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Management PresentationManagement PresentationManagement PresentationNovember 2008November 2008
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.
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Table of Contents
OGX Highlights
Management
OGX Portfolio
Finance
Business Plan Execution
OGX HighlightsOGX HighlightsOGX Highlights
5
OGX at a Glance
UniquePortfolio
UniquePortfolio
Solid Cash Position
Solid Cash Position
SuperiorManagement
SuperiorManagement
Business Planexecution
well under way
Business Planexecution
well under way
20 Bi boe of total unriskedrecoverable resources
4.8 Bi boe of risked recoverable resources (net to OGX), estimated by D&M with 27% of POS
51 prospects in 22 blocks located in four basins
~US$ 4.0 Bi in cash to fund:
� All exploratory capex
� Initial production
� New farm-in/acquisition opportunities
All relevant team members on board
State of the art infrastructure
All 3D seismic contracted
Four rigs already contracted
Highly successful management team
Over 9 billion boe and 50 fields
discovered in the last 6 years (1)
Success index in excess of 50% on
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
6
OGX Value Creation Drivers
POS
100%
POS
100%
POS
27%
POS
27%
17.6billion boe
4.8 billion boe
OGX Unrisked
Resources
OGX Risked
Resources
~ US$ 1 bi from IPO
The “X” factor
3D seismic
Higher POS
POS >50%
Higher Volumes
P1/P2Reserves
New Prospects
Proven reserves
Higher Multiples
Additional Volumes
(1) Source: Appraisal report prepared by DeGolyer and MacNaughton
POS: Probability of success
(1)
(1)
(1)
New Ventures
Higher success ratio and proving reserves expected to drive share price upwards in the next few years
ManagementManagementManagement
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Organizational Structure
COOPaulo Mendonça
Production Development Reinaldo Belotti
CEORodolfo Landim
InterpretationSantos andEq. MarginEdmundoMarques
InterpretationCampos-ES
PauloRicardo
Strategic
Alliances
Luiz Reis
Applied Technology
CelsoMartins
HSSE
Procurement
Olavo
Foerch
Drilling
Ricardo
Juinite
Production
Development
José Brito
Geology
Ernani
Porsche
Reservoir &Production
RobertoToledo
Logistics
Billy
Pinheiro
CFOMarcelo Torres
General CounselJosé Roberto Faveret
HR
Highly successful management team fully on board combining unique intellectual capital and superior execution skills
* Note: key management positions shown
9
Outstanding Management
Pirapitanga
Parque dasbaleias
Parque dasConchas
Santos Basin
Rio de Janeiro
Espirito Santo Basin
Campos Basin
Sao Paulo
Espirito Santo
Carapia
Tambuatã
Oliva
Atlanta
Maromba
Papa-terra
PolvoCarapicu
Carataí
Catuá
GolfinhoCanapú
TupiCarioca
Caxaréu
Fields discovered before 1984
Fields discovered from 1984 to 2001
Fields discovered from 2002 to 2005
Fields defined in/or after 2006
Júpiter.
Caramba
Mexilhão & Extension
Parati
59%49%
55%50%
39%
23%24%20%
2000 2001 2002 2003 2004 2005 2006 2007
Paulo Mendonçaassumed leadership of
the Petrobras exploration team
PBR Success Index:
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
PortfolioPortfolioPortfolio
1111
OGX Portfolio
Largest Brazilian private E&P
player in terms of offshore
exploratory acreage
21 blocks in 4 sedimentary
basins + 1 farm-in already
signed(1)
4.8 billion boe of risked
recoverable resources
8 exploration wells drilled in
OGX blocks(2) with
hydrocarbon indication
CamposBasin
SantosBasin
EspíritoSanto Basin
Pará & MaranhãoBasin
Highlights
Existing Fields
OGX Blocks
Pre Salt Blocks
Source: D&M Appraisal Report
Figures in million boe
(1) Subjected to ANP approval(2) Or adjacent areas
Basin BlocksUnrisked
volumePoS
Risked
volume
OGX Risked
volume
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
CARAMBA
BEM-TE-VI
CARIOCA
PARATI
TUPI JUPITER
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Campos Basin: Relatively Lower Risk and Higher Volumes
Wells
1-RJS-104
1-RJS-105
1-RJS-99
Blocks with oil shows adjacent to large fields recently discovered in Brazil’s most prolific basin
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Santos Basin: High Potential
1-SPS-007
3-RJS-625
Wells
Santos Basin is one of the most promising exploration areas in Brazil with very significant gas and light oil potential
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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
15
Pará-Maranhão Basin: New Frontier
1-MAS-16-MA
1-MAS-19-MA
1-MAS-17-MA
1-MAS-5-MA
Wells
New frontier with geological model similar to Ghana where significant discoveries have been recently made
FinanceFinanceFinance
17
OGX Ownership
61,3%
11,9%
38,7%
(1)
Petróleo e Gás Participações S.A.
Petróleo e Gás Ltda.
99.99%
Free Float
(1) EBX represented through Centennial Asset Mining Fund LLC (Nevada, USA) (“CAMF”)(2) Includes 1 farm-in already signed, subject to ANP’s approval
22 Blocks(2)
OtherInvestors
26,8%
Strong and highly successful controlling shareholder supported by world-class dedicated investors
Daily trade average (20 days): US$ 24 million
18
Sources and Uses
New ventures / others
Total US$ M
Use of Proceeds
Current Cash Position (No Debt)
Equity from Private Placement and IPO
~4,000
Exploration Program
Seismic
Drilling
Logistics
Initial Production Development
Sources of Capital
~4,000
~1,000
~1,000
~2,000
~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
Business Plan Execution
Business Plan Business Plan
ExecutionExecution
20
2011
Key Events
New Ventures
D&M - appraisal
IPO
OGX creation:
•Team hiring
•Operatorship “B”
Partners:
•Maersk
•Perenco
Private Placement:
•US$ 1.3 bi
•12 high quality
investors
9th Bidding Round:
•21 blocks acquired
•Over 90% hit ratio
•6,434 km² acreage
New Ventures:
•Santos farm-in
•Other negotiations
Current Portfolio:
•4.8 bi boe of
prospective
recoverable resources
Current Achievements
2008 2009 2010 2011
ProductionFirst Oil South
CamposProduction…
Seismic
Drilling
Development
3D Seismic and special reprocessing (Campos, Santos)
3D Seismic and special
reprocessing (Espírito
Santo, and PaMa)
Rigs SecuredDrilling campaign
starting in South
CamposFour Basins Drilling Results…
Starting Initial
development in
South Campos
Projects Development Phase…
• Additional partnerships…
• Farm-in opportunities…
• Potential acquisitions…
• 8th and 10th Bid Round expected
...Business Plan:
Exploration & Production Timetable
Intense drilling campaign starting 2H09 and first oil expected for end 2011
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Exploration & Production Timetable
2,136 km² of new 3D seismic
Survey 4 months 4Q08
Processing 3 months 1Q09
Interpretation 4 months 2Q09
676 km² of “up-lift” payment
+
special reprocessing
Reprocessing 5 months 4Q08
Interpretation 4 months 2Q09
1,900 km² of new 3D seismic
1,700 km of new 2D seismic
+ special reprocessing
Survey 5 months 4Q08
Processing 4 months 3Q09
Interpretation 6 months 4Q09
Acquisition 2 months 3Q08
Interpretation 2 months 3Q08
672 km² of new 3D seismic
385 km² of existing 3D seismic
+ special reproc.
Survey 4 months 1Q09
Processing 3 months 3Q09
Interpretation 6 months 4Q09
Reprocessing 4 months 4Q08
Interpretation 6 months 1Q09
Pará & Maranhão
Espírito Santo
Expected Timing
of Results
Campos
Santos
Seismic
Company
Scope of
Services
Execution
PeriodActivities
3D seismic surveys contracted for all of OGX’s blocks ahead of time and execution already started in the Campos Basin
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Exploration Drilling Campaign
$ mm
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 0 3 3 0 6
Pará and Maranhão 0 0 0 2 2 0 4
Total Wells 0 6 19 19 7 0 51
Ocean Lexington: SS <3,000 ft
Arrival date: Feb. 2010
Max. well depth: 20,000 ft (10,000 psi)
Status: Contract signed
Contract period: 3 + 1 years
Ocean Ambassador: SS <3,000 ft
Arrival date: Sep. 2009
Max. well depth: 20,000 ft (10,000 psi)
Status: Contract signed
Contract period: 3 + 1 years
Ocean Quest: SS <3,000 ft
Arrival date: Nov. 2009
Max. well depth: 25,000 ft (15,000 psi)
Status: Contract signed
Contract period: 2 + 1 year
(1) Operated and non-operated wells forecast
FotoSemi-
Submersible
FotoSemi-
Submersible
Sea Explorer: SS <3,000 ft
Arrival date: Set. 2009
Max. well depth: 20,000 ft (10,000 psi)
Status: Contract signed
Contract period: 2 + 1 year
Four rigs secured with world-class contractors to drill all operated blocks
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Campos & Santos - Logistics
Rio das Ostras
Rio de Janeiro
Niterói
Shore base
São Paulo Jacarepaguá
Air baseCabo Frio Air base
146
km
180
km
180 km
90 km
Equipment:
Platform Supply Vessel (PSV)
Quantity: 3
Anchor Handling Tug Supply (AHTS)
Quantity: 3
Fast Supply Vessel (FSV)
Quantity: 1
Mid Size Helicopter
Quantity: 2Pax transportation (air)
Cargo transportation (sea)
2424
OGX Milestones Roadmap
2H082H08 1H091H09 2H092H09
3D seismic survey contracted for all blocks
Rig III Procurement
Rig II Procurement
Initial Santos drilling
Initial Campos drilling
File Campos drilling environmental license
File Santos drilling environmental license
PaMa 3D seismic fast track
Campos 3D seismic survey execution (PGS)
PaMa 3D seismic survey execution
File PaMa drilling environmental license
Santos 3D seismic reprocessing (CGG)
Rig IV Procurement
ES 3D seismic survey execution (Western
Geco)
Approval of signed Farm-in by ANP
Secure long lead production equipments
PaMa 3D seismic final
processing
Campos 3D seismic final processing
Campos 3D seismic interpretation
Label:
Environmental Licensing
DrillingSeismic Farm-in / out
Accomplished Events
Others
Rig I ProcurementDrilling farm-in block
D&M certification review
File ES drilling environmental license
Santos 3D seismic interpretation
Campos 3D seismic fast track
ES 3D seismic final processing
ES 3D seismic fast track
OGX 3D room
In progress
Campos and Santos logistics shore base
procurement
Campos and Santos supply boats procurement
AHTS and PVS procurement
Helicopters services procurement
PaMa 3D seismic final
interpretation
ES 3D seismic final interpretation
…Business plan ahead of schedule
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