125 Onshore Block Disposal well TBMT-1D/2HP BM-C-39 Tubarão Martelo Field Ocean Lexington 90 km 105m Development well ¹ OGX Maranhão has 70% W.I. ² OGX has 70% W.I. and Maersk 30% ³OGX has 50% W.I. and Perenco is the operator
  • 47.
    CONCLUDED WELLS (7OF 7) 47 Well Block Accumulation Rig Coast Distance Water Depth Net Pay OGX-97 PN-T-67¹ Basílios BCH-12 Onshore Block Gas shows OGX-98 PN-T-68¹ N California QG-1 Onshore Block - OGX-96 PN-T-50¹ Peritoró BCH-5 Onshore Block - TBMT-3D/4HP BM-C-39 Tubarão Martelo Field Ocean Star 89 km 106m Development well GVR-16D (Disposal) PN-T-68¹ Gavião Real TUS-125 Onshore Block Disposal well OGX-100 BM-C-38² Viedma Ocean Lexington 75 km 139m Upper Cretaceous: 52m TBAZ-1HP BM-C-41 Tubarão Azul Field ENSCO 5002 84 km 133m Development well OGX-99 BM-C-37² Cozumel ENSCO 5004 67 km 134m - OGX-101 PN-T-68¹ Roncador QG-01 Onshore Block - OGX-102 PN-T-67¹ Esperantinópolis BCH-12 Onshore Block Devonian: 3m OGX-103 PN-T-50¹ Peritoró-2 BCH-5 Onshore Block - OGX-104 BM-C-37² Tulum Ocean Lexington 69 km 123m Santonian: 35.5 OGX-105 PN-T-85¹ Rocha Lima QG-1 Onshore Block - OGX-106 BM-C-37² Cancun ENSCO-5004 62 km 130m - OGX-107 PN-T-49¹ Fazenda Chicote BCH-12 Onshore Block Devonian: 66m OGX-108 PN-T-49¹ Fazenda Santa Isabel BCH-5 Onshore Block Carboniferous: 24m OGX-109 BM-C-37² Viedma-1 ENSCO-5004 70 km 133m Santonian: 6m TBMT-10H BM-C-39 Tubarão Martelo Field Ocean Star 89 km 106m Development well TBMT-8H BM-C-39 Tubarão Martelo Field ENSCO-5002 90 km 107m Development well OGX-110 PN-T-67¹ São Raimundo BCH-12 Onshore Block Carboniferous: 27m ¹ OGX Maranhão has 70% W.I. ² OGX has 70% W.I. and Maersk 30% ³OGX has 50% W.I. and Perenco is the operator
  • 48.
    TPPs Parnaíba II PARNAÍBA BASIN RevenueSchematic (OGX Maranhão and Petra) $ $ $ (by Jan/14 20 year contract 50% take-or-pay) (by Jan/13 15 year contract 0% take-or-pay) (MPX and Petra) Parnaíba I Future Projects Gas Producers 48 Gas Sale Contract with MPX