4. 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
5. 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$1.1bn
raised
6. OGX OWNERSHIP AND CORPORATE STRUCTURE
Free Float
23 Blocks
5 - Campos (100%) (2)
2 - Campos (70%) (2)
3 - Santos (100%) (2)
3 - Espírito Santo (50%)
5 - PAMA (100%) (2)
5 - Colombia (100%) (2)
8 Blocks
7 - Parnaíba (70%) (2)
1 – Parnaíba (50%) (2)
(1) EBX represented through Centennial Asset Mining Fund LLC (Nevada, USA) (“CAMF”)
(2) OGX as operator
(3) Market data as of May 3rd, 2013
(4) MPX S.A. holds 33.33%
Petróleo e Gás Participações S.A.
(Market Capitalization (3): ~ US$ 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
7. 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
8. 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
9. 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
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 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
13. 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
14. 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
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-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
17. 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
18. 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
19. 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
20. 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
21. 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
22. 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
23. 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
24. 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
25. 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
26. 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
27. 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
28. 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
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
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
31. 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
32. 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
33. 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
37. 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. 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
40. 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
41. 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
42. 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%
43. 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 -
44. 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
45. 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
46. 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
47. 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
48. 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
