OGX has a world class portfolio of oil and gas assets totaling 10.8 billion barrels of potential resources. The portfolio includes assets in 5 Brazilian sedimentary basins as well as onshore Colombia. The company's business plan is focused on developing 4.1 billion barrels already discovered in shallow waters of the Campos Basin. OGX also has assets in promising new frontiers like the Parnaiba gas basin, Para-Maranhão basin, and deepwater Espirito Santo basin.

1. Management Presentation

2. Disclaimer
This presentation uses the terms “potential petroleum quantities”, “prospective resources” and “contingent resources” to describe those quantities of
petroleum that are potentially recoverable from accumulations yet to be discovered. Because of the uncertainty of commerciality and lack of sufficient
exploration drilling, and the lack of identified prospects, leads, or future development and exploration projects, the potential petroleum quantities
estimated herein cannot be classified as prospective resources, contingent resources or reserves, and the prospective resources and contingent resources
cannot be classified as reserves. Investors are advised that the U.S. Securities and Exchange Commission (SEC) and other international securities
regulators do not recognize potential petroleum quantities and prospective and contingent resources. There is no certainty that any portion of the
potential petroleum quantities or prospective resources will be discovered and, if discovered, whether they could be developed economically.
Therefore, investors are cautioned not to assume that all or any part of OGX’s potential petroleum quantities or prospective resources exist, or that they
can be developed economically. Accordingly, information concerning potential petroleum quantities and prospective and contingent resources contained
in this presentation are not comparable to information permitted to be made public by U.S. or other international companies subject to SEC reporting and
disclosure requirements, especially Regulation S-K under the Securities Act.
Certain of the information and conclusions set forth herein are based on projections. These projections were prepared for the limited purpose of
analyzing the potential risks and benefits of an investment in the securities by illustrating under certain limited assumptions projected capital and
operating expenditures, installed production capacity, expected production, and number of wells drilled. In addition, because of the subjective judgments
and inherent uncertainties of projections and because the projections are based on a number of assumptions, which are subject to significant
uncertainties and contingencies that are beyond the control of OGX, there can be no assurance that the projections or conclusions derived therefrom will
be realized. Under no circumstances should the projections set forth herein be regarded as a representation, warranty or prediction that OGX will achieve
or is likely to achieve any particular future result. There can be no assurance that OGX’s future results or projections will not vary significantly from those
set forth herein. Accordingly, investors may lose all of their investment to the extent the projections or conclusions included herein are not ultimately
realized.
This presentation also contains forward-looking statements, which may be identified by such words as "may", "plans", "expects", "believes" and similar
expressions, or by their context. These statements are made on the basis of current knowledge and, by their nature, involve numerous assumptions and
uncertainties.
This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither this
presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Recipients of this presentation are not to
construe the contents of this summary as legal, tax or investment advice and recipients should consult their own advisors in this regard.
Various factors could cause OGX's actual future results, performance or events to differ materially from those described in this presentation. In no event
shall OGX or the members of its board, directors, assigns or employees be liable to any third party (including investors) for investment decisions or acts
or business carried out based on the information and statements that appear in this presentation, or for indirect damage, lost profit or related issues.
OGX does not intend to provide to potential shareholders with a revision of the statements or an analysis of the differences between the statements and
the actual results. You are urged to carefully review OGX's offering circular, including the risk factors included therein. This presentation does not purport
to be all-inclusive or to contain all the information that a prospective investor may desire in evaluating OGX. Each investor must conduct and rely on its
own evaluation, including of the associated risks, in making an investment decision.11
2

3. Agenda
 OGX Overview
 OGX Portfolio
 OGX Operations
 Execution on Track
 Financial Overview
 Appendix
Last update: 12/19/11
3

4. OGX Overview

5. OGX Overview
 OGX is among the 15 largest pure E&P companies globally with a market cap of
approximately US$25 billion, and is the 3rd most traded stock in Latin America
 World class E&P portfolio with 10.8 billion boe of potential resources, mostly in shallow
waters and onshore (low cost and off-the-shelf technology)
 Multi-billion barrel discoveries and overall success rate exceeding 90% with high
productivity reservoirs amongst the best in Brazil
 Solid cash position allows OGX to conclude the largest and most successful private
sector exploratory campaign in Brazil and to support production development (more
than 70 wells spud since the beginning of its exploratory campaign in Aug. 2009)
 Highly successful and experienced management team, combining unique intellectual
capital and superior execution skills
 Proven execution capability (from concept to oil in an unprecedented timing) with fully
established operations comprising more than 5,000 people
 Brazil’s historical under-exploration underpins massive growth opportunities for OGX
5

6. OGX Main Accomplishments
Arrival of FPSO
OSX-1 1st
Oil
1 block acquired
OGX Main Accomplishments 5 onshore
blocks
in Parnaíba (50%
stake) Jan/12
acquired in
Colombia Bond: US$ 2.6bn
raised
Updated OGX
portfolio to 10.8
bn(1) boe of
1st FPSO secured potential
for 20 years resources Oct/11
US$1.3 bn Beginning of the OGX included in
raised through an drilling campaign the Ibovespa
equity Private Index Sep/11
Placement
21 blocks acquired Acquisition of
May/11
during the 9th 70% stake in the
Bidding Round Parnaíba Assets
Apr/11  Total investments of
US$ 4.1bn of Drilling
Jun/10
Capex and Bonus
IPO: US$4.1 bn Signature + US$ 245
raised Jan/10 M of Seismic
OGX Campaign
Creation Sep/09 Survey and interpretation
of the 3D seismic data  Total cash raised to
Aug/09
Procurement of all date: US$8.0 bn
Jun/08 equipment and services
necessary to initiate the
Nov/07
Jul/07 drilling campaign
Proven execution capability (from concept to first oil in unprecedented timing) with
fully established operations comprising more than 5,000 people
(1) Calculated by OGX based on potential, prospective and contingent volumes contained in the DeGolyer and
MacNaughton Reports
6

7. OGX Ownership and Corporate Structure
(1)
Free Float
Free Float
 Daily traded
61% 39%
average
volume (1 month):
~ US$184 million
 ~33 thousand
investors
Petróleo e Gás Participações S.A.  3rd most
(Market Capitalization (3): ~ US$25 Billion) representative stock
in Ibovespa index
4.1%
99.99% 99.99% 66.67% (4)  Most liquid
common share
Petróleo e OGX Campos Maranhão
Gás Ltda. Petróleo e Gás Petróleo e Gás Ltda.
S.A.
30%
100% 70% 100%
20 Blocks 7 Blocks 8 Blocks
 5 - Santos (100%) (2)  5 - Campos (100%) (2)  7 - Parnaíba (70%) (2)
 5 - Espirito Santo (50%)  2 - Campos (50%)  1 – Parnaíba (50%) (2)
 5 - PAMA (100%) (2)
 5 - Colombia (100%) (2)
(1) EBX represented through Centennial Asset Mining Fund LLC (Nevada, USA)
(“CAMF”)
(2) OGX as operator
(3) Market data as of September 30, 2011
(4) MPX S.A. holds 33.33%
7

8. Management Organization Structure (1)
CEO
Eike Batista
Gen. Exec. Officer
Paulo Mendonça (38)
Oil & Gas Commercialization
Joaquim Dib Cohen (32)
Exploration Officer General Counsel CFO Production Officer
Paulo Mendonça (38) José Roberto Faveret Marcelo Torres Reinaldo Belotti (34)
Exploration Santos and Eq.
Exploration Campos-ES Procurement Production Development
Margin
Paulo Ricardo (28) Olavo Foerch (32) José Brito (42)
Edmundo Marques (24)
Reservoir & Reserves E&P Laboratory Drilling
Roberto Toledo (31) Dolores Carvalho (35) Ricardo Juiniti (27)
Onshore Basin Strategic Alliances Logistics
Celso Martins (34) Luiz Reis (45) Billy Pinheiro (30)
New Areas Executive Manager
International Production
Paulo de Tarso Guimarães
Ernani Posrche (33) Ricardo Abiramia (24)
(34)
Geological Operations Applied Technology HSE
Moacir Santos (38) Marcos Amaral (28) Leandro Leme (31)
Highly successful and committed management team,
Combining unique intellectual capital and superior execution skills
(1) Parentheses represent years experience in the E&P industry
8

9. Highly Qualified Exploration Team
PBR success index
Exploratory Team
 Paulo Mendonça 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 10 billion boe and
more than 50 new
fields discovered
Proven track record having opened several new oil frontiers, including the pre-
salt, and discovering over 50 new oil fields
9

10. Brazil: VastVast UntappedGas Potential
Brazil: Untapped Oil & Oil & Gas Potential
Largest oil and gas New provinces could propel Still significantly under-explored
discoveries in the world Brazil into top reserves holders
% of sedimentary basins under concession
Brazil + 35 bn boe Saudi Arabia 265 Licensed
4%
Turkmenistan Venezuela 172
Iran Iran 138
Kazakhstan Iraq 115
China Kuwait Unlicensed
102
Russia 96%
Brazil post Tupi 100
Australia
UAE 98
Kuwait
Russia 74
Israel Source: ANP
Libya 44 Oil & gas in the world
Saudi Arabia
Kazakhstan 40
India
Nigeria 37 Historical Oil & Gas
Indonesia Country Production (bn boe)
Canada
Venezuela 33
USA
US (1900-2010) 440
Papua 28
New Guinea Qatar 27
EX-USSR 335
(1900-2010)
Ghana China 15 SAUDI ARABIA 145
Angola (1938-2010)
0 10 20 30 40 14
BRAZIL
Bn Boe Brazil 13 (1941-2010) 14.5
Oil and Gas Discovered Volumes
2000 – 2010 (Bn boe) Oil Resources - December 2009 (Bn bbl)
Source: IHS Source: BP Statistical Review of World Energy 2010 & analyst estimates Source: EIA-DOE, BP Statistical Review of World Energy 2010, Saudi
Aramco, UPPSALA University, Petrobras, ANP and OGX analysis
Brazil’s historical under-exploration underpins massive growth opportunities for OGX
10

11. OGX Portfolio

12. OGX Portfolio
 35 blocks: 30 blocks in 5 Brazilian sedimentary basins and 5 onshore blocks in 3 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
Portfolio
Shallow water Shallow water
~120m ~150m
Shallow water Deep water
~60m ~1,000m
12

13. Campos Basin: Low Risk, Shallow Water and Large
Campos Basin
 5.7 bn bbl of net 3C, net
delineation and net mean
risked prospective
resources, evaluated by
D&M (pre-salt not
included)
 5 blocks operated by
OGX (100% owned) and 2
operated by Maersk Oil
(50% owned)
 Total area of 1,177 km2
 Average water depth of
~120m
OGX’s discovered accumulations confirm a new hydrocarbon  52 wells drilled
province in the southern Campos Basin
 Almost 100% success rate
13

14. Santos Basin: High Potential
Santos Basin
 1.8 bn boe of net risked
prospective resources (POS
of 27%), evaluated by D&M
 5 blocks operated by OGX
(100% owned)
 Total area of 820 km²
 Average water depth of
~150 m
 10 wells drilled
 2 recent successful tests
(OGX-47 and OGX-11D) –
20-25% condensate with
great flow rates
Santos Basin is one of the most promising exploratory areas in  ~ 65% success rate
Brazil, with significant potential for gas and light oil
14

15. Parnaíba Basin: Major Gas Province
Parnaíba basin
 1.0 bn boe of net risked
mean prospective resources
POS (17%) and net 3C,
evaluated by D&M
 8 blocks operated by OGX
Maranhão
 Total area of 24,500 km²
 Monetization of gas
through thermoelectric
plants to be developed by
MPX/Petra (3,722 MW
already licensed)
 >75% success rate (10
wells drilled)
 Commerciality declared for
New frontier Basin with high potential for gas production 2 accumulations
15

16. Pará Maranhão Basin: Promising New Frontier
Pará-Maranhão Basin
 447 mn boe of net mean
risked prospective
resources (POS of 21%),
evaluated by D&M
 5 blocks operated by
OGX (100% owned)
 Total area of 960 km²
 Average water depth of
~60m
 1st well to be drilled in
2012
New frontier with geological model similar to West
Africa, where significant discoveries were made recently
16

17. Espírito Santo Basin: New Frontier in Deep Water
Espírito Santo Basin
 817 mn boe of net mean
risked prospective
resources (POS of 33%),
evaluated by D&M
 5 blocks operated by
Perenco (50% owned)
 Total area of 3,620 km²
 Average water depth of
~1,000 m
 1st well initiated drilling
in 4Q11 (Moriche)
The new frontier of Espírito Santo has proven to be a very  2nd well in 1Q12
(Guarapari)
active petrolific system with recent important discoveries in
neighboring blocks
17

18. Colombia: Cesar-Ranchería, Middle and Lower
Magdalena Valleys: Great Upside Potential
Colombian Basins
MARACAIBO  1.1 bn boe of net
BASIN
prospective resources
and net potential
petroleum quantities,
evaluated by D&M
 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)
 Beginning of the Seismic
Balanced portfolio of exploratory assets, combining production regions Campaign in 2H11
with less explored areas next to the Maracaibo basin, one of the most
prolific provinces in the world
18

19. OGX Portfolio Potential: Breakdown
Portfolio Breakdown
OGX Portfolio Potential(1) OGX
billion boe (7) Net 19%
CAMPOS 5.7 Onshore
(2)
Contingent 3.0 8%
(3)
Delineation 1.3 Deep 73%
Prospective (POS = 56.2%) 1.4 Water Shallow
Water
SANTOS (4)(6) (POS = 27.0%) 1.8
(4)
ESPÍRITO SANTO (POS = 32.6%) 0.8
(4)
PARÁ-MARANHÃO (POS = 21.3%) 0.4
PARNAÍBA 1.0
(2)
Contingent 0.1
21%
Conventional Prospective (POS = 16.5%) 0.6 Gas
Unconventional Prospective (POS = 18.2%) 0.4
79%
COLOMBIA 1.1
Oil
Prospective (POS = 10.4%)(4) 0.1
(5)
Potential Petroleum Quantities 1.0
OGX Portfolio 10.8
Note: “POS “ defined as geological probability of success
(1) The OGX portfolio potential was calculated by OGX based on volume estimates contained in the DeGolyer and MacNaughton Reports
(2) We consider the 3C contingent resources in the arithmetic summation of our potential portfolio based on the assumption that these resources will be converted to 2C and 1C resources after the appraisal campaign and that they will
be converted into reserves after the removal of contingencies
(3) We consider the high estimate and not Pg-adjusted delineation area prospective resources as we believe the delineation area is part of the 3C area
(4) Prospective resources mean estimates Pg-adjusted. Colombia considered two Colombian basins, the Lower and Middle Magdalena Valleys Basins
(5) Includes petroleum potential quantities in one Colombian basin, the Cesar-Ranchería Basin
(6) OGX net interests in the table are not the same as OGX net interests contained in the DeGolyer and MacNaughton September 2009 report due to the fact that OGX now holds 100% of the interests in the concessions included in that
report
(7) Gas volumes were converted by OGX to barrels of oil, using a conversion rate of 5,615 ft³ of natural gas to one boe
Oil discoveries of 4.1 bn bbl are already under production development in the shallow waters of
Campos Basin
19

20. OGX Operations

21. Exploration Drilling Campaign
Offshore Drilling Onshore Drilling
Ocean Ambassador (Diamond): Ocean Lexington (Diamond): Ocean Quest (Diamond):
QG-1 (Queiroz Galvão):
 Daily Rate: US$ 260k  Daily Rate: US$ 335k  Daily Rate: US$ 270k  Daily Rate: US$ 28k
 Max. well depth: 20,000 ft  Max. well depth: 20,000 ft  Max. well depth: 25,000 ft  Max. well depth: 14,750 ft
 Contract Expires: Sep.2012  Contract Expires: Feb.2013  Contract expires: Dec.2012  Contract Expires: Jan.2012
(+ one optional year) (+one optional year) (+ one optional year)
BCH-05E (BCH):
Ocean Star (Diamond): ENSCO 5002 (Ensco)  Daily Rate: US$ 31.5k
ENSCO 5004 (Ensco):
 Daily Rate: US$ 310k  Daily Rate: US$ 220k  Daily Rate: US$235k  Max. well depth: 11,500 ft
 Max. well depth: 25,000 ft  Max. well depth : 20,000 ft  Max. well depth: 20,000 ft  Contract Expires: Feb.2012
 Contract Expires: Feb.2013  Contract Expires: Nov.2013  Contract Expires: Nov.2013
(+ one optional year)  3rd rig contracted
Wildcat + Appraisal Wells 2009 2010 2011 2012 2013 Total
Campos 5 18 18 4 0 45
Santos 1 6 3 4 0 14
Espírito Santo 0 0 2 3 1 6
Pará Maranhão 0 0 0 4 3 7
Parnaíba 0 2 9 4 0 15
Total 6 26 32 19 4 87
Drilling campaign expanded – 8 rigs already operating simultaneously
21

22. Operational Capabilities and Structure
LOGISTICS FIRST CLASS SUPPLIERS
OPERATIONAL
SUPPORT
PLATFORM SUPPLY VESSEL (PSV)
 QUANTITY:5 EFFICIENCY,
 CONTRACTOR: EDISON CHOUEST/ AGILITY AND
TIDE WATER
OPERATIONAL
ANCHOR HANDLING TUG SUPPLY (AHTS)
SECURITY
 QUANTITY: 6
 CONTRACTOR: EDISON CHOUEST/
NORSKAN/MAERSK
FAST SUPPLY VESSEL (FSV)
 QUANTITY: 1
 CONTRACTOR: EDISON
CHOUEST
MID SIZE HELICOPTER
HIGH QUALIFIED
 QUANTITY: 4 TEAM
 CONTRACTOR: AERÓLEO
 OGX Team: ~300 employees
 Over 5,000 people dedicated
 3D Room / IOSC
22

23. Execution on Track

24. Campos Basin: Focusing on Wildcat &
Appraisal Wells
Wildcat Wells Appraisal wells
2009 2010 2011 2010 2011 - Drilling Area 1C
OGX-1 OGX-4 OGX-25/27 OGX-9D OGX-50D/OGX-55HP 1C – Albian 52m
OGX-2 A OGX-5 OGX-28D OGX-13 OGX-53D/OGX-60HP 1C – In Progress
OGX-6 OGX-29/32 OGX- OGX-65D/OGX-68HP 1C – Albian 97m
OGX-3
OGX-7 A OGX-31
21/OGX-
26HP 2011 - Drilling Area 2C
OGX-8 MRK-5
OGX-40D 2C – Albian 107m
OGX-10 OGX-33
OGX-41D/OGX-44HP 2C – Albian 92m
OGX-14 OGX-37
2011 - Drilling Area 3C
OGX-15 OGX-52
OGX-35D 3C – Albian 80m
OGX-18 OGX-58DP
OGX-36D/OGX-39HP 3C – Albian 60m
OGX-20
OGX-42D 3C – Albian 82m
MRK-3/4P
OGX-48 3C – Albian 12m
OGX-56D 3C – Albian 60m
OGX-61 3C - In Progress
OGX-62 3C – Santonian 26m
Albian 20m
OGX-64 3C – Santonian 23m
OGX-67 3C – In Progress
2011 - Drilling Area Delineation
OGX-43D Delineation– Albian
50m
OGX-45D Delineation – Maastric.
5m
OGX-54 Delineation– Albian
24m
Note:
Drilling area as per D&M’s Dec/10 reports and net pay
26 wildcat wells and 26 appraisal wells drilled with hydrocarbons and results which
support expectations
24

25. Campos Basin: Development Business Plan
Campos Basin Initial Projects
Development Plan Project 2
Waikiki Complex
 4.1 bn bbl 1st oil date: 4Q13
 Shallow waters  22 development wells
— 14 production
 Average production per — 8 injection
well 10 – 20 kbpd  1 FPSO and 1 WHP
— OSX-3 and WHP-2
 12 FPSOs and 11 WHPs  Oil of 23 - 28 API
—5 FPSOs and 2 WHPs  Water depth: 120m
 Average production
already secured per well 15 – 20 kbpd
 Average field life
Project 1
— Capex US$ 2/bbl
Waimea Complex
— Opex <US$ 16/bbl 1st oil date: Jan.12
 42 development wells
— 28 production
— 14 injection
 3 FPSOs and 2 WHPs
— OSX-1, OSX-2 and
WHP-1
 Oil of 20 API
 Water depth: 140m
 Average production
Illustrative per well 10 – 20 kbpd
25

26. Campos Basin: Positive Horizontal Wells Test
Results
Recent Horizontal Wells Tested
Horizontal wells tested Drill-stem tests performed in horizontal wells
Waimea OGX – 26HP
 Production capacity of up
to 20,000 bbl/day
 Oil Quality of 20o API
 Tested in Jan/2011
Waikiki OGX-44HP
 Production capacity of up
to 20,000 bbl/day
 Oil Quality of 23o API
 Tested in Jun/2011
Pipeline OGX-39HP
 Production capacity of
around 10,000 bbl/day
 Oil Quality of 19o API
 Tested in Jul/2011
3 drill-stem tests already performed in horizontal wells prepared for production
and more to come in the second half
26

27. Campos Basin: Production Will Begin in the
Waimea Accumulation
Beginning of Production 1st Oil Production Concept
Horizontal production well
already drilled, completed and
successfully tested 
Wet christmas tree installed

Electrical submersible pump
installed  OSX-1 Buoy
Hydraulic Power Unit (HPU)
installed 
Umbilicals delivered
 Risers and
Umbilicals

Main characteristics:
Flexible lines delivered
 Production potential Wet Flexible
of 40 kbpd w/ christmas lines

Anchor system (moorings and capacity limited to 20 tree
piles) delivered kbpd
 Oil quality of 20 API Moorings

 Water depth of 140 and Piles
Installation support vessel
meters
delivered
EWT approved by ANP
(National Petroleum Agency)  Electrical
submersible
Preliminary and Installation
License  pump
OGX first oil expected for January/12 through Extended Well Test (EWT)
Illustrative frames
27

28. Campos Basin: Preparation to 1st Oil
Granting of first Beginning of subsea
Buoy Installation
licenses (LP and LI) installation
Public hearing: Jul 16, 2011  10 Piles 
Preliminary License (LP): Sep 8, 2011  Moorings chains  Mobilization of equipment to the site 

Installation License (LI): Sep 16, 2011 MWA (middle water arch)  Installation of buoy underway 
28

29. Campos Basin: Final Steps Towards 1st Oil
Launch of the lines FPSO OSX-1 1st Oil
Installation of flexible lines and umbilicals Arrived in Brazil on October 06, 2011  Granting of the Operation License (LO)
Connection to wet christmas tree Connection to the production system Production start-up
29

30. Campos Basin: Replicable Development Concept
Operational Expenditures
(Leased Equipment)
Opex
WHP FPSO <US$ 16/bbl
Capacity: 30 wells Oil capacity: 100 K bpd
Drilling package on Liquid capacity: 160 K bpd
topside Oil will be offloaded
WHP Subsea Flow
Drilling + Completion Lines Capex
Development wells with dry US$ 2/bbl
Power line
completion Gas Lift line
Gas will be reinjected, used for Service line
gas lift or power generation Water Injection line
Water Injection Production line
Test line
Capital Expenditures
Note:
Please see details in the Appendix slide: “Campos Basin: Typical Production Project”
30

31. Campos Basin: Waimea Complex Production
Concept
Pioneer Project Development Pioneer Production Concept
 5 development wells connected to
the FPSO OSX-1
— 3 horizontal production wells
— 1st production well, OGX-
26HP, ready for production
— 2nd production well, OGX-
55HP, currently being
drilled
— 3rd production well, OGX-
60HP, currently being
drilled
— Average production per well
10–20 kbpd Development Wells
— 2 subsea injection wells
Injection Injection
 1 FPSO: OSX-1 Well 1 Well 2
— OSX-1 arrived in October/2011 Production
Production
Well 3
Well 1
 OGX-55HP and OGX-60HP wells to (OGX-26HP)
Production (OGX-60HP)
Well 2
be hooked-up to OSX-1 after the (OGX-55HP)
declaration of commerciality next
year
 With 3 production wells on stream in
2012, OGX should reach production
levels of ~50 kbpd
Illustrative frame
31

32. FPSOs and WHPs Expected Deliveries
FPSOs WHPs
Unit 2011 … 2013 2014 2015 2016 Unit 2013 2014
OSX-1 Oct Waimea WHP-1 3rd Q Waimea
OSX-2 2nd Q Waimea WHP-2 4th Q Waikiki
OSX-3 3rd Q Waikiki
WHP-3 3rd Q
OSX-4 2nd Q
WHP-4 4th Q
OSX-5 4th Q
WHP-5 4th Q
OSX-6 4th Q
WHP-6 4th Q
OSX-7 4th Q
WHP-7 1st Q
OSX-8 1st Q
WHP-8 2nd Q
OSX-9 3rd Q
OSX-10 4th Q WHP-9 3rd Q
OSX-11 1st Q WHP-10 4th Q
OSX-12 1st Q WHP-11 4th Q
 OSX-1 delivered in October 2011  WHP-1 and WHP-2 with
 OSX-2 and OSX-3 to be built in world-class Singaporean shipyards detailed engineering ongoing
by SBM and Modec (EPC awarded to Techint by
OSX)
 OSX-4 and OSX-5 hulls already acquired by OSX
Production equipment allocated to begin operations until 2013
32

33. Secured Production Equipment
FPSOs WHPs
OSX-1: OSX-2: OSX-3:
 Production capacity of 80  Production capacity of  Production capacity of
kbpd and storage of 950 100 kbpd and storage of 100 kbpd and storage of
kbbl 1.3 Mbbl 1.3 Mbbl WHP-1:
 Average Day rate of US$  Expected Average day  Expected Average day  Capacity to drill up to 30
263 k rate of US$ 290 k rate of US$ 290 k wells
 Arrived in Oct/11  Contracted by OSX with  Contracted by OSX with  Equipment on-stream by the
SBM MODEC end of 2013
 Detailed engineering
ongoing (EPC awarded to
Techint by OSX)
 Two sister VLCC s
(Very Large Crude WHP-2:
Oil Carriers)  Capacity to drill up to 30
purchased on wells
OSX-4: OSX-5: November, 2010  Equipment on-stream by the
 Production capacity of 100  Production capacity of 100 by OSX to be beginning of 2014
kbpd and storage of 1.3 Mbbl kbpd and storage of 1.3 Mbbl converted into  Detailed engineering
 Order placed for Leasing  Order placed for Leasing FPSOs ongoing (EPC awarded to
contract and EPCI under contract and EPCI under Techint by OSX)
procurement procurement
33

34. Campos Basin: Oil Production Ramp-Up
150
Oil Production Target
(kbpd) ¹
50
2012 2013
OSX-1
Equipment Used OSX-1 OSX-2
OSX-3
Waimea
Accumulation Waimea
Waikiki
Total # of Horizontal Wells 3 10
Production Capacity 60 Kbpd 260 Kbpd
Note:
1 To be reached through the end of the period
34

35. Parnaíba Basin: Business Plan
Project 1
1st gas: 2H12 Parnaíba Complex
23 production wells
 Declaration of commerciality of two fields
(Gavião Real & Gavião Azul) already
submitted to ANP
 Initial production expected in 2H12
 Production of 5.7 M m³per day in 2013
(2.7 M m³per day net to OGX S.A. or ~15
kboepd)
 Three seismic crews working on the blocks
 Gas to be sold to MPX Power Plants
 MPX has obtained installation license of
3,722 MW
Gavião
Azul
 Drilled and tested the first production well
Gavião in the basin, GVR-1 (Gavião Real field) with
Real
excellent results production potential of
5.0 m³/day (AOF)
 EPC contracted for the construction of the
gas processing facility
-Contract signed with Valerus-Geogas
Legend:
Seismic Lines
35

36. Parnaíba Basin: Project Development
Parnaíba Development Schematic Gas Thermal Power Plant Development
OGX Maranhão (70%) + Petra (30%) MPX + Petra
investments investments
Capex field life
 Total drilling cost:
US$ 340 M (includes
re-completion cost) Gas Thermal Power Plant
Production Facility
 Total facilities1 cost: for Dry Gas
US$ 110M
Short Gas
Opex field life 2 Pipeline
 Less than US$ (<2 km)
0.30/1,000 cubic
feet
Lines
Transmission Lines
Manifolds
Wells
Gathering
System
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
36

37. Production Targets
OGX Production Targets OGX Offshore Equipment Demand
In kboepd 19 units
FPSO
12 units for
Campos Basin discoveries
1.380
Desenvolvimento das
730 24 units
WHP
descobertas de Campos e
11 units for
Parnaíba
165 Campos Basin discoveries
50
2012 2013 2015 2019 5 units
expected to be used in the
TLWP
Equipamentos offshore essenciais para produção Espírito Santo Basin
inicial já assegurados (OSX-1, 2 e 3 e WHP-1 e 2) (the only deep water blocks
in OGX’s portfolio)
 Portfolio potential of 10.8 bn of recoverable boe:  Expected demand of 48 offshore units
>10 years of production growth
 Total of 23 units estimated for OGX’s Campos
 Campos and Parnaíba discoveries (4.2 bn boe) Basin discoveries (12 FPSOs and 11 WHPs)
can support 730,000 boepd of production level
 Strategy to expedite development with
 Additional potential resources (6.6 bn boe) would production equipment contracted 2-3 years in
allow OGX to reach and sustain a plateau of 1.4 advance
million boepd from 2019 and beyond
37

38. Financial Overview

39. Strong Cash Position
Cash Position Evolution Cash Allocation
R$ billion
Allocation by Institution
US$ billion
CS Others
Votorantim 4% 3%
6.0 6.0 5%
Santander
8%
4.0 4.0
Bradesco
BTG Pactual
37%
8%
2.0 2.0
Itau
Unibanco
0.0 0.0 36%
2Q11 JUL AUG SEP
Cash in R$ Cash in US$
 Solid cash position of R$6.7 billion, or US$3.6 billion, to
 Cash allocated in R$: Average cumulative gross return
support exploration commitments, development and
equivalent to approximately 103.4% of the Interbank
initial production
Deposit Rate (CDI), or 13% p.a., generating R$79.0 million
-US$2.5 billion invested in offshore deposits of interest income for the period
-US$465 million hedged through NDF (non deliverable  Cash Allocated in US$: Average cumulative gross return
forward) contracts equivalent to approximately 1.4% p.a., generating US$8.5
million of interest income for the period
- ~80% of total cash protected against FX variations
 Cash position in fixed income instruments allocated to
 Operating Cash Flow (4Q11-4Q13): US$ 0.5-1.0 bn
Brazil’s most solid financial institutions
 Capex (4Q11-4Q13): US$ 3.5-4.0 bn
39

40. Appendix

41. Ongoing Activities
Coast Water
Well Block Accumulation Rig Status Net Pay
Distance Depth
AY OGX-60HP BM-C-41 Waimea – 2D Pride Venezuela 84 Km 132m In progress since 08/22
BH OGX-63 BM-S-57 Fortaleza Ocean Quest 102Km 155m In progress since 10/08
BG OGX-64DP BM-C-40 Ingá – 1DP Ocean Lexington 93Km 105m In progress since 10/12 Santonian: 23m
Ocean
BL OGX-67 BM-C-40 Ingá - 2 93 Km 111m In progress since 11/04
Ambassador
BM PERN-1 BM-ES-37 Moriche Ocean Star 52km 1,148m In progress since 11/06
BN GVR-3D PN-T-68 Gavião Real QG-1 Onshore Block In progress since 11/22
BI OGX-68HP BM-C-41 Waimea – 4HP ENSCO 5002 83Km 135m In progress since 11/24
BO GVR-2D PN-T-68 Gavião Real BCH-05 Onshore Block In progress since 11/26
Campos Basin Parnaíba Basin Santos Basin Espírito Santo Basin
1OGX Maranhão has 70% W.I OGX Blocks Oil & Gas Fields
41

42. Concluded WellsWells3) of 5)
Concluded (1 of (1
Well Block Accumulation Rig Coast Distance Water Depth Net Pay
A 1- MRK - 2B BM-S-29 Abacate Sovereign Explorer 130 km 100 m Oil &Gas shows
B OGX-1 BM-C-43 Vesuvio Ocean Ambassador 85 km 140 m Eocene: 57m
Vesúvio
J OGX-9D BM-C-41 Ocean Ambassador 87 km 142 m Eocene: 60m
Direcional
N OGX-13 BM-C-41 Vesúvio Vertical Ocean Lexington 87 Km 138m Eocene: 10m
Eocene: Shows
Cretac.: Shows
C OGX-2A BM-C-41 Pipeline Ocean Ambassador 77 km 130 m Albian: 100m
Aptian: 50m
Barremian: 15m
Albian: 74m
G OGX-6 BM-C-41 Etna Ocean Quest 82 km 137 m
Aptian: 17m
Albian: 80m
D OGX-3 BM-C-41 Waimea Sea Explorer 83 km 130 m
Apt./Barrem: 50m
Albian: 43m
I OGX-8 BM-C-41 Fuji Ocean Star 82 km 125 m
Aptian: 44m
E OGX-4 BM-C-42 Kilawea Ocean Quest 79 km 150 m Eocene: 17m
Maastric.: Shows
F OGX-5 BM-C-43 Krakatoa Ocean Ambassador 79 km 145 m Albian: 30m
Aptian: 20m
Albian: >17m
H OGX-7A BM-C-42 Huna Ocean Lexington 86 km 152 m
Aptian: 35m
Cenomanian: 11m
K OGX-10 BM-C-42 Hawaii Sea Explorer 79 km 158 m Albian: >13m
Aptian: 40m
L OGX-11D BM-S-59 Natal Ocean Quest 84 km 180m Santonian: 75m
M OGX-12 BM-S-57 Niterói Ocean Star 95 Km 150m -
O OGX-14 BM-C-40 Peró Ocean Lexington 96 Km 104m Albian: 35m & 27m
Albian: 32m
P OGX-15 BM-C-41 Santa Helena Ocean Ambassador 78km 130m
Aptian: 31m
42

43. Concluded Wells (2 of 5)
Well Block Accumulation Rig Coast Distance Water Depth Net Pay
Devonian: Gas shows,
Q OGX-16 PN-T-681 California QG-1 Onshore Block
23m & 25m (column)
R OGX-17 BM-S-56 Belém Ocean Star 85 Km 136m Albian: 43m
Santonian: Oil shows
S OGX-18 BM-C-40 Ingá Ocean Lexington 95 Km 105m
Albian: 12m (Oil column)
T OGX-19 BM-S-58 Aracaju Ocean Quest 112 Km 172m Santonian: 40m
Maastrichtian: 9m & 3m
Ocean
U OGX-20 BM-C-41 Tupungato 84 Km 132m Albian: 50m
Ambassador
Aptian: 42m
Waimea
V OGX-21D BM-C-41 Sea Explorer 84 Km 134m Albian: 14m
Direcional
Upper Devonian: 49m
W OGX-22 PN-T-681 Fazenda São José QG-1 Onshore Block
Lower Devonian: 47m
X OGX-23 BM-S-58 Ilhéus Ocean Quest 107 Km 152m -
Y OGX-24 BM-S-56 Itagi Ocean Star 94 Km 140m -
Santonian: 14m
Z MRK-3/ 4P BM-C-372 Carambola-A Blackford Dolphin 74 Km 134m Albian: 43m
Aptian: 12m
Eocene: 8m (gas)
AA OGX-25/ 27P BM-C-39 Waikiki Pride Venezuela 94 Km 105m Albian-cenomanian:
145m
Waimea Albian: 1,000m
V OGX-26HP BM-C-41 Sea Explorer 84 Km 134m
Horizontal (horizontal section)
AB OGX-28D BM-C-41 Illimani Ocean Star 80 Km 126m Albian: 24m
AC OGX-29/ 32 BM-C-39 Itaipu Ocean Lexington 86 Km 104m Oil shows
Ocean Albian: 48m
AE OGX-31 BM-C-41 Osorno 79 Km 136m
Ambassador Aptian: 23m
43

44. Concluded Wells (3 of 5)
Well Block Accumulation Rig Coast Distance Water Depth Net Pay
AJ OGX-36D BM-C-41 Pipeline D Ocean Star 77 Km 128m Albian: 60m
Waikiki
AH OGX-35 BM-C-39 Ocean Lexington 89 Km 104m Albian-Cenomanian: 80m
Direcional
2
AG MRK-5 BM-C-37 Carambola B Blackford Dolphin 80 Km 130m Albian: 17m
AF OGX-33 BM-C-41 Chimborazo Pride Venezuela 84 Km 127m Albian: 42m
Ocean
AK OGX-37 BM-C-43 Potosi 87 Km 140m Oil Shows
Ambassador
BM-C-39 /
AO OGX-41D Waikiki - 2 D Ocean Lexington 90 Km 110m Albian: 92m
BM-C-40
AN OGX-40D BM-C-41 Pipeline - 2 D Sea Explorer 79 Km 130m Albian: 107m
AD OGX-30 BM-S-58 Salvador Ocean Quest 105 Km 151m Albian: 50m
AI OGX-34 PN-T-68 1
Bom Jesus QG-1 Onshore Block Devonian: 23m
Ocean
AQ OGX-43D BM-C-41 Illimani -1 D 80 km 140 m Albian: 50m
Ambassador
Albian-Cenomanian:
BM-C-39/
AO OGX-44HP Waikiki Ocean Lexington 90 Km 110m 1,063m (horizontal section)
BM-C- 40
1
AL OGX-38 PN-T-68 Fazenda São José BCH-05 Onshore Block Devonian: 43m
1
AS OGX-46D PN-T-68 Califórnia - D QG-1 Onshore Block Devonian: 15m
Ocean
AU OGX-48 BM-C-41 Pipeline - 4 75 Km 128m Albian: 12m
Ambassador
Eocene: 6m
AP OGX-42D BM-C-41 Pipeline -3 D Pride Venezuela 78 km 120m
Albian: 82m
Santonian: 1.7m
AW OGX-50D BM-C-41 Waimea – 3 D Sea Explorer 84 Km 131m
Albian: 52m
¹ OGX Maranhão has 70% W.I. ² OGX has 50% W.I. and Maersk is the operator
44

45. Concluded Wells (4 of 5)
Well Block Accumulation Rig Coast Distance Water Depth Net Pay
AR OGX-45D BM-C-40 Waikiki – 3 D Ocean Lexington 96 Km 109m Maastrichtian: 5m
Pipeline Albian: 1,000m (horizontal
AM OGX-39HP BM-C-41 Ocean Star 77 Km 128m
Horizontal section)
Santonian: 5m
Ocean
AX OGX-52 BM-C-41 Tambora 93 Km 128m
Ambassador Albian: 96m
Califórnia - 2
AS OGX-51DP PN-T-68 QG-1 Onshore Block Devonian: 8m
DP
Fazenda São
AV OGX-49 PN-T-68 BCH-05 Onshore Block -
José
AY OGX-53D BM-C-41 Waimea – 2D Pride Venezuela 84 Km 132m Albian: 71m
Fazenda São
BB OGX-57 PN-T-68 QG-1 Onshore Block -
José - 2
AT OGX-47 BM-S- 59 Maceió Ocean Quest 110Km 185m Santonian: 51m
AZ OGX-54 BM-C-41 Fuji - 2 Ocean Lexington 81Km 136m Albian: 24
Ocean
BC OGX-58DP BM-C-41 Tambora 93Km 128m -
Ambassador
BA OGX-56D BM-C-41 Fuji – 1D Ocean Star 77Km 128m Albian: 60m
BD OGX-59 PN-T-49 Fazenda Torrão BCH-05 Onshore Block Devonian: 9m
Albian-Cenomanian: 20m
BG OGX-62 BM-C-40 Ingá - 1 Ocean Lexington 93Km 105m
Santonian: 26m
Albian: >1,000m (horizontal
AW OGX-55HP BM-C-41 Waimea – 3HP Sea Explorer 84Km 131m
section)
BE GVR-1D PN-T-68 Gavião Real QG-1 Onshore Block Development Well
Ocean
BF OGX-61 BM-C-41 Illimani – 2 87 Km 124m Albian: 9m
Ambassador
¹ OGX Maranhão has 70% W.I. ² OGX has 50% W.I. and Maersk is the operator
45

46. Concluded Wells (5 of 5)
Well Block Accumulation Rig Coast Distance Water Depth Net Pay
BJ OGX-66 PN-T-67 Angical BCH-05 Onshore Block -
BI OGX-65D BM-C-41 Waimea – 4D ENSCO 5002 83km 135m Albian: 97m
¹ OGX Maranhão has 70% W.I. ² OGX has 50% W.I. and Maersk is the operator
46

47. Campos Basin: Typical Production Project
Typical Replicable Project Assumptions Campos Basin
 Distance from shore: 80 km
 Water depth: 100 to 150 meters
 Recoverable volume: 500 million bbl (low Gas:Oil Ratio (GOR)): all gas produced will be used for power generation or
gas reinjection, if applicable
 Equipment oil producing capacity:
— 1 FPSO: 100 Kbblpd
— 1 WHP: 30 wells
 Drilled wells: 16 horizontal production wells and 9 injection wells
— 5 horizontal production wells pre-drilled from semi-submersible rig
— 11 production and 9 injection wells drilled from WHP
 Capex: estimated unit cost of approximately US$ 2 / barrel
— Pre-drilled wells = US$ 50M (75 days per well)
— WHP drilled wells = US$ 20M (75 days per well)
— Well completion = US$ 15M (30 days per well)
— Package of sub-sea flow lines = US$ 65M
 Opex: estimated unit cost lower than US$ 16 / barrel
— Leased equipment day rates with high local content (FPSOs US$ 350k / day & WHPs US$ 160k /day)
— Operating and maintenance expenditures of US$ 85k / day
— Variable operating costs of US$ 3.5 / barrel
— Abandonment costs at end of field life of US$ 100M
 Production profile:
— Achieve production plateau in 3 quarters
— Plateau maintained for an additional 4 years
— 20 to 22 years of production decline from the plateau thereafter
47

48. Parnaíba Basin: Gas Sale Contract with MPX
Revenue Schematic
TPP
Maranhão III
— $ Fixed revenue (gas plant
(by Jan/14 $
rental)
20 year contract
— $ Variable revenue (varies
50% take-or-pay)
according to plant’s dispatch)
TPP
$
Maranhão TPPs Gas Producers
IV + V
(by Jan/13 $
15 year contract
0% take-or-pay)
Future
Projects
(MPX and Petra) (OGX Maranhão and Petra)
Contract Conditions:
 The contract should provide a 15% ROE for the TPP (Thermal Power Plant)
 Gas producers should receive “remaining” revenue, guaranteeing extraordinary margins (“net back”)
48

49. OGX IR Contacts: ri@ogx.com.br
+ 55 21 2555 6237