2. Disclaimer
This presentation is highly confidential and may not be reproduced or otherwise disseminated, in whole or in part, without the prior written consent
of OGX Petroleo e Gas Participacoes S.A. ("OGX"). This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any
securities in any jurisdiction where such offer or sale is not permitted. Securities may not be offered or sold in the U.S. unless they are registered
or exempt from registration under the U.S. Securities Act of 1933.
This presentation uses the term “prospective 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, the prospective
resources cannot be classified as contingent resources or reserves. Investors are advised that the U.S. Securities and Exchange Commission
(SEC) and other international securities regulators do not recognize prospective resources. Prospective resources have a great amount of
uncertainty as to their existence. There is no certainty that any portion of the 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 prospective
resources exist, or that they can be developed economically. Accordingly, information concerning prospective 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 Industry Guide 2 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. 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, you may lose all of your 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.
Various factors could cause OGX's actual future results, performance or events to differ materially from those described in this presentation. You
are urged to carefully review OGX's confidential 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.
2
3. Table of Contents
OGX Highlights
Management
OGX Portfolio
Finance
Business Plan Execution
3
5. OGX at a Glance
All relevant team members on 20 Bi boe of total unrisked
board recoverable resources
4.8 Bi boe of risked recoverable
State of the art infrastructure resources (net to OGX), estimated by
All 3D seismic contracted D&M with 27% of POS
51 prospects in 22 blocks located in
Four rigs already contracted four basins
Business Plan
Business Plan Unique
Unique
execution
execution Portfolio
Portfolio
well under way
well under way
Solid
Solid Superior
Superior
Cash Position
Cash Position Management
Management
Highly successful management team
~US$ 4.0 Bi in cash to fund:
Over 9 billion boe and 50 fields
All exploratory capex
discovered in the last 6 years (1)
Initial production
New farm-in/acquisition Success index in excess of 50% on
opportunities average in the last 5 years (1)
(1) At Petrobras
Largest Brazilian private sector oil and natural gas company in terms of offshore
exploratory acreage
5
6. OGX Value Creation Drivers
New
Ventures
(1) New ~ US$ 1 bi from IPO
17.6 Prospects
billion boe
The “X” factor
P1/P2 3D seismic
Reserves
Additional
POS
POS Volumes
Proven reserves
100%
100% (1)
4.8 Higher
billion boe POS
Higher Multiples
(1)
POS
POS
27% POS >50%
27%
OGX OGX
Higher Volumes
Unrisked Risked
Resources Resources (1) Source: Appraisal report prepared by DeGolyer and MacNaughton
POS: Probability of success
Higher success ratio and proving reserves expected to drive share price upwards in
the next few years
6
8. Organizational Structure
CEO
Rodolfo Landim
HSSE HR
COO CFO General Counsel Production Development
Paulo Mendonça Marcelo Torres José Roberto Faveret Reinaldo Belotti
Interpretation
Interpretation Strategic Applied Reservoir & Procurement Drilling Logistics Production
Santos and Geology
Campos-ES Alliances Technology Production Development
Eq. Margin Ernani Olavo Ricardo Billy
Paulo Celso Roberto José Brito
Edmundo Luiz Reis Porsche Foerch Juinite Pinheiro
Ricardo Martins Toledo
Marques
* Note: key management positions shown
Highly successful management team fully on board combining unique intellectual
capital and superior execution skills
8
9. Outstanding Management
Golfinho
PBR Success Index: Espirito Santo Canapú
Paulo Mendonça Espirito Santo Basin
assumed leadership of 55% 59%
50% 49%
the Petrobras
exploration team 39%
24%
Parque das Parque das
20% 23%
baleias Conchas
Parati
2000 2001 2002 2003 2004 2005 2006 2007 Caxaréu Catuá
Sao Paulo Rio de Janeiro
Polvo
Carapicu Campos Basin
Maromba Carataí
Papa-terra
Pirapitanga
Atlanta
Mexilhão & Extension
Oliva
Tambuatã
Carapia
Júpiter Fields discovered before 1984
Carioca
.
Fields discovered from 1984 to 2001
Tupi
Santos Basin Fields discovered from 2002 to 2005
Caramba
Fields defined in/or after 2006
Proven track record having opened several new oil frontiers, including the pre-salt,
and discovering over 50 new oil fields in the past 6 years
9
11. OGX Portfolio
Figures in million boe
Unrisked Risked OGX Risked
Basin Blocks PoS
volume volume volume
Pará & Maranhão
Basin Campos 7 8,289 33% 2,738 2,562
Santos 4+1 6,769 25% 1,718 1,569
Espirito Santo 5 2,957 18% 540 270
Para and Maranhao 5 2,165 20% 434 434
Total 22 20,180 27% 5,430 4,835
Source: D&M Appraisal Report
Highlights
Largest Brazilian private E&P
Espírito player in terms of offshore
Santo Basin
exploratory acreage
21 blocks in 4 sedimentary
basins + 1 farm-in already
signed(1)
Campos 4.8 billion boe of risked
Basin
recoverable resources
8 exploration wells drilled in
PARATI
OGX blocks(2) with
TUPI JUPITER
hydrocarbon indication
BEM-TE-VI
OGX Blocks
CARIOCA
Santos Existing Fields
CARAMBA Basin Pre Salt Blocks (1) Subjected to ANP approval
(2) Or adjacent areas
11
12. Campos Basin: Relatively Lower Risk and
Higher Volumes
1-RJS-105
1-RJS-104
Wells
1-RJS-99
Blocks with oil shows adjacent to large fields recently discovered in Brazil’s
most prolific basin
12
13. Santos Basin: High Potential
3-RJS-625
1-SPS-007
Wells
Santos Basin is one of the most promising exploration areas in Brazil with
very significant gas and light oil potential
13
14. Espírito Santo Basin: Deep Water New Frontier
The new frontier of Espírito Santo has an active oil system with significant
upside beyond D&M’s original assessment
14
15. Pará-Maranhão Basin: New Frontier
1-MAS-16-MA
1-MAS-19-MA
1-MAS-5-MA
1-MAS-17-MA
Wells
New frontier with geological model similar to Ghana where significant
discoveries have been recently made
15
17. OGX Ownership
Other
(1) Investors
11,9% 26,8%
Free Float
61,3% 38,7%
Petróleo e Gás Participações S.A.
Daily trade average (20 days):
99.99%
US$ 24 million
Petróleo e Gás Ltda.
22 Blocks(2)
(1) EBX represented through Centennial Asset Mining Fund LLC (Nevada, USA) (“CAMF”)
(2) Includes 1 farm-in already signed, subject to ANP’s approval
Strong and highly successful controlling shareholder supported by world-class
dedicated investors
17
18. Sources and Uses
Sources of Capital Use of Proceeds
Exploration Program
~2,000 Seismic
Drilling
Logistics
Current Cash Position (No Debt)
Equity from Private Placement and IPO ~4,000
~1,000 Initial Production Development
~1,000 New ventures / others
Total US$ M ~4,000 ~4,000
* Note: Figures in US$ M (end 2008E)
Strong cash position to fund the entire exploration campaign, the initial development
of the production facilities and new ventures
18
20. Exploration & Production Timetable
Current
Achievements Business Plan: 2008 2009 2010 2011 ...
2011
OGX creation:
•Team hiring D&M - appraisal
•Operatorship “B” Key Events
IPO
Partners:
3D Seismic 3D Seismic and special
•Maersk
and special
•Perenco Seismic reprocessing (Espírito
reprocessing
(Campos, Santos) Santo, and PaMa)
Private Placement:
•US$ 1.3 bi Drilling campaign
•12 high quality Drilling Rigs Secured starting in South Four Basins Drilling Results…
investors Campos
9th Bidding Round: Starting Initial
•21 blocks acquired development in Projects Development Phase…
Development
•Over 90% hit ratio South Campos
•6,434 km² acreage
New Ventures: First Oil South
Production Production…
•Santos farm-in Campos
•Other negotiations
• Additional partnerships…
Current Portfolio: • Farm-in opportunities…
•4.8 bi boe of New Ventures • Potential acquisitions…
prospective
recoverable resources • 8th and 10th Bid Round expected
Intense drilling campaign starting 2H09 and first oil expected for end 2011
20
21. Exploration & Production Timetable
Seismic Scope of Execution Expected Timing
Activities
Company Services Period of Results
Survey 4 months 4Q08
Campos 2,136 km² of new 3D seismic Processing 3 months 1Q09
Interpretation 4 months 2Q09
676 km² of “up-lift” payment
Reprocessing 5 months 4Q08
Santos +
Interpretation 4 months 2Q09
special reprocessing
Survey 5 months 4Q08
Processing 4 months 3Q09
1,900 km² of new 3D seismic
Interpretation 6 months 4Q09
Espírito Santo
1,700 km of new 2D seismic Acquisition 2 months 3Q08
+ special reprocessing Interpretation 2 months 3Q08
Survey 4 months 1Q09
Processing 3 months 3Q09
672 km² of new 3D seismic
Interpretation 6 months 4Q09
Pará & Maranhão
385 km² of existing 3D seismic
Reprocessing 4 months 4Q08
+ special reproc. Interpretation 6 months 1Q09
3D seismic surveys contracted for all of OGX’s blocks ahead of time and execution
already started in the Campos Basin
21
22. Exploration Drilling Campaign
Ocean Ambassador: SS <3,000 ft Ocean Quest: SS <3,000 ft
Arrival date: Sep. 2009 Arrival date: Nov. 2009
Max. well depth: 20,000 ft (10,000 psi) Max. well depth: 25,000 ft (15,000 psi)
Status: Contract signed Status: Contract signed
Contract period: 3 + 1 years Contract period: 2 + 1 year
Ocean Lexington: SS <3,000 ft Sea Explorer: SS <3,000 ft
Arrival date: Feb. 2010 Foto Arrival date: Set. 2009
Foto
Max. well depth: 20,000 ft (10,000 psi) Semi- Max. well depth: 20,000 ft (10,000 psi)
Semi-
Status: Contract signed Submersible
Submersible Status: Contract signed
Contract period: 3 + 1 years Contract period: 2 + 1 year
Wildcat + Appraisal
Wells(1) 2008 2009 2010 2011 2012 2013 Total
Campos 0 4 11 10 2 0 27
Santos 0 2 8 4 0 0 14
Espírito Santo 0 0
$ mm 0 3 3 0 6
Pará and Maranhão 0 0 0 2 2 0 4
Total Wells 0 6 19 19 7 0 51
(1) Operated and non-operated wells forecast
Four rigs secured with world-class contractors to drill all operated blocks
22
23. Campos & Santos - Logistics
Rio de Janeiro
Rio das Ostras
São Paulo Jacarepaguá
Cabo Frio
Air base Niterói
Shore base Air base
90
km
180 k
m
m
6k
km
14
0
18
Equipment:
Platform Supply Fast Supply Vessel
Vessel (PSV) (FSV)
Quantity: 3 Quantity: 1
Anchor Handling Mid Size Helicopter
Tug Supply (AHTS)
Quantity: 2
Pax transportation (air) Quantity: 3
Cargo transportation (sea)
23
24. OGX Milestones Roadmap
2H08 1H09 2H09
3D seismic survey Campos and Santos PaMa 3D seismic survey Campos 3D seismic fast
logistics shore base Initial Campos drilling
contracted for all blocks execution track
procurement
File Campos drilling Campos and Santos File PaMa drilling ES 3D seismic fast track Initial Santos drilling
environmental license supply boats environmental license
procurement
File Santos drilling File ES drilling Campos 3D seismic final PaMa 3D seismic fast
environmental license AHTS and PVS environmental license processing track
procurement
Campos 3D seismic Campos 3D seismic ES 3D seismic final
Helicopters services Rig IV Procurement processing
survey execution (PGS) interpretation
procurement
Santos 3D seismic Santos 3D seismic PaMa 3D seismic final
reprocessing (CGG) Drilling farm-in block processing
Rig I Procurement interpretation
ES 3D seismic survey D&M certification Secure long lead
execution (Western Rig II Procurement review production
Geco) equipments
Approval of signed Rig III Procurement ES 3D seismic final
Farm-in by ANP interpretation
OGX 3D room PaMa 3D seismic final
interpretation
Label:
Accomplished Events
Seismic Drilling Environmental Farm-in / out Others
In progress Licensing
…Business plan ahead of schedule
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