ogx_management presentation v12

8/2/2019 OGX_Management Presentation v12

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MANAGEMENT PRESENTATION

Rio de Janeiro | April 2012 |


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AGENDA

123

4

OGX Overview

OGX Portfolio and Execution

OGX Operations

Financial Overview

Appendix

Last update: 04/19/2012


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OGX OVERVIEW1


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OGX is am o ng t h e 1 0 lar gest p ur e E& P co m pan ies g lo ba l l y with a market cap of abillion, and is the 3rd most traded stock in Latin America

W or ld class E& P p or t f ol io w i th 1 0.8 b i l l i on b oe of potential resources, mostly inonshore (low cost and off-the-shelf technology)

Multi-billion barrel discoveries and o ve r al l su cce ss r a t e e x cee di ng 8 5 % with high pramongst the best in Brazil

So li d cash p osi t io n allows OGX to conduct the largest and most successful privatecampaign in Brazil and to support production development (more than 70 wells spud siits exploratory campaign in Sep. 2009)

Hig hly su ccessfu l an d ex per ien ced m an agem en t t eam , combining unique intesuperior execution skills

Pr o v en ex ecu t io n ca pa bi li t y (from concept to oil in an unprecedented timing) woperations comprising more than 6,000 people

Brazils historical under-exploration underpins m a ssi ve g r ow t h o pp or t u ni t ies f or OGX

OGX OVERVIEW


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OGX MAIN ACCOMPLISHMENTS

Proven Execut ion Capabi l i t y ( From Concept To Fi rs t O i l i n Unpr ecedented T imi

Es tab l i shed Operat io ns Com pr is ing More Than 6 ,000 People

OGXCreation

US$1.3 bnraised through anequity PrivatePlacement

21 blocks acquiredduring the 9thBidding Round

Jul/07Nov/07

Jun/08

IPO: US$4.1 bnraised

Aug/09

Jun/10

Bond: US$2.6bn raisedBeginning of the

drilling campaign

Acquisition of 70%stake in theParnaba Assets

Apr/11

Survey and interpretation ofthe 3D seismic data

Procurement of all equipmentand services necessary toinitiate the drilling campaign

May/11

5 onshoreblocks acquiredin Colombia

Sep/11

Sep/09

Updated OGXportfolio to 10.8bn(1) boe ofpotential

resources

(1) Calculated by OGX based on potential, prospective and contingent volumes contained in the DeGolyer and

MacNaughton Reports

1 blockacquired inParnaba (50%

stake)

Oct/11

Jan/12

Arrival of FPSOOSX-1

Total investDrilling CapUS$ 245 M

Total cash r

1st Oil

New Bond:US$ 1.1bnraised


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OGX OWNERSHIP AND CORPORATE STRUCTURE

Free Float

2 0 B lo ck s

5 - San to s ( 1 00 % ) ( 2)

5 - Esp r it o Sa nt o ( 5 0% )

5 - PAMA ( 10 0% ) ( 2)

5 - Co lo m bi a ( 1 00 % ) ( 2)

7 B lo ck s

5 - Cam p os ( 10 0% ) ( 2)

2 - Cam p os ( 70 % ) ( 2)

8 B lo ck s

7 - Pa rn ab a ( 7 0% ) ( 2)

1 Pa rn ab a ( 5 0% ) ( 2)

(1) EBX represented through Centennial Asset Mining Fund LLC (Nevada, USA) (CAMF)(2) OGX as operator(3)Market data as of April 13, 2012(4) MPX S.A. holds 33.33%

Petrleo e Gs Participaes S.A.(Market Capitalization (3 ): ~ US$25 Bill ion)

Petrleo eGs Ltda

MaranhoPetrleo e GsS.A.

6 1 % 3 9 %

99.99%99.99% 66.67%4

100%70%100% 30%

Internat

OA

CamposPetrleo e GsS.A.


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MANAGEMENT ORGANIZATION STRUCTURE(1)

Ei ke B at i s t aCEO

Paulo MendonaGen. Exec. Officer

Joaqu im D ib Cohen ( 32 )Oil & Gas Commercialization

Paulo Mendona ( 3 8 )Exploration Officer

Jos Rober t o FaveretGeneral Counsel

Marcelo Tor resCFO

R eina ldo Product

O la v o Fo e rc h ( 3 2 )Procurement

R ic a r d o Ju i n i t i ( 2 7 )

Drilling and Completion

Bi l l y Pi nhe i r o ( 3 0 )Logistics

R icar do Ab i r am i a ( 24 )Production

Leandr o Lem e ( 31 )HSE

Edm undo M ar ques ( 24)Exploration Santos & Eq. Margin

D ol o r es Car va l ho ( 35)

E&P Laboratory

Luiz Reis (4 5)Strategic Alliances

Pau l o de Tar so Gu i m ar es ( 34)New Areas

M ar cos Am ar a l ( 2 8 )Applied Technology

Pau l o Ri ca r do ( 2 8)Exploration Campos & ES

R ober to To l edo ( 31)

Reservoir & Reserves

Celso Mar t ins (34)Onshore Basin

Er nan i Por sche ( 33)International

M oac ir San tos ( 3 8 )Geological Operations

High l y Successfu l And Com m i t t ed Management Team,

Com bin in g Unique I n t e l lectu a l Cap i ta l and Super ior Execut ion Sk i l(1) Parentheses represent years of experience in the E&P industry


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HIGHLY QUALIFIED EXPLORATION TEAM

Exp lo ra to r y

Paulo MenPetrobrasfrom 2002

Success in60% on aBrazil fromat Petrobr

Over 9 bilthan 50 n

P br Su cce s

Proven Track Record Hav ing Opened Severa l New Oi l Fron t ie r s , I nc lud ing The

D iscover in g Over 50 New Oi l Fie lds


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BRAZIL

Source: EIA-DOE, BP Statistical Aramco, UPPSALA University, Pe

Source: ANP

St i l l S ign i f i c

Oi l & Ga

Source: IHS

Largest O i l And GasD iscove r i es I n The Wor ld

Source: BP Statistical Review of World Energy 2010& analyst estimates

New Prov inces Could Propel Braz i l In toTop Reserves Holder s

O il R es o u r ce s - D e ce m b e r 2 0 0 9 ( B n b b l) % o f sed i m enta

0 10 20 30 40

Bn Boe

Brazi l

Tu r km en is t an

I r a n

Kazakhs t an

China

Russia

Aus t r a l ia

K u w a i t

I s r ae l

S au d i A r a b ia

I n d i a

I ndones ia

Venezuela

Papua

N ew Gu i n ea

Ghana

+ 3 5 b n b o e

265

172

138

115

102

100

98

74

44

40

37

33

28

27

15

14

13

S au d i A r a b ia

Venezue la

I r a n

I r a q

K u w a i t

Br az i l pos t Tup i

UA E

Russia

L ibya

Kazakhs t an

Nige r ia

Canada

US

Qatar

China

Ango la

Brazi l

Un

COUNTRY

USA (1900-2010)

EX-USSR(1900-2010)

SAUDI ARABIA(1938-2010)

BRAZIL(1941-2010)

Braz i l s H is tor i ca l Under-Exp lo ra t ion Underp in s Mass ive Grow th Oppor tu n

Oi l and Gas D iscovered Volum es2 0 0 0 2 0 1 0 ( B n b oe )

Vast Untapp ed Oi l & Gas Pot ent ia l


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OGX PORTFOLIO AND EXECUTION2


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PORTFO

LIO

Deep water

~1,000m

Shallow water

~150mShallow water

~120m

Shallow water

~60m

OGX PORTFOLIO

35 blocks: 30 blocks in 5 Brazilian sedimentary basins and 5 onshore blockssedimentary basins

Unique portfolio with 10.8 billion potential recoverable barrels of oil equivalent (boer)

OGXs business plan is based on 4.1 billion barrels already discovered in the shalloCampos Basin


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Oil discoveries of 4.1 bn bbl are already under production development in the shallow waters

OGX PORTFOLIO POTENTIAL

OGX PORTFOLI O POTENTI AL ( 1)

BI LLION BOE ( 7)OGXNet

CAMPOS 5 .7

Contingent( 2)

3.0Delineation ( 3) 1.3Prospective (POS = 56.2%) 1.4

SANTOS (4)(6) (POS = 27.0%) 1 .8ESP RI TO SANTO(4) (POS = 32.6%) 0 .8PAR-MARANHO(4) (POS = 21.3%) 0 .4PARNA BA 1 .0

Contingent ( 2) 0.1Conventional Prospective (POS = 16.5%) 0.6

Unconventional Prospective (POS = 18.2%) 0.4COLOMBI A 1 .1

Prospective (POS = 10.4%)(4) 0.1Potential Petroleum Quantities(5) 1.0

OGX Por t f o l i o 1 0 .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 most of these resources will be converted to 2Cconverted 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-Ranchera 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 holdincluded in that report(7) Gas volumes were converted by OGX to barrels of oil, using a conversion rate of 5,615 ft of natural gas to one boe

7 3 %Shal lowWate r

7 9 %Oi l

2 1 %

Gas

Por t fo l i o B reakdo

Bre a kd o wn


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CAMPOS BASIN

OGXs D iscovered Accum ula t ions Conf i r m a New Hy dro carbon Prov

in th e Sout hern Campos Bas in

5.7 bn bbdelineatioprospectivevaluatedincluded)

7 blocks o

Total area

Average w

61 wells d

Up to 90%

Cam pos

Low Risk , Sha l low Wat e r And Large Vo lum es


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Blocks that OGX acquired

20% from Maersk (OGX

now owns 70%)

CAMPOS BASIN

2 0 1 0

OGX-9D

OGX-13

OGX-21 / OGX-26HP

2 0 1 1 - D r il l in g A r ea 1 C

OGX- 50 D/ O GX- 55HP 1 C Albian52m


OGX -6 5D / OGX -6 8H P 1 C Albian 97m

2 0 1 1 - D r il l in g Ar e a 2 COGX-40 D 2C Albian107m


2 0 1 1 - D r il l in g Ar e a 3 C

OGX-35 D 3C Albian80m



OGX-48 3C Albian12m


OGX-61 3C - Albian9m

OGX-62 3C Santonian26mAlbian 20m

OGX-64 DP 3C Santonian23m

OGX-67 3C -

OGX-69 3C - Albian38m

OGX-70 3C -

2 0 1 1 - D r i l li n g A r e a D e l in e a t i on

OGX-43 D Del in eat ion Albian50m

OGX-45 D Del in eat ion Maastric.5m

OGX-54 Del in eat ion Albian24m

2 0 0 9

OGX-1

OGX-2A

OGX-3

2 0 1 0

OGX-4

OGX-5

OGX-6

OGX-7AOGX-8

OGX-10

OGX-14

OGX-15

OGX-18

OGX-20

M R K- 3 / 4 P

2011

O GX - 2 5 / 2 7

OGX-28D

O GX - 2 9 / 3 2

OGX-31MRK-5

OGX-33

OGX-37

OGX-52

OGX-58DP

28 W i ldcat Wel ls and 33 Appra isa l Wel ls Dr i l l ed and Resu l t s Which Supp or tNote:Drilling area as per D&Ms Dec/10 reports and net pay indicated in meters

W i ld cat W el ls App r aisal W el ls

Focus ing On W i ldca t & Appra isa l We l ls

2 0 1 2

OGX-78

OGX-79


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CAMPOS BASIN

WAIMEA

Produc20,000

Oil Qua

Tested

PI PELI N

Produc10,000

Oil Qua

Tested

WA I K I K

Produc20,000

Oil Qua

Tested

High P roduc t i v i t y Con f i rm ed Through D r i l l - stem Tes ts Per fo rm ed i n Severa l H

Hor izon t al W el l Test ed Dr i l l - st em Test s Per f o r m ed in H

Pos i t i ve Hor izon ta l We l ls Test Resu l ts


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CAMPOS BASINPr o d u ct i o n i n t h e W a i m e a A cc u m u l at i o n

OGX Fi rs t O i l F low ing Since January / 12 Th rough EWT

BuoyOSX-1

Ri s er s a n dUmbi l i cals

F lex ib lel i nes

W etchr i s tm ast r eeOGX-26HP W et

chr i s tm ast r ee

Main character is t ics :

OGX-26HP under production

2 additional horizontal wells drilled

Possibly a 4th producer well to beconnected

2 injection wells plannedExpected production of 40-50 kbpd levelby year end 2012

Oil quality of 20 API

Water depth of 140 meters


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CAMPOS BASIN

Dec 23,2 0 1 1

Concluded the connection ofthe flexible lines to thedetachable turret

Sep 16,2 0 1 1

Granting of thepreliminary andinstallation licenseby IBAMA

Sep 17,2 0 1 1

Beginning of the subseainstallation (piles,moorings and MWA)

Dec 19,2 0 1 1

Flexible lines launchedand connected to thewet christmas tree

Dec 25,2 0 1 1

FPSO OSX-1 sets sailfrom the port of Rio deJaneiro

Jan 12,2 0 1 2

CoOS

Dec 18,2 0 0 9

Discovery ofWaimea OGX-3

O ct 4 ,2 0 1 1

Arrival of theFPSO OSX-1 inRio de Janeiro

From Discovery t o 1s t O il in Wa im ea


18/48

High l i gh ts and Ongo ingPer fo rmance

CAMPOS BASIN

FPSO OSX-1 Operat iona l Ef f ic iency

Average Efficiency

Feb: 95%

Mar: 99%

Electrical submersible pump

to highest operational perfo

standards

Processing plant and FPSO O

operating with ~95% operat

efficiency, an outstanding ac

the first month

Tested production levels bet

18 kbpd since production be

Average flow rate of 11.1 kb

2012

Flow rate estimated to stabi

10 and 13 kbpd for the com

(before water injection)

1 st Mo n th o f P ro d u c t i o n

0%

20%

40%

60%

80%

100%

1 -F e b 6 -F e b 1 1- F eb 1 6- F eb 2 1- F eb 2 6- F eb 2 -M ar 7 -M ar 1 2- Ma r 1 7 -M ar


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CAMPOS BASINOSX-2 and OSX-3 Produ ct ion Schem at ic

Main character is t ics :

OSX-2: 1st oil expected for

OSX-3: 1st oil expected for

4 subsea wells connected t

Average production per we

Oil quality: 20-28 API

Water depth: ~120 meters

OSX- 2 / OSX- 3

Flex ib lel i nes

W H P- 1 / W H P- 2

Dr ychr i s tm ast r e e

W etchr i s tm at r e e


20/48

CAMPOS BASIN

1st oil expected for 2H13

EPC: MODEC

Shipyard: Jurong Shipyard (J

Technical specifications:

Production capacity: 1

Storage capacity: 1.3

OSX-2 and OSX-3 Engi neer ing Sta t us

OSX- 2 Ov er v iew OSX- 3 Ov er v iew

1st oil expected for 2H13

EPC: Single Buoy Moorings Inc (SBM)

Shipyard: Keppel Fels - Singapore

Technical specifications:

Production capacity: 100 kbbl/day

Storage capacity: 1.3 Mboe

Both FPSOs Under w ay and On Schedu le , Constru c ted in Top T ier Sh ipyar


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FPSOs WHPs

OSX-1:

Production capacity of 60 kbpdand storage of 950 kbbl

Average Day rate of US$ 263 k

Arrived in Oct/11

First oil in Jan/12

OSX-2:

Production capacity of 100 kbpdand storage of 1.3 Mbbl

Expected Average day rate of US$360 k

Contracted by OSX with SBM

Expected delivery: 2H13

OSX-3:

Production capacity of 100 kbpdand storage of 1.3 Mbbl

Expected Average day rate of US$360 k

Contracted by OSX with MODEC

Expected delivery: 2H13

WHP-1:

Capacity to drill

Equipment on-s

Detailed engineeawarded to Tech

WHP-2:

Capacity to drill

Equipment on-s

Detailed engineeawarded to Tech

OSX-4:

Production capacity of 100 kbpd andstorage of 1.3 Mbbl

Order placed for Leasing contract andEPCI under procurement

OSX-5:

Production capacity of 100 kbpd andstorage of 1.3 Mbbl

Order placed for Leasing contract andEPCI under procurement

Two sister VLCCs (VeryLarge Crude Oil Carriers)purchased on November,2010 by OSX to beconverted into FPSOs

SECURED PRODUCTION EQUIPMENT

CAMPOS BASIN


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CAMPOS BASIN

Equ ipm ent Used OSX-1 OSOSOS

Accumu la t ion Waimea WaWa

Tota l # o f Hor i zon t a l We l l s 311

Potential additional well

Product ion Capaci ty 60 Kbpd 260

Oi l Prod uc t ion

Ta r g e t ( k b p d )

4 0 - 5 0

1 5

2 0 1 2 2 0

Note:1 To be reached through the end of the period

Oi l Produ c t ion Ramp- Up

SANTOS BASIN


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Sant os Bas in i s One o f The Most Prom is ing Exp lo ra t ory Areas in Braz i l , Wi t

Potent ia l For Gas and L ight O i l

1.8 bn boeprospectiv27%), eva

5 blocks opowned)

Total area

Average w

11 wells dr

Recent sigdiscovery 63)

Up to 70%

Santos B

SANTOS BASINHigh Poten t ia l

SANTOS BASIN


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SANTOS BASIN

Encour ag ing Resu l t s From 3 Dr i l l -s t em Tests Conf i r m Em ergence o f a New OCondensat e Cent er in The Region

Exp lo ra t o ry Camp a ign

2010 Activities

MRK-2B

OGX-11D

OGX-12

OGX-17

OGX-19

2011 Activities

OGX-23

OGX-24

OGX-30

OGX-47

OGX-63

Mace i (O GX 47 )Gas and condens50 API)

AOF production p

Vertical Horizont

gas

Nata l ( OGX-11D)Gas and condens47 API)AOF production p

Vertical and 1.2K

Horizont

gas and

Dr i l l - stem Tes ts Per fo rm ed

2012 Activities

OGX-74

Illustrative

Pos i t i ve Dr i l l -S tem Tes t Resu l t s

Nata l (OGX-74)Light oil (38 APISandstone reserv4 km distant from

Dr i l l - s t em Test f o r Flu id I den t i f i ca t i on

SANTOS BASIN


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SANTOS BASIN

High l igh t s Alb ian Gas I n t er v a l

APTI AN I NTERVAL

Good porosity

Dolomitized lay

MDT Dual-Pack

API hydrocarbo

Pore

Dolomitized mic

Connected vug

Light oil/conden

Oil

Pre -sal t D i sco ve ry I n Sh al l o w Wa te rs

Albian reservoir

Approximately 1,000 meters of column

and 110 meters of net pay Good permoporosity and fractures

Shallow waters Pre-salt (Aptian reservoir)

Drilled up to 6,135 meters and thus faridentified column of 150 meters

1st microbiolite Pre-salt discovery inshallow waters in Brazil

Same reservoir rock in pre-salt as onlyseen so far in deep and ultra-deepwaters in the Santos and CamposBasins

Strong kick in the last drilled layer ofthe reservoir with shows ofhydrocarbons

PARNABA BASIN


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New Fron t i e r Basin W i th H igh Po ten t i a l Fo r Gas Produc t i on

1.0 bn boeprospectivand net 3C

8 blocks opMaranho

Total area

Monetizatiothermoelecdeveloped MW already

70% succedrilled)

Commerciaaccumulati

Parna ba

PARNABA BASINMajo r Gas Prov ince

PARNABA BASIN


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Gavio

Real

Gavio

Azul

Legend:

Seismic Lines

PARNABA BASIN

More than 20 pro

Declaration of comfields (Gavio Reaalready submitted

Initial production

Production of 5.7 2013 (2.7 M mpe

S.A. or ~15 kboe

Gas to be sold to

MPX has obtainedof 3,722 MW

3 seismic crews w

Parna ba Com p

Business Plan

Project 1

1st gas: 2H12

PARNABA BASIN


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PARNABA BASIN

MPX OGX M ar a n h o ( 7 0 % ) + Pe t r a ( 3 0 % )

Parna ba Developm ent Schemat i c Gas Therm al Pow er P lDeve lopment

Notes:

1 Facilities cost includes: gathering system (lines and manifolds), a production facility for dry gas and a very short pipeline2 Includes operating and maintenance of production facilities, lines, gas pipelines and wells

CapexTotal drilling cost:US$ 340 M

Total facilities1

cost: US$ 110M

Ope x f i e ld l i f eLess than US$0.30/1,000 cubic

feet

Shor t GasPipe l ine( < 2 k m )

Mani fo ld

Production

wells

UT GTPP

Pro jec t Deve lopment

PARNABA BASIN


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PARNABA BASIN

Ex ecu t ion H ig h l ig h t s Th er m al Pow er Plan t

E& P

GE TURBI NES CONTRACTED BY MPX

CONTRACTED RI G AND DRI LL-STEM TEST P

Pro jec t Deve lopment

Environmental permits already granted (LP+LI)

6 producing wells already drilled and 2 well in

progressDrilled and tested the first production wellGVR-1

Production potential of 5.0 M m/day(AOF)

EPC contracted for the construction of the gasprocessing facility

Awarded to Valerus-Geogas

Beginning of the civil works on the site in Feb2012

Clearing the rights-of-way for thepipeline

Gas treatment facility construction

First gas schedule for the second half of 2012

ESPRITO SANTO BASIN


30/48

The New Fron t i e r o f Esp r i t o San to Has Proven to be a Very Act i ve Pet r o l i f iRecen t I m por t an t D i scover i es i n Ne ighbor i ng B locks

817 mn boprospectiv33%), eva

5 blocks op(50% own

Total area Average w

1st well dr

2nd well d(Guarapar

Espr i t o S

ESPRITO SANTO BASINNe w F ro n t i e r I n De ep Wa te r

PAR MARANHO BASIN


31/48

New Fron t i e r W i t h Geo log i ca l Mode l Sim i l a r t o Wes t A f r i ca ,Wh ere Sign i f i cant D iscover ies W ere Made Recent ly

447 mn bo

prospective

21%), eva

5 blocks op

owned)

Total area

Average w

1st well to

P ar - Mar

PAR MARANHO BASINPro m is in g Ne w Fro n t i e r

COLOMBIA


32/48

Balanced Por t fo l io o f Exp lo ra t ory Assets , Com bin in g Produc t io n Regions Wi t hAreas Next t o The Maraca ibo Basin , One o f The Most Pro l i f i c Prov inces in

1.1 bn boe oresources anpetroleum qD&M

5 blocks opeowned), 3 o

to Maracaibodiscovered aproduced)

Beginning oin 1H12

First well to

Colombia

COLOMBIACesar-Rancher a, Midd le and Low er Magdalen a Val leys Great Upside Poten

PRODUCTION TARGETS


33/48

1 9 u n i t s12 units forCampos Basin

PRODUCTION TARGETS

OGX Prod uct ion Targets OGX Of fshor e Equ ipm ent Dem

FPSO

TLWP

WHP

5 u n i t sexpected to bEsprito Santo(the only deeportfolio)

2 4 u n i t s11 units forCampos Basin

Portfolio potential of 10.8 bn of recoverable boe: >10years of production growth

Current discoveries can support 730,000 boepd of production level

Additional potential resources would allow OGX to reachand sustain a plateau of 1.4 million boepd from 2019 andbeyond

In kboepd

Expected demand of 48 offshore u

Total of 23 units estimated for Odiscoveries (12 FPSOs and 11 WH

Strategy to expedite developmeequipment contracted 2-3 years in

2012 2013 2015 2019

D eve lopmen t o f C ampos andParnaba d iscover ies

4 0 - 5 01 6 5

7 3 0

1 ,380

Offshore equipment already secured forinitial production (OSX-1, 2 & 3)


34/48

OGX OPERATIONS3

EXPLORATION DRILLING CAMPAIGN


35/48

Ocean Lexington (Diamond):Daily Rate: US$ 270kMax. well depth: 20,000 ftContract Expires: Feb.2013

Ocean Ambassador (Diamond):Daily Rate: US$ 260kMax. well depth: 20,000 ftContract Expires: Sep.2012 (+ oneoptional year)

Ocean Quest (Diamond):Daily Rate: US$ 265kMax. well depth: 25,000 ftContract expires: Dec.2013

ENSCO 5002 (Ensco)Daily Rate: US$ 220k

Max. well depth : 20,000 ftContract Expires: Nov.2013

Ocean Star (Diamond):Daily Rate: US$ 300k

Max. well depth: 25,000 ftContract Expires: Feb.2014

ENSCO 5004 (Ensco):Daily Rate: US$235k

Max. well depth: 20,000 ftContract Expires: Nov.2013

Of fsh or e Dr i l l in g On sh or e Dr i l l in g

W I LDCAT+ APPRAI SAL W ELLS 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 13

Campos 5 18 31 12 2

Santos 1 6 3 4 1

Espr i to Santo 0 0 2 1 2

Par - M ar anho 0 0 0 2 3

Parnaba 0 2 8 6 8

Colombia 0 0 0 1 3

To t al 6 2 6 4 4 2 6 1 9

QG-1 (Queiroz Galvo):Daily Rate: US$ 34k

Max. well depth: 14,750 ftContract Expires: Fev.2013(+ one optional year)

BCH

OPERATIONAL CAPABILITIES AND STRUCTURE


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OFFSHORE DRI LLI NG FirSu

High Qua l i f i edTeam

Logis t icsOpera t i ona l

Suppo r tPLATFORM SUPPLY VESSEL ( PSV)

QUANTITY:5

CONTRACTOR: EDISON CHOUEST/TIDE WATERANCHOR HANDLI NG TUG SUPPLY (AHTS)

QUANTITY: 6

CONTRACTOR: EDISON CHOUEST/

NORSKAN/MAERSKFAST SUPPLY VESSEL ( FSV)

QUANTITY: 1

CONTRACTOR: EDISONCHOUEST

MI D SIZE HELI COPTER

QUANTITY: 4

CONTRACTOR: AERLEO

OGX Team: ~300 employees

Over 6,000 people dedicated

3D Room / IOSC

EFFI CI ENCY,A GI LI TY A ND

OPERATI ONAL

SECURI TY


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4FINANCIAL OVERVIEW

STRONG CASH POSITION


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Solid cash position of R$ 8.0 billion, or US$ 4.4 billion (pro-forma as of March 27, 2012), to support exploration

commitments, development and initial production: ~62% of total cash protected against FX variations

US$ 2.7 billion (pro-forma) invested in offshoredeposits

Operating cash flow after net financial results of

US$ 450 850 million until year end 2013

Capex of US$ 3.5 4.2 billion through 2013

Cash al lo cat io n i n R$ : Averageequivalent to 103.5% of the Inte

or 12% p.a.

Ca sh A ll oc at i on i n U S$ : Averagequivalent to 2.3% p.a.

Cash position in fixed incomeBrazils most solid financial institu

R$ billion

Cash Pos i t ion Evo lu t ion Cash Al locat ion

Brade

30%

Itau Unibanc

34%BTG Pactual

7%

Santander

8%

Votorantim

8%

CS

4%

Others

9%

Note:

Pro-forma figures do not contemplate cash disbursement in 1Q12

US$ billion

US$ 1.063 bn

R$ 600 M

0. 0

2. 0

4. 0

6. 0

8. 0

0. 0

2. 0

4. 0

6. 0

8. 0

3Q11 OCT NOV DEC MAR Cash in R$ OGX Maranho Bond Cash in US$

US$ 1.063 BILLION NOTES OFFERING


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OGX raised US$ 1.063 billion in a bond issuance inMarch 27, 2011

Moodys, Fitch and S&P maintained their previousratings on OGX for this transaction

U se o f P r oc ee ds

Changes in production ramp-up strategy

Appraisal campaign of Santos pre-salt discovery

Incremental capex in blocks BM-C-37 and BM-C-38,where OGX recently increased its participation andbecame operator

General corporate purposes including potential newventures and bidding rounds

D em a n d ( g e o gr a ph i c r e g io n )

Tr an sact ion High l igh t s Su m m ar y o f Ter m s

I ssue r OGX Austria GMBH

G uaran to r sOGX Petrleo e Gs

e Gs Ltda.; OGX C

Offer ing Senior Unsecured N

D is t r i bu t i on 144A / Reg-S

R at ingsB1 / B+ / B (stable)respectively

Size US$1.063 billion

Matu r i t y 10 year

O pt iona l r edempt ion 10 year NC5

Coupon 8.375% p.y.

Pr ice $100.00

Y ield t o Ma tu r i t y 8.375% p.y.

USA 70%

Europe 19%

LatAm 8%

Other 3%


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APPENDIX

ONGOING ACTIVITIES


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1OGX Maranho has 70% W.I

W el l Block Accu m u lat ion Rig Coast Dist ance W at er Dep t h St at u s

BW OGX- 7 4 BM-S-59 Natal 1 Ocean Quest 115 km 196m In progress since 02/0

BY OGX- 7 5 BM-C-41 Tambora 3 Ocean Ambassador 86 km 130m In progress since 02/2

CA OGX-76 BM-C-40 Per - 1 Ocean Lexington 96 km 103m In progress since 03/1

CB OGX-77 PN-T-85 Fazenda Axix BCH-05 Onshore Block In progress since 03/1

CC OGX-78 BM-C-43 Honolulu ENSCO 5002 99 km 320m In progress since 03/2

CD GVR-8D PN-T-68 Gavio Real BCH-12 Onshore Block In progress since 03/2

CE OGX-79 BM-C-39 Itacoatiara ENSCO 5004 89 km 102 m In progress since 04/0

CF GVR-7D PN-T-68 Gavio Real QG-1 Onshore Block In progress since 13/0

OGX Blocks Oil & Gas Fields

PARNA BA BASINCAMPOS BASI N SANTOS BASI N ESP

CONCLUDED WELLS (1 OF 5)


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W el l Block Accu m u lat io n Rig Coast Dist an ce W at er Dep t h

A 1 - MRK - 2 B BM-S-29 Abacate Sovereign Explorer 130 km 100 m Oil

B OGX- 1 BM-C-43 Vesvio Ocean Ambassador 85 km 140 m Eoc

J OGX- 9 D BM-C-41 Vesvio Direcional Ocean Ambassador 87 km 142 m Eoc

N OGX- 1 3 BM-C-41 Vesvio Vertical Ocean Lexington 87 Km 138m Eoc

C OGX- 2 A BM-C-41 Pipeline Ocean Ambassador 77 km 130 m

EocCreAlbAptBar

G OGX- 6 BM-C-41 Etna Ocean Quest 82 km 137 mAlbApt

D OGX- 3 BM-C-41 Waimea Sea Explorer 83 km 130 m AlbApt

I OGX- 8 BM-C-41 Fuji Ocean Star 82 km 125 m AlbApt

E OGX- 4 BM-C-42 Kilawea Ocean Quest 79 km 150 m Eoc

F OGX- 5 BM-C-43 Krakatoa Ocean Ambassador 79 km 145 mMaaAlb

Apt

H OGX- 7 A BM-C-42 Huna Ocean Lexington 86 km 152 m AlbApt

K OGX- 1 0 BM-C-42 Hawaii Sea Explorer 79 km 158 mCenAlbApt

L OGX- 1 1 D BM-S-59 Natal Ocean Quest 84 km 180m San

M OGX- 1 2 BM-S-57 Niteri Ocean Star 95 Km 150m

O OGX- 1 4 BM-C-40 Per Ocean Lexington 96 Km 104m Alb

P OGX- 1 5 BM-C-41 Santa Helena Ocean Ambassador 78km 130mAlbApt



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W el l Bl ock Accu m u lat ion Rig Co ast Dist an ce W at er Dep t h

Q OGX- 1 6 PN-T-681 California QG-1 Onshore Block Dev(co

R OGX- 1 7 BM-S-56 Belm Ocean Star 85 Km 136m Alb

S OGX- 1 8 BM-C-40 Ing Ocean Lexington 95 Km 105m SanAlb

T OGX- 1 9 BM-S-58 Aracaju Ocean Quest 112 Km 172m San

U OGX- 2 0 BM-C-41 Tupungato Ocean Ambassador 84 Km 132mMaAlbApt

V OGX- 2 1 D BM-C-41 Waimea Direcional Sea Explorer 84 Km 134m Alb

W OGX- 2 2 PN-T-681 Fazenda So Jos QG-1 Onshore Block UpLow

X OGX- 2 3 BM-S-58 Ilhus Ocean Quest 107 Km 152m

Y OGX- 2 4 BM-S-56 Itagi Ocean Star 94 Km 140m

Z MRK- 3 / 4 P BM-C-372 Carambola A Blackford Dolphin 74 Km 134m SanAlbApt

AA OGX- 25 / 2 7 P BM-C-39 Waikiki Pride Venezuela 94 Km 105m EocAlb

V OGX- 2 6HP BM-C-41 Waimea Horizontal Sea Explorer 84 Km 134m Alb

AB OGX- 2 8 D BM-C-41 Illimani Ocean Star 80 Km 126m Alb

AC OGX- 2 9 / 32 BM-C-39 Itaipu Ocean Lexington 86 Km 104m Oil

AE OGX- 3 1 BM-C-41 Osorno Ocean Ambassador 79 Km 136m AlbApt



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OGX Maranho has 70% W.I. OGX has 50% W.I. and Maersk is the operator

W el l Block Accu m u lat ion Rig Coast Dist an ce W at er Dep t h

AJ OGX- 36 D BM-C-41 Pipeline D Ocean Star 77 Km 128m Alb

AH OGX- 35 D BM-C-39 Waikiki Direcional Ocean Lexington 89 Km 104m Alb

AG MRK- 5 BM-C-37 2 Carambola B Blackford Dolphin 80 Km 130m Alb

AF OGX- 3 3 BM-C-41 Chimborazo Pride Venezuela 84 Km 127m Alb

AK OGX- 37 BM-C-43 Potosi Ocean Ambassador 87 Km 140m Oil

AO OGX- 41 DBM-C-39 /BM-C-40

Waikiki - 2D Ocean Lexington 90 Km 110m Alb

AN OGX- 40 D BM-C-41 Pipeline - 2D Sea Explorer 79 Km 130m Alb

AD OGX- 3 0 BM-S-58 Salvador Ocean Quest 105 Km 151m Alb

AI OGX- 3 4 PN-T-68 1 Bom Jesus QG-1 Onshore Block Dev

AQ OGX- 43 D BM-C-41 Illimani - 1D Ocean Ambassador 80 km 140 m Alb

AO OGX- 4 4 HPBM-C-39/BM-C- 40 Waikiki Ocean Lexington 90 Km 110m

Alb(ho

AL OGX- 38 PN-T-68 1 Fazenda So Jos BCH-05 Onshore Block Dev

AS OGX- 46 D PN-T-68 1 Califrnia D QG-1 Onshore Block Dev

AU OGX- 48 BM-C-41 Pipeline 4 Ocean Ambassador 75 Km 128m Alb

AP OGX- 42 D BM-C-41 Pipeline - 3D Pride Venezuela 78 km 120m EocAlb

AW OGX- 50 D BM-C-41 Waimea 3D Sea Explorer 84 Km 131m SanAlb



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OGX Maranho has 70% W.I. OGX has 50% W.I. and Maersk is the operator

W el l Blo ck Accu m ula t ion Rig Coast Dist an ce W at er Dep t h

AR OGX-45D BM-C-40 Waikiki 3D Ocean Lexington 96 Km 109m Maa

AM OGX-39HP BM-C-41 Pipeline Horizontal Ocean Star 77 Km 128m Alb

AX OGX-52 BM-C-41 Tambora Ocean Ambassador 93 Km 128mSan

Alb

AS OGX-51DP PN-T-68 Califrnia - 2DP QG-1 Onshore Block Dev

AV OGX-49 PN-T-68 Fazenda So Jos BCH-05 Onshore Block

AY OGX-53D BM-C-41 Waimea 2D Pride Venezuela 84 Km 132m Alb

BB OGX-57 PN-T-68 Fazenda So Jos - 2 QG-1 Onshore Block

AT OGX-47 BM-S- 59 Macei Ocean Quest 110Km 185m San

AZ OGX-54 BM-C-41 Fuji - 2 Ocean Lexington 81Km 136m Alb

BC OGX-58DP BM-C-41 Tambora Ocean Ambassador 93Km 128m

BA OGX-56D BM-C-41 Fuj i 1D Ocean Star 77Km 128m Alb

BD OGX-59 PN-T-49 Fazenda Torro BCH-05 Onshore Block Dev

BG OGX-62 BM-C-40 Ing - 1 Ocean Lexington 93Km 105m AlbSan

AW OGX-55HP BM-C-41 Waimea 3HP Sea Explorer 84Km 131m Alb

BE GVR- 1 D PN-T-68 Gavio Real QG-1 Onshore Block Dev

BF OGX- 6 1 BM-C-41 Illimani 2 Ocean Ambassador 87 Km 124m Alb



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OGX Maranho has 70% W.I. OGX has 50% W.I. and Maersk is the operator Waiting for a new rig4

OGX has 50% W.I. and Perenco is the operator

W el l Block Accu m u la t ion Rig Coast Dist an ce W at er Dep t h

BJ OGX- 66 PN-T-67 Angical BCH-05 Onshore Block -

BI OGX- 65 D BM-C-41 Waimea 4D ENSCO 5002 83 km 135m Alb

BG OGX-64DP BM-C-40 Ing 1DP Ocean Lexington 93 km 105m Sa

BM PERN- 1 BM-ES-374 Moriche Ocean Star 52 km 1,148m

BP OGX- 69 BM-C-41 Fuji - 4 ENSCO 5002 81 km 125m Alb

BN GVR- 3 D PN-T-68 Gavio Real QG-1 Onshore Block De

BO GVR- 2 D PN-T-68 Gavio Real BCH-05 Onshore Block De

BQ OGX- 7 0 BM-C-41 Pipeline - 5 Ocean Lexington 80 km 123m

AY OGX-60HP BM-C-41 Waimea 2D ENSCO 5004 84 km 132m Alb

BH OGX-63 BM-S-57 Fortaleza Ocean Quest 102 km 155m AlbAp

BL OGX- 6 7 BM-C-40 Ing - 2 Ocean Ambassador 93 km 111m

BS OGX- 7 1 BM-C-40 Ing - 3 Ocean Ambassador 93 km 112m

BX OGX- 73 BM-C-41 Osorno 1 Ocean Ambassador 78 km 130m Alb

BT GVR- 4 D PN-T-681 Gavio Real QG-1 Onshore Block De

BR PERN- 2 BM-ES-384 Guarapari Ocean Star 110 km 823m

BU GVR- 5 D PN-T-681 Gavio Real BCH-05 Onshore Block De

BV OGX- 72 BM-C-41 Pipeline 7 Ocean Lexington 78 km 130m Alb

BZ GVR- 6 D PN-T-68 Gavio Real QG-1 Onshore Block De

BI OGX- 6 8 HP BM-C-41 Waimea 4HP ENSCO 5004 83 km 135mAlbsec

PARNABA BASIN

Gas Sale Cont rac t w i th MPX


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TPPs

TPPM ar an h o I I I

Revenue Schem at ic

CONTRACT CONDI TI ONS:

The contract should provide a 15% ROE for the TPP (Thermal Power Plant)

Gas producers should receive remaining revenue, guaranteeing extraordinary margins (net back)

$ F ixed revenue (gas plantrental)

$ Var iab le revenue (variesaccording to plants dispatch)

( O GX MPet ra)

$

$

$

(by Jan/1420 year contract

50% take-or-pay)

(by Jan/1315 year contract0% take-or-pay)

( MPX and Pet ra)

TPPMaranho

I V + V

Futu reP ro jec ts

Gas

Gas Sa le Cont rac t w i th MPX


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ogx_management presentation v12

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