- OGX has a portfolio of 35 blocks across Brazil and Colombia with over 10.8 billion barrels of oil equivalent of potential resources. - The portfolio consists primarily of shallow water blocks in the Campos and Santos Basins of Brazil, which make up over 70% of the total potential resources and have a high success rate. - Other key assets include onshore and shallow water blocks in the Parnaiba Basin in Brazil with gas potential, as well as earlier stage exploration blocks in new frontier basins with significant upside.

1. MANAGEMENT PRESENTATION
Rio de Janeiro | January 2012 |

2. AGENDA
1 OGX Overview
2 OGX Portfolio
3 OGX Operations
4 Execution on Track
5 Financial Overview
6 Appendix

3. 1
OGX OVERVIEW

4. 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 conduct 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 6,000 people
Brazil’s historical under-exploration underpins massive growth opportunities for OGX
4

5. OGX MAIN ACCOMPLISHMENTS
Arrival of FPSO
1 block OSX-1 1st
acquired in Oil
OGX Main Accomplishments 5 onshore
blocks acquired Bond: US$
Parnaíba (50%
stake)
Jan/12
in Colombia 2.6bn raised
Updated OGX
portfolio to 10.8
bn(1) boe of
1st FPSO secured potential
for 20 years resources Oct/11
US$1.3 bn Beginning of the OGX included in
raised through an drilling campaign the Ibovespa
equity Private Index Sep/11
Placement
Acquisition of 70%
21 blocks acquired stake in the May/11
during the 9th Parnaíba Assets Total investments of
Bidding Round Apr/11 US$ 4.1bn of Drilling
Capex and Signature
Jun/10
IPO: US$4.1 bn Bonus + US$ 245 M of
raised Seismic Campaign
Jan/10
OGX Total cash raised to
Creation Sep/09 Survey and interpretation of date: US$8.0 bn
Aug/09 the 3D seismic data
Procurement of all equipment
Jun/08 and services necessary to
Nov/07 initiate the drilling campaign
Jul/07
PROVEN EXECUTION CAPABILITY (FROM CONCEPT TO FIRST OIL IN UNPRECEDENTED TIMING)
WITH FULLY ESTABLISHED OPERATIONS COMPRISING MORE THAN 6,000 PEOPLE
(1) Calculated by OGX based on potential, prospective and contingent volumes contained in the DeGolyer and
MacNaughton Reports 5

6. OGX OWNERSHIP AND CORPORATE STRUCTURE
 Average daily traded
Free Float volume (1 month):
61% 39% ~ US$184 million
 ~33 thousand investors
 3rd most representative
stock in Ibovespa index
Petróleo e Gás Participações S.A. 6.1%
(Market Capitalization (3): ~ US$25 Billion)  One of the most liquid
common shares
99.99% 99.99% 66.67%
Petróleo e OGX Campos Maranhão
Gás Ltda Petróleo e Gás Petróleo e Gás
S.A. Ltda.
100% 30% 70% 100%
20 Blocks 7 Blocks 8 Blocks
5 - Santos (100%) (2) 5 - Campos (100%) (2) 7 - Parnaíba (70%) (2)
5 - Espírito 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% 6

7. MANAGEMENT ORGANIZATION STRUCTURE(1)
Eike Batista
CEO
Paulo Mendonça
Gen. Exec. Officer
Joaquim Dib Cohen (32)
Oil & Gas Commercialization
Paulo Mendonça (38) José Roberto Faveret Marcelo Torres Reinaldo Belotti (34)
Exploration Officer General Counsel CFO Production Officer
Olavo Foerch (32) Armando Ferreira (31)
Paulo Ricardo (28) Edmundo Marques (24)
Procurement Production Development
Exploration Campos & ES Exploration Santos & Eq. Margin
Roberto Toledo (31) Dolores Carvalho (35) Ricardo Juiniti (27)
E&P Laboratory E&P Laboratory Drilling
Celso Martins (34) Luiz Reis (45) Billy Pinheiro (30)
Onshore Basin Strategic Alliances Logistics
Ernani Porsche (33) Paulo de Tarso Guimarães(34) Ricardo Abiramia (24)
International New Areas Production
Moacir Santos (38) Marcos Amaral (28) Leandro Leme (31)
Geological Operations Applied Technology HSE
HIGHLY SUCCESSFUL AND COMMITTED MANAGEMENT TEAM,
COMBINING UNIQUE INTELLECTUAL CAPITAL AND SUPERIOR EXECUTION SKILLS
(1) Parentheses represent years experience in the E&P industry 7

8. 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
8

9. BRAZIL: VAST UNTAPPED OIL & GAS POTENTIAL
LARGEST OIL AND GAS NEW PROVINCES COULD PROPEL BRAZIL STILL SIGNIFICANTLY UNDER-EXPLORED
DISCOVERIES IN THE WORLD INTO TOP RESERVES HOLDERS
Oil and Gas Discovered Volumes
+ 35 bn boe
Oil Resources - December 2009 (Bn bbl) % of sedimentary basins under concession
2000 – 2010 (Bn boe)
Saudi Arabia 265
Brazil
Venezuela 172 Licensed
Turkmenistan
4%
Iran Iran 138
Kazakhstan Iraq 115 Unlicensed
China Kuwait 102 Unlicensed 96%
96%
Russia Brazil post Tupi 100 Source: ANP
Australia
UAE 98
Kuwait OIL & GAS IN THE WORLD
Russia 74 HISTORICAL O&G
Israel
COUNTRY
Libya 44 PROD.(BN BOE)
Saudi Arabia
India
Kazakhstan 40
Indonesia Nigeria 37 USA (1900-2010) 440
Venezuela Canada 33 EX-USSR
28 335
Papua US (1900-2010)
New Guinea Qatar 27 SAUDI ARABIA
145
Ghana Bn Boe China 15 (1938-2010)
Angola 14 BRAZIL
14.5
0 10 20 30 40 13 (1941-2010)
Brazil
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
9

10. 2
OGX PORTFOLIO

11. 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
Shallow water Shallow water
~120m ~150m
PORTFOLIO
Shallow water
~60m Deep water
~1,000m
11

12. CAMPOS BASIN: LOW RISK, SHALLOW WATER AND
LARGE VOLUMES
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
55 wells drilled
Almost 100% success rate
OGX’S DISCOVERED ACCUMULATIONS CONFIRM A NEW HYDROCARBON PROVINCE IN THE
SOUTHERN CAMPOS BASIN 12

13. 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
70% success rate
SANTOS BASIN IS ONE OF THE MOST PROMISING EXPLORATORY AREAS IN BRAZIL, WITH
SIGNIFICANT POTENTIAL FOR GAS AND LIGHT OIL
13

14. 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)
70% success rate (10 wells
drilled)
Commerciality declared for 2
accumulations
NEW FRONTIER BASIN WITH HIGH POTENTIAL FOR GAS PRODUCTION
14

15. 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 drilled in 4Q11 (Moriche)
2nd well initiated drilling in 4Q11
(Guarapari)
THE NEW FRONTIER OF ESPÍRITO SANTO HAS PROVEN TO BE A VERY ACTIVE PETROLIFIC
SYSTEM WITH RECENT IMPORTANT DISCOVERIES IN NEIGHBORING BLOCKS
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. COLOMBIA: CESAR-RANCHERÍA, MIDDLE AND LOWER
MAGDALENA VALLEYS: GREAT UPSIDE POTENTIAL
COLOMBIAN BASINS
1.1 bn boe of net 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 Campaign
in 1H12
First well to be drilled in mid 2012
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 17

18. OGX PORTFOLIO POTENTIAL: BREAKDOWN
OGX PORTFOLIO POTENTIAL(1) OGX
BILLION BOE (7) Net
PORTFOLIO BREAKDOWN
CAMPOS 19%
5.7
(2)
Onshore
Contingent 3.0
(3) 8%
Delineation 1.3 Deep
Prospective (POS = 56.2%) 1.4 Water
73%
SANTOS (4)(6) (POS = 27.0%) 1.8 Shallow
ESPÍRITO SANTO(4) (POS = 32.6%) Water
0.8
PARÁ-MARANHÃO(4) (POS = 21.3%) 0.4
PARNAÍBA 1.0
(2)
Contingent 0.1
Conventional Prospective (POS = 16.5%) 0.6 21%
Gas
Unconventional Prospective (POS = 18.2%) 0.4
COLOMBIA 1.1
Prospective (POS = 10.4%)(4) 79%
0.1 Oil
Potential Petroleum Quantities(5) 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 18

19. 3
OGX OPERATIONS

20. 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 (+ one Contract Expires: Feb.2013 Contract expires: Dec.2012 (+ Contract Expires: Jan.2012
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): Max. well depth: 11,500 ft
Daily Rate: US$ 310k Daily Rate: US$ 220k Daily Rate: US$235k Contract Expires: Feb.2012
Max. well depth: 25,000 ft Max. well depth : 20,000 ft Max. well depth: 20,000 ft
Contract Expires: Feb.2013 (+ Contract Expires: Nov.2013 Contract Expires: Nov.2013 3rd rig contracted
one optional year)
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 20

21. OPERATIONAL CAPABILITIES AND STRUCTURE
LOGISTICS
OFFSHORE DRILLING FIRST CLASS
OPERATIONAL SUPPLIERS
SUPPORT EFFICIENCY,
PLATFORM SUPPLY VESSEL (PSV) AGILITY AND
QUANTITY:5 OPERATIONAL
CONTRACTOR: EDISON CHOUEST/
SECURITY
TIDE WATER
ANCHOR HANDLING TUG SUPPLY (AHTS)
QUANTITY: 6
CONTRACTOR: EDISON CHOUEST/
NORSKAN/MAERSK
FAST SUPPLY VESSEL (FSV)
QUANTITY: 1 HIGH QUALIFIED
CONTRACTOR: EDISON
CHOUEST
TEAM
OGX Team: ~300 employees
MID SIZE HELICOPTER
QUANTITY: 4 Over 6,000 people dedicated
CONTRACTOR: AERÓLEO 3D Room / IOSC
21

22. 4
EXECUTION ON TRACK

23. 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 – Albian 71m
OGX-3 OGX-6 OGX-29/32 OGX-21/OGX-26HP OGX-65D/OGX-68HP 1C – Albian 97m
OGX-7 A OGX-31 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 - Albian: 9m
OGX-62 3C – Santonian 26m
Albian 20m
OGX-64 3C – Santonian 23m
OGX-67 3C – Under analysis
OGX-69 3C - Albian 38m
OGX-70 3C – In progress
OGX-71 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 29 APPRAISAL WELLS DRILLED WITH HYDROCARBONS AND RESULTS
WHICH SUPPORT EXPECTATIONS 23

24. CAMPOS BASIN: DEVELOPMENT BUSINESS PLAN
Project 2
CAMPOS BASIN INITIAL Waikiki Complex
DEVELOPMENT PLAN PROJECTS 1st oil date: 4Q13
22 development wells
4.1 bn bbl  14 production
 8 injection
Shallow waters 1 FPSO and 1 WHP
 OSX-3 and WHP-2
Average production per Oil of 23° - 28° API
well 10 – 20 kbpd Water depth: 120m
Average production
per well 15 – 20 kbpd
12 FPSOs and 11 WHPs
Project 1
— 5 FPSOs and 2 WHPs Waimea Complex
already secured 1st oil date: Jan.12
42 development wells
Average field life  28 production
 14 injection
— Capex US$ 2/bbl 3 FPSOs and 2 WHPs
 OSX-1, OSX-2 and
— Opex <US$ 16/bbl WHP-1
Oil of 20° API
Illustrative Water depth: 140m
Average production
per well 10 – 20 kbpd
24

25. CAMPOS BASIN: POSITIVE HORIZONTAL WELLS
TEST RESULTS
HORIZONTAL WELL TESTED DRILL-STEM TESTS PERFORMED IN HORZINTAL
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 2012 25

26. 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  Main
characteristics:
Wet christmas tree installed
  Production
potential of 40
Electrical submersible pump
installed
 kbpd w/ capacity
limited to 20 kbpd
 Oil quality of 20°
OSX-1 Buoy

Wet
Hydraulic Power Unit (HPU) API Risers
christmas
and
installed  Water depth of tree 3
Umbilicals

140 meters
Umbilicals installed Flexible

lines
Flexible lines installed Moorings
and Piles

Anchor system (moorings and
piles) installed
Wet Wet
christmas christmas
Installation support vessel
delivered
 tree 1 tree 2

EWT approved by ANP Illustrative frames
Electrical
(National Petroleum Agency)
submersible

pump
Preliminary and Installation
License
OGX FIRST OIL EXPECTED FOR JANUARY/12 THROUGH EXTENDED WELL TEST (EWT) 26

27. CAMPOS BASIN: PREPARATION TO 1ST OIL
Granting of first licenses Beginning of Subsea Buoy Installation
(LP and LI) Installation
Public hearing: Jul 16, 2011 
Preliminary License (LP): Sep 8, 2011
10 Piles  Mobilization of equipment to the 
Moorings chains  site
Installation License (LI): Sep 16, 2011
MWA (middle water arch)  Installation of buoy 
27
27

28. CAMPOS BASIN: FINAL STEPS TOWARDS 1ST OIL
28
28

29. CAMPOS BASIN: WAIMEA COMPLEX PRODUCTION
CONCEPT
Pioneer Project Development
PIONEER PRODUCTION PIONEER PRODUCTION CONCEPT
DEVELOPMENT
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 drilled
 3rd production well, OGX-60HP,
currently being drilled
 Average production per well 10– DEVELOPMENT WELLS
20 kbpd
Injection
 2 subsea injection wells Well 1
Injection
Well 2
1 FPSO: OSX-1 Production
Well 1
OSX-1 arrived in October/2011 (OGX-26HP) Production
Production
Well 3
Well 2
OGX-55HP and OGX-60HP wells to be (OGX-55HP)
(OGX-60HP)
hooked-up to OSX-1 after the
declaration of commerciality in 2012
With 3 production wells on stream in
2012, OGX should reach production
levels of ~50 kbpd
Illustrative frame
29
29

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

31. FPSOs AND WHPs EXPECTED DELIVERIES
FPSOs WHPs
Unit 2011 … 2013 2014
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 detailed
OSX-2 and OSX-3 to be built in world-class Singaporean shipyards by SBM and Modec engineering ongoing (EPC awarded to
OSX-4 and OSX-5 hulls already acquired by OSX Techint by OSX)
Production equipment allocated to begin operations until 2013
31
31

32. SECURED PRODUCTION EQUIPMENT
FPSOs WHPs
OSX-1: OSX-2: OSX-3:
Production capacity of 80 kbpd Production capacity of 100 kbpd Production capacity of 100 kbpd
and storage of 950 kbbl and storage of 1.3 Mbbl and storage of 1.3 Mbbl
WHP-1:
Average Day rate of US$ 263 k Expected Average day rate of US$ Expected Average day rate of US$
Arrived in Oct/11 290 k 290 k Capacity to drill up to 30 wells
Contracted by OSX with SBM Contracted by OSX with MODEC Equipment on-stream by the end of
2013
Detailed engineering ongoing (EPC
awarded to Techint by OSX)
Two sister VLCC´s (Very
Large Crude Oil Carriers)
purchased on November, WHP-2:
2010 by OSX to be
converted into FPSOs Capacity to drill up to 30 wells
Equipment on-stream by the
beginning of 2014
OSX-4: OSX-5:
Detailed engineering ongoing (EPC
Production capacity of 100 kbpd and Production capacity of 100 kbpd and
awarded to Techint by OSX)
storage of 1.3 Mbbl storage of 1.3 Mbbl
Order placed for Leasing contract and Order placed for Leasing contract and
EPCI under procurement EPCI under procurement
32
32

33. 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 33
33

34. PARNAÍBA BASIN: BUSINESS PLAN
Project 1 PARNAÍBA COMPLEX
1st gas: 2H12
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 Drilled and tested the first production well
Azul in the basin, GVR-1 (Gavião Real field) with
Gavião excellent results production potential of 5.0
Real
M m³/day (AOF)
EPC contracted for the construction of the
gas processing facility
 Contract signed with Valerus-
Geogas
Legend:
Environmental licenses granted (Preliminary
and Installation Licenses)
Seismic Lines
34

35. PARNAÍBA BASIN: PROJECT DEVELOPMENT
PARNAÍBA DEVELOPMENT SCHEMATIC GAS THERMAL POWER PLANT
DEVELOPMENT
OGX Maranhão (70%) + Petra MPX + Petra
(30%) investments investments
Capex
Total drilling cost:
US$ 340 M Production Facility Gas Thermal Power Plant
for Dry Gas
Total facilities1 cost:
US$ 110M
Short Gas
Pipeline
Opex field life (<2 km)
Less than US$
0.30/1,000 cubic feet
Lines
Manifolds Transmission Lines
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 35
35

36. PRODUCTION TARGETS
OGX PRODUCTION TARGETS OGX OFFSHORE EQUIPMENT DEMAND
In kboepd
FPSO
19 units
12 units for
Campos Basin discoveries
1,380
Development of Campos and
Parnaíba discoveries
730 24 units
WHP
11 units for
165 Campos Basin discoveries
50
2012 2013 2015 2019
5 units
TLWP
expected to be used in the
Offshore equipment already secured for Espírito Santo Basin
(the only deep water blocks in OGX’s
initial production (OSX-1, 2 & 3 and WHP-1 portfolio)
& 2)
Portfolio potential of 10.8 bn of recoverable boe: >10 Expected demand of 48 offshore units
years of production growth Total of 23 units estimated for OGX’s Campos Basin
Campos and Parnaíba discoveries (4.2 bn boe) can discoveries (12 FPSOs and 11 WHPs)
support 730,000 boepd of production level Strategy to expedite development with production
Additional potential resources (6.6 bn boe) would allow equipment contracted 2-3 years in advance
OGX to reach and sustain a plateau of 1.4 million boepd
from 2019 and beyond
36

37. 5
FINANCIAL OVERVIEW

38. STRONG CASH POSITION
CASH POSITION EVOLUTION CASH ALLOCATION
R$ US$ billion Votorantim CS Others
billion 5% 4% 3%
Santander
6.0 6.0
8%
4.0 4.0 BTG Pactual Bradesco
8% 37%
Itau
2.0 2.0 Unibanco
36%
0.0 0.0
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 initial equivalent to approximately 103.4% of the Interbank
production Deposit Rate (CDI), or 13% p.a.
 US$2.5 billion invested in offshore deposits Cash Allocated in US$: Average cumulative gross return
 US$465 million hedged through NDF (non deliverable equivalent to approximately 1.4% p.a.
forward) contracts
Cash position in fixed income instruments allocated to
 ~80% of total cash protected against FX variations Brazil’s most solid financial institutions
Operating Cash Flow (4Q11-4Q13): US$ 0.5-1.0 bn
Capex (4Q11-4Q13): US$ 3.5-4.0 bn
38

39. APPENDIX

40. ONGOING ACTIVITIES
Water
Well Block Accumulation Rig Coast Distance Status Net Pay
Depth
AY OGX-60HP BM-C-41 Waimea – 2D ENSCO 5004 84Km 132m In progress since 08/22
BH OGX-63 BM-S-57 Fortaleza Ocean Quest 102Km 155m In progress since 10/08 Albian: 110m
BL OGX-67 BM-C-40 Ingá - 2 Ocean Ambassador 93 Km 111m Under analysis
BI OGX-68HP BM-C-41 Waimea – 4HP ENSCO 5002 83Km 135m In progress since 11/24
BQ OGX-70 BM-C-41 Pipeline - 5 Ocean Lexington 80Km 123m In progress since 12/16
BR PERN-2 BM-ES-38 Guarapari Ocean Star 110Km 823m In progress since 12/28
BS OGX-71 BM-C-41 Ingá-3 Ocean Ambassador 93 Km 112m In progress since 01/02/12
1
BU GVR-5D PN-T-68 Gavião Real BCH-05 Onshore Block In progress since 01/13/12
1
BT GVR-4D PN-T-68 Gavião Real QG-1 Onshore Block In progress since 01/14/12
CAMPOS BASIN PARNAÍBA BASIN SANTOS BASIN ESPÍRITO SANTO BASIN
1OGX Maranhão has 70% W.I OGX Blocks Oil & Gas Fields 40

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

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

43. 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
AH OGX-35 BM-C-39 Waikiki Direcional Ocean Lexington 89 Km 104m Albian-Cenomanian: 80m
2
AG MRK-5 BM-C-37 Carambola B Blackford Dolphin 80 Km 130m Albian: 17m
AF OGX-33 BM-C-41 Chimborazo Pride Venezuela 84 Km 127m Albian: 42m
AK OGX-37 BM-C-43 Potosi Ocean Ambassador 87 Km 140m Oil Shows
BM-C-39 /
AO OGX-41D Waikiki - 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
1
AI OGX-34 PN-T-68 Bom Jesus QG-1 Onshore Block Devonian: 23m
AQ OGX-43D BM-C-41 Illimani -1 D Ocean Ambassador 80 km 140 m Albian: 50m
Albian-Cenomanian: 1,063m
BM-C-39/
AO OGX-44HP Waikiki Ocean Lexington 90 Km 110m (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
AU OGX-48 BM-C-41 Pipeline - 4 Ocean Ambassador 75 Km 128m Albian: 12m
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
43

44. 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
AM OGX-39HP BM-C-41 Pipeline Horizontal Ocean Star 77 Km 128m Albian: 1,000m (horizontal section)
Santonian: 5m
AX OGX-52 BM-C-41 Tambora Ocean Ambassador 93 Km 128m
Albian: 96m
AS OGX-51DP PN-T-68 Califórnia - 2 DP QG-1 Onshore Block Devonian: 8m
AV OGX-49 PN-T-68 Fazenda São José BCH-05 Onshore Block -
AY OGX-53D BM-C-41 Waimea – 2D Pride Venezuela 84 Km 132m Albian: 71m
BB OGX-57 PN-T-68 Fazenda São José - 2 QG-1 Onshore Block -
AT OGX-47 BM-S- 59 Maceió Ocean Quest 110Km 185m Santonian: 51m
AZ OGX-54 BM-C-41 Fuji - 2 Ocean Lexington 81Km 136m Albian: 24
BC OGX-58DP BM-C-41 Tambora Ocean Ambassador 93Km 128m -
BA OGX-56D BM-C-41 Fuji – 1D Ocean Star 77Km 128m Albian: 60m
BD OGX-59 PN-T-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
BF OGX-61 BM-C-41 Illimani – 2 Ocean Ambassador 87 Km 124m Albian: 9m
¹ OGX Maranhão has 70% W.I. ² OGX has 50% W.I. and Maersk is the operator
44

45. 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
BG OGX-64DP BM-C-40 Ingá – 1DP Ocean Lexington 93Km 105m Santonian: 23m
BM PERN-1 BM-ES-37 Moriche Ocean Star 52km 1,148m -
BP OGX-69 BM-C-41 Fuji - 4 ENSCO 5002 81Km 125m Albian: 38m
BN GVR-3D PN-T-68 Gavião Real QG-1 Onshore Block Development well
BO GVR-2D PN-T-68 Gavião Real BCH-05 Onshore Block Development well
¹ OGX Maranhão has 70% W.I. ² OGX has 50% W.I. and Maersk is the operator
45

46. 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 46

47. 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”)
47