ogx management presentation v27

MANAGEMENT PRESENTATION

Rio de Janeiro | September 2012 |

AGENDA

1

2

3

4

OGX Overview

OGX Portfolio and Execution

OGX Operations

Financial Overview

Appendix

Last update: 09/03/2012

OGX OVERVIEW

1

Highly successful and experienced management team, combining unique intellectual capital and

superior execution skills

Overall exploratory success rate exceeding 85% with high productivity reservoirs amongst the best in

Brazil

World class E&P portfolio, mostly in shallow waters and onshore (low cost and off-the-shelf technology)

OGX is among the largest pure E&P companies globally

Proven execution capability (from concept to oil in an unprecedented timing) with fully established

operations comprising more than 6,000 people

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 100 wells spud since the beginning

of its exploratory campaign in Sep. 2009)

Brazil‟s historical under-exploration underpins massive growth opportunities for OGX

OGX OVERVIEW

4

OGX MAIN ACCOMPLISHMENTS

5

Proven Execution Capability (From Concept To First Oil in Unprecedented Timing) With Fully Established Operations Comprising More Than 6,000 People

OGX Creation

US$1.3 bnraised through an equity Private Placement

21 blocks acquired during the 9th

Bidding Round

Jul/07Nov/07

Jun/08

IPO: US$4.1 bn raised

Aug/09

Jun/10

Bond: US$ 2.6bn raisedBeginning of the

drilling campaign

Acquisition of 70% stake in the Parnaíba Assets

Apr/11

Survey and interpretation of the 3D seismic data

Procurement of all equipment and services necessary to initiate the drilling campaign

May/11

5 onshore blocks acquired in Colombia

Sep/11

Mar/12

Sep/09

Updated OGX portfolio to 10.8 bn(1) boe of potential resources

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

1 block acquired in Parnaíba (50% stake)

Oct/11

Jan/12

Arrival of FPSO OSX-1

Total investments of US$ 4.3bn of

Drilling Capex and Signature Bonus +

US$ 245 M of Seismic Campaign

Total cash raised to date: US$9.4 bn

1st Oil

New Bond: US$ 1.1bn raised

OGX OWNERSHIP AND CORPORATE STRUCTURE

Free Float

26 Blocks

5 - Campos (100%) (2)

2 - Campos (70%) (2)

5 - Santos (100%) (2)

5 - Espírito Santo (50%)

5 - PAMA (100%) (2)

4 - Colombia (100%) (2)

8 Blocks

7 - Parnaíba (70%) (2)

1 – Parnaíba (50%) (2)

(1) EBX represented through Centennial Asset Mining Fund LLC (Nevada, USA) (“CAMF”)(2) OGX as operator(3) Market data as of August 24, 2012(4) MPX S.A. holds 33.33%

Petróleo e Gás Participações S.A.(Market Capitalization (3): ~ US$10 Billion)

Petróleo e Gás Ltda

Maranhão Petróleo e Gás S.A.

Average daily traded volume (1 month): ~ US$125 million

~ 40 thousand investors

3rd most representative stock in Ibovespa index 5.4%

One of the most liquid common shares

61%¹ 39%

99.99% 66.67%4

100%

International

OGX Austria

100.00%

100%

6

100%

MANAGEMENT ORGANIZATION STRUCTURE(1)

Luiz Carneiro (33)

CEO

Paulo de Tarso Guimarães (35)Exploration Officer

José Roberto FaveretGeneral Counsel

Roberto MonteiroCFO

Reinaldo Belotti (34)Production Officer

Armando Ferreira (31)Reservoir & Reserves

Olavo Foerch (32)Procurement

Ricardo Juiniti (27)Drilling and Completion

Billy Pinheiro (30)Logistics

Ricardo Abiramia (24)Production

Leandro Leme (31)HSE

Dolores Carvalho (35)E&P Laboratory

Davilson Andrade (20)Exploration Campos & ES

Celso Martins (34)Onshore Basin

Ernani Porsche (33)International

Moacir Santos (38)Geological Operations

Highly Successful And Committed Management Team,

Combining Unique Intellectual Capital and Superior Execution Skills 7(1) Parentheses represent years of experience in the E&P industry

Marcos Amaral (28)Applied Technology

José Sartori (39)Exploratory Management

Joaquim Dib Cohen (32)Oil & Gas Commercialization

Paulo Otávio Gomes (25)Exploration Santos & PAMA

HIGHLY QUALIFIED EXPLORATION TEAM

Exploratory Team

Part of our team 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 9 billion boe and more

than 50 new fields discovered

Pbr Success Index

Proven Track Record Having Opened Several New Oil Frontiers, Including The Pre-salt, and Discovering Over 50 New Oil Fields

8

BRAZIL

Source: EIA-DOE, BP Statistical Review of World Energy 2010, Saudi Aramco, UPPSALA University, Petrobras, ANP and OGX analysis

Source: ANP

Still Significantly Under-explored

Oil & Gas in The World

Source: IHS

Largest Oil And Gas Discoveries In The World

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

New Provinces Could Propel Brazil Into Top Reserves Holders

Oil Resources - December 2009 (Bn bbl) % of sedimentary basins under concession

0 10 20 30 40

Bn Boe

Brazil

Turkmenistan

Iran

Kazakhstan

China

Russia

Australia

Kuwait

Israel

Saudi Arabia

India

Indonesia

Venezuela

Papua

New Guinea

Ghana

+ 35 bn boe

265

172

138

115

102

100

98

74

44

40

37

33

28

27

15

14

13

Saudi Arabia

Venezuela

Iran

Iraq

Kuwait

Brazil post Tupi

UAE

Russia

Libya

Kazakhstan

Nigeria

Canada

US

Qatar

China

Angola

Brazil

Unlicensed 96%

Licensed 4%

COUNTRYHISTORICAL O&GPROD.(BN BOE)

USA (1900-2010) 440

EX-USSR (1900-2010)

335

SAUDI ARABIA (1938-2010)

145

BRAZIL(1941-2010)

14.5

Brazil’s Historical Under-Exploration Underpins Massive Growth Opportunities for OGX

9

Unlicensed96%

Oil and Gas Discovered Volumes

2000 – 2010 (Bn boe)

Vast Untapped Oil & Gas Potential

OGX PORTFOLIO AND EXECUTION

2

PO

RTFO

LIO

Deep water~1,000m

Shallow water~150m

Shallow water~120m

Shallow water~60m

OGX PORTFOLIO

34 blocks: 30 blocks in 5 Brazilian sedimentary basins and 4 onshore blocks in 2 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

11

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

OGX PORTFOLIO POTENTIAL

73%ShallowWater

8%Deep

Water

19%Onshore

79% Oil

21% Gas

Portfolio Breakdown

12

Breakdown

D&M Certified Volumes (Bnboe)

Note:

1 Does not include Parnaíba 3C contingent resources of 141 million boe

10.8

C1(4%)0.1

C2(19%)

0.6C3 (77%)2.33.0

1.3

4.8

6.7¹6.5

Mar-08 Sep-09 Dec-10

Contingent Delineation Prospective

CAMPOS BASIN

OGX’s Discovered Accumulations Confirm a New Hydrocarbon Province

in the Southern Campos Basin

~400 MM bbl already declared

commercial (Tubarão Azul and

Tubarão Martelo Fields)

7 blocks operated by OGX

Total area of 1,177 km2

Average water depth of ~120m

68 wells drilled

~90% of success rate

Campos Basin

13

Low Risk, Shallow Water And Large Volumes

Areas Update– Not including pre-salt and exploratory prospects

CAMPOS BASIN

14

Highlights

Successful appraisal campaign with 39 wells

drilled and a 87% hit ratio

Acquisition of incremental 20% participation

of blocks BM-C-37 and BM-C-38 from Maersk,

with OGX becoming the operator

Declaration of Commerciality of the Waikiki

accumulation and Development Plan (DP)

submitted to the ANP

Named as Tubarão Martelo Field with

expected total recoverable volume of

285 MMbbl

Declaration of Commerciality for a portion of

the Waimea Complex and Development Plan

(DP) submitted to the ANP

Named as Tubarão Azul Field with

expected total recoverable volume of

110 MMbbl

Important new discoveries in the 1H12:

Itacoatiara and HonoluluSource:

Area estimates based exclusively on OGX‟s studies

Waikiki ComplexWaimea / Pipeline and Vesuvio Complexes

TUBARÃO AZUL FIELD (1ST MODULE)

OGX-3 Albian: 80mAptian/Barrem: 50m N.A.

OGX-21D/OGX-26HP Albian: 14mN.A.

OGX-50D/OGX-55HP Santonian: 1,7mAlbian: 52m

1C

OGX-53D/OGX-60HP Albian: 71m 1C

OGX-65D/OGX-68HP Albian: 97m 1C

15

Waimea Complex – Not including pre-salt and exploratory prospects

TAMBORA

OGX-52 Santonian: 5mAlbian: 96m

N.A.

OGX-58DP - N.A.

OGX-75 Albian: 49m N.A.


ILLIMANI

OGX-28D Albian: 24m N.A.

OGX-43D Albian: 50m Del.

OGX-61 Albian: 9m 3C

TUPUNGATO

OGX-20 Maastrich: 9m & 3mAlbian: 50mAptian: 42m

N.A.

OSORNO

OGX-31 Albian: 48mAptian: 23m

N.A.


FUJI


N.A.

OGX-56D Albian: 60m 3C


CHIMBORAZO


Waimea Complex¹

WELL UNDER EVALUATION

OGX-54 Albian: 24m Del.

Note:

1 Figures in “meters” illustrate net pays of oil columns

2 Discovered after D&M „s Dec 2010 contingent resources report

CAMPOS BASIN

Source:


TUBARÃO MARTELO FIELD

OGX-25 Eocene: 8m (gas)Albocenomaniano: 145m

N.A.

OGX-35D Albocenomanian: 80m 3C

OGX-41D/OGX-44HP

Albian: 92m2C

16

INGÁ

OGX-18 Santonian: Oil ShowsAlbian: 12m (oil column) N.A.

OGX-62 Albocenomanian: 20mSantonian: 26m

2C

OGX-64DP Santonian: 23m 3C

OGX-67 - 3C

OGX-71 - 3C

ITACOATIARA


PERÓ

OGX-14 Albian: 35m & 27m N.A.

OGX-76² Albian: 6m 2C

Waikiki Complex¹WELLS UNDER EVALUATION

OGX-45D Maastrich: 5m Del.

OGX-29/32 Oil Shows N.A.

Waikiki Complex – Not including pre-salt and exploratory prospects

CAMPOS BASIN

Source:


Notes:


PIPELINE

OGX-2A Eocene: Oil showsCretac: Oil showsAlbian: 100mAptian: 50mBarremian: 15m

N.A.

OGX-36D/OGX-39HP

Albian: 60m3C

OGX-40D Albian: 107m 2C

OGX-42D Eocene: 6mAlbian: 82m

3C


OGX-70 - 3C


OGX-80³ Albian: 51m N.A.

17

SANTA HELENA (PIPELINE)


N.A.

ETNA (PIPELINE)


N.A.

Pipeline Complex¹

CARAMBOLA

MRK-5 Albian: 17m N.A.

RJS-105² Albian: 150m N.A.

CARAMBOLA A (PIPELINE)

MRK-3 Santonian: 14mAlbian: 43mAptian: 12m

N.A.

Pipeline Complex – Not including pre-salt and exploratory prospects

CAMPOS BASIN

Source:


Notes:


2 RJS-105 well drilled by Petrobras

3 Discovered after D&M „s Dec 2010 contingent resources report

VESUVIO

OGX-1 Eocene: 57m N.A.

OGX-9D Eocene: 60m 1C

OGX-13 Eocene: 10m 1C

18

KRAKATOA

OGX-5 Maastrich: Oil showsAlbian: 30mAptian: 20m

N.A.

KILAWEA

OGX-4 Eocene: 17m N.A.

Vesuvio Complex¹

POTOSI (VESUVIO)

OGX-37 Oil Shows N.A.

Note:


Vesúvio Complex – Not including pre-salt and exploratory prospects

CAMPOS BASIN

Source:


CAMPOS BASINProduction in the Tubarão Azul Field

19OGX First Oil Flowing Since January/12 Through EWT

Electricalsubmersiblepump

BuoyOSX-1

Risers andUmbilicals

Flexiblelines

WetchristmastreeOGX-26HP

Wet christmastreeOGX-68HP

Wet christmas tree

Main characteristics:

OGX-26HP and OGX-68HP under production

3rd production well to be connected by 2012

4th producer well to be connected by 2013

2 injection wells planned

1st by 2012/2013

2nd by 2013

Oil quality of 20° API

Water depth of 140 meters

Wet christmas tree

CAMPOS BASIN

Dec 23,

2011

Concluded the connection of

the flexible lines to the

detachable turret

Sep 16,

2011

Granting of the

preliminary and

installation license

by IBAMA

Sep 17,

2011

Beginning of the subsea

installation (piles,

moorings and MWA)

Dec 19,

2011Flexible lines launched

and connected to the

wet christmas tree

Dec 25,

2011

FPSO OSX-1 sets sail

from the port of Rio de

Janeiro

Jan 31,

2012

FPSO OSX-1 begins

production

Jan 12,

2012

Connection of the FPSO

OSX-1 to the turret

Dec 18,

2009

Discovery of

Waimea OGX-3Oct 4,

2011

Arrival of the

FPSO OSX-1 in

Rio de Janeiro 1st

Oil

20

From Discovery to 1st Oil in Waimea

11.6

10.3

9.1 9.0 9.2

7.0

10.6

Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12

CAMPOS BASIN

21

FPSO OSX-1 Operational Efficiency

Tested production levels between 4 - 18 kbpd since beginning of production

1st well, OGX-26HP, on-stream since Jan/31

2nd well, OGX-68HP, on-stream since May/15

Defined production level per well of 5 kboepd, without water injection

Besides water injection technology, should also use chemical hydraulic fracturing

and other well known technologies in the industry to optimize production

Production in the Waimea Complex

Average Monthly Production (kboepd)

EffectiveProduction Days

OGX-26HP 29 31 30 29 20 - 27

OGX-68HP - - - 17 30 31 31

Total 29 31 30 46 50 31 58

Average per well (kboepd)

11.6 10.3 9.1 6.1 5.5 7.0 5.7

95%99% 100%

96%100% 100% 100%

Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12

CAMPOS BASIN

2222

OSX-2 and OSX-3 Production Schematic

Main characteristics:

OSX-2: 1st oil expected for 2H13

OSX-3: 1st oil expected for 2H13

4 subsea wells connected to each FPSO

Oil quality: 20-28° API

Water depth: ~120 meters

OSX-2/OSX-3

Flexible lines

WHP-1/WHP-2

Dry christmas tree

Wet christmas tree

CAMPOS BASIN

23

1st oil expected for 2H13

EPC: MODEC

Shipyard: Jurong Shipyard (JSL) – Singapore

Technical specifications:

Production capacity: 100 kbbl/day

Storage capacity: 1.3 Mboe

OSX-2 and OSX-3 Engineering Status

OSX-2 Overview OSX-3 Overview

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 Underway and On Schedule, Constructed in Top Tier Shipyards

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 kbpd and storage of 1.3 Mbbl

Expected Average day rate of US$ 360 k

Contracted by OSX with SBM

Expected delivery: 2H13

OSX-3:


Expected Average day rate of US$ 360 k

Contracted by OSX with MODEC

Expected delivery: 2H13

WHP-1:

Capacity to drill up to 30 wells

Equipment on-stream by the 1H14

Detailed engineering ongoing (EPC awarded to Techint by OSX)

WHP-2:

Capacity to drill up to 30 wells

Equipment on-stream by 1H14

Detailed engineering ongoing (EPC awarded to Techint by OSX)

OSX-4:


Order placed for Leasing contract and EPCI under procurement

OSX-5:


Order placed for Leasing contract and EPCI under procurement

Two sister VLCC´s (Very Large Crude Oil Carriers) purchased on November, 2010 by OSX to be converted into FPSOs

SECURED PRODUCTION EQUIPMENT

2424

WHP-3 and WHP-4:

Order placed for charter and construction with OSX

Both WHPs will be built in the AçuSuperport

Santos Basin is One of The Most Promising Exploratory Areas in Brazil, With Significant Potential For Gas and Light Oil

5 blocks operated by OGX (100%

owned)

Total area of 769 km²

Average water depth of ~150 m

13 wells drilled

Pre-salt potential in shallow

waters (OGX-63)

~75% success rate

Santos Basin

SANTOS BASIN

25

High Potential

SANTOS BASIN

Encouraging Results From 3 Drill-stem Tests Confirm Emergence of a New Oil, Gas and Condensate Center in The Region

Exploratory Campaign

2010 Activities

MRK-2B

OGX-11D

OGX-12

OGX-17

OGX-19

2011 Activities

OGX-23

OGX-24

OGX-30

OGX-47

OGX-63

Maceió (OGX – 47)

Gas and condensate (~20% with approx.

50° API)

AOF production potential results:

Vertical well: 1.0M m³/day of gas

Horizontal well: 2.5M m³/day of

gas

Natal (OGX-11D)

Gas and condensate (~25% with approx. 47° API)

AOF production potential results:

Vertical well: 1.0 M m³/day of gas and 1.2K bbl/day of condensate

Horizontal well: 5.0M m³/day of gas and 6K bbl/day of condensate

Drill-stem Tests Performed

26

2012 Activities

OGX-74

OGX-85

OGX-89D

Illustrative

Positive Drill-Stem Test Results

Natal (OGX-74)

Light oil (38º API) confirmation

Sandstone reservoirs (Santonian age)

4 km distant from OGX-11D

Drill-stem Test for Fluid Identification

SANTOS BASIN

27

Highlights Albian Gas Interval

Aptian Interval

Good porosity

Dolomitized layers with open fractures

MDT Dual-Packer Test collected 47º

API hydrocarbons

Pore

Dolomitized microbial

Connected vugular porosity

Light oil/condensate shows

Oil

Pre-salt Discovery In Shallow Waters

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 far identified column of 150 meters

1st microbiolite Pre-salt discovery in shallow waters in Brazil

Same reservoir rock in pre-salt as only seen so far in deep and ultra-deep waters in the Santos and Campos Basins

Strong kick in the last drilled layer of the reservoir with shows of hydrocarbons

Already drilling first appraisal well in the Fortaleza accumulation (OGX-85)

New Frontier Basin With High Potential For Gas Production

1.1 Tcf (~200MM boe) already declared commercial (Gavião Real and Gavião Azul Fields)

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 (16 wells drilled)

Parnaíba Basin

PARNAÍBA BASIN

28

Major Gas Province

Gavião Real

Gavião Azul

Legend:

Seismic Lines

PARNAÍBA BASIN

29

More than 20 prospects identified

Initial production expected in 2H12

Available production capacity of up to ~6 M m³

per day in 2013

Gas to be sold to MPX Power Plants

MPX has obtained installation license of 3,722

MW

3 seismic crews working on the site

5 rigs operating simultaneously: 3 focused on

exploration and 2 on the production

development (which one is a completion rig)

Parnaíba Complex

Business PlanProject 1

1st gas: 2H12

PARNAÍBA BASIN

30

MPX + PetraOGX Maranhão (70%) + Petra (30%)

Parnaíba Development SchematicGas Thermal Power Plant Development

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

Capex

Total drilling cost:

US$ 340 M

Total facilities1

cost: US$ 110M

Opex field life

Less than US$

0.30/1,000 cubic

feet

30

Short Gas Pipeline(<2 km)

CAMPO DE GAVIÃO REAL

Poços

de p

rodução

Gasoduto2 x 18" - 4,1 km

Manifold de

produção

Gasoduto2 x 12" - 11,7 km

CAMPO DE GAVIÃO AZUL

Poços

de p

rodução

Manifold de

produção

SITE DA MPX

Planta de

Tratamento

UTE

Transferência de

custódia

Filtragem, controle e

medição

Recebimento, separação

e tratamento

Site UTG OGX Site UTE MPXManifold

Pro

du

cti

on

w

ell

s

GTU TPP

Project Development

PARNAÍBA BASIN

31

Execution Highlights

Project Development

Environmental permits already granted (LP+LI)

15 producing wells already drilled and 1 wells in

progress

Drilled and tested the first production well GVR-1

Production potential of 5.0 M m³/day (AOF)

EPC contracted for the construction of the gas processing facility

Awarded to Valerus-Geogas

Civil engineering work advanced and on schedule

Prepared Gas Treatment Unit (GTU) site, with earthmoving concluded

Launching of pipelines connecting the clusters to the GTU already concluded

Production expected to begin in the 2H12 with the commissioning of the GTU and the turbines

Commercial production expected to start in January 2013

Ongoing Works

The New Frontier of Espírito Santo Has Proven to be a Very Active Petrolific System With Recent Important Discoveries in Neighboring Blocks

5 blocks operated by Perenco

(50% owned)

Total area of 3,620 km²

Average water depth of ~1,000 m

Espírito Santo Basin

ESPÍRITO SANTO BASIN

32

New Frontier In Deep Water

New Frontier With Geological Model Similar to West Africa, Where Significant Discoveries Were Made Recently

5 blocks operated by OGX (100%

owned)

Total area of 960 km²

Average water depth of ~60m

Pará-Maranhão Basin

PARÁ MARANHÃO BASIN

33

Promising New Frontier

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

4 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

Colombian Basins

COLOMBIA

34

Cesar-Ranchería and Lower Magdalena Valley Great Upside Potential

OGX OPERATIONS

3

OPERATIONAL CAPABILITIES AND STRUCTURE

OFFSHORE DRILLING First Class Suppliers

High Qualified Team

Logistics Operational

Support

PLATFORM SUPPLY VESSEL (PSV)

QUANTITY:5

CONTRACTOR: EDISON CHOUEST/

TIDE WATER

ANCHOR HANDLING TUG SUPPLY (AHTS)

QUANTITY: 6

CONTRACTOR: EDISON CHOUEST/

NORSKAN/MAERSK

FAST SUPPLY VESSEL (FSV)

QUANTITY: 1

CONTRACTOR: EDISON

CHOUEST

MID SIZE HELICOPTER

QUANTITY: 4

CONTRACTOR: AERÓLEO

OGX Team: ~380 employees

Over 6,000 people dedicated

3D Room / IOSC

EFFICIENCY,

AGILITY AND

OPERATIONAL

SECURITY

36

4FINANCIAL OVERVIEW

STRONG CASH POSITION

Solid cash position of R$ 5.9 billion, or US$ 2.9

billion, to support exploration commitments,

development and initial production:

US$ 1.8 billion invested in offshore deposits

US$ 1.063 billion raised through a bond issue

in March 2012

Cash allocation in R$: R$ 2.3 billion (~40%)

Average cumulative gross return equivalent to

102.91% of the Interbank Deposit Rate (CDI), or

9.7% p.a.

Cash Allocation in US$: US$ 1.8 billion (~60%)

Average cumulative gross return equivalent to 1.26%

p.a.

Cash position in fixed income instruments allocated to most

solid financial institutions

R$ billion

Cash Position Evolution Cash Allocation

38

Bradesco21%

Itaú Unibanco18%

Morgan Stanley15%

Votorantim12%

BTG Pactual12%

Santander5%

CS4%

HSBC1%

Others12%

0,0

2,0

4,0

6,0

8,0

1Q12 APR MAY 2Q12

C ash in R$

HIGH PROFITABILITY ON FPSO OSX-1 OPERATIONS

39

EWT Economics¹ Cargos Delivered to Shell

Total Gross Revenue of R$ 173.9 million and Total

EBITDA of R$ 79.6 million, reflecting the asset‟s high

value

Economies of scale will dilute costs per barrel

More wells on stream this year

Majority of costs are fixed: logistics, leasing and

operations

Note:1 Before declaration of commerciality, gross sales revenue net of costs is booked as a reduction of CAPEX (Intangible), and not as income for the period

R$ ('000)

Extended Well Test 1st cargo 2nd cargo Total

Operation Period 51 days 27 days -

Production related to the shipments - in

barrels (bbls) 547,376 246,809 794,185

R$ ('000)

Gross Revenue 118,003 55,996 173,999

Sales Taxes - - -

Royalties (10,687) (4,938) (15,624)

Leasing (24,078) (13,222) (37,301)

OSX Services (13,944) (7,236) (21,180)

Logistics (12,005) (7,410) (19,415)

Others (871) 35 (835)

EBITDA 56,418 23,226 79,644

% EBITDA / Gross Revenue 47.81% 41.48% 45.77%

EBITDA / barrel - (R$/barrel) 103.07 94.10 100.28

Average FX Rate in the Period (BRL/USD) 1.7614 1.8678 -

APPENDIX

OGX Blocks Oil & Gas Fields

ONGOING ACTIVITIES

1OGX Maranhão has 70% W.I

Well Block Accumulation Rig Coast Distance Water Depth Status Net Pay

CO OGX-85 BM-S-57 Fortaleza – 1 Ocean Star 85 km 155m In progress since 06/12

CW OGX-91D PN-T-67¹ SW Bom Jesus BCH-5 Onshore Block In progress since 07/30 Carboniferous: 23m

CY TBMT-1D BM-C-39 Tubarão Martelo Field Ocean Lexington 90 km 105m In progress since 08/07

CZ OGX-92 PN-T-84¹ Faz. Santa Maria TUS-125 Onshore Block In progress since 08/10

DB TBMT-3D BM-C-39 Tubarão Martelo Field Ocean Ambassador 89 km 106m In progress since 08/13

DC OGX-93 PN-T-84¹ Rio Corda QG-1 Onshore Block In progress since 08/18

DD GVR-13D PN-T-68¹ Gavião Real BCH-12 Onshore Block In progress since 08/21

DA TBAZ-1HP BM-C-41 Tubarão Azul Field ENSCO 5002 84 km 133m In progress since 08/24

DC TBMT-5D BM-C-39 Tubarão Martelo Field ENSCO 5004 91 Km 106m In progress since 08/28

DB OGX-94 BM-S-58 Curitiba Ocean Quest 101 Km 143m In progress since 08/29

PARNAÍBA BASINCAMPOS BASIN SANTOS BASIN ESPÍRITO SANTO BASIN

41

Development Wells

CONCLUDED WELLS (1 OF 6)

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 Vesúvio 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

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

Eocene: ShowsCretac.: ShowsAlbian: 100mAptian: 50mBarremian: 15m

G OGX-6 BM-C-41 Etna Ocean Quest 82 km 137 mAlbian: 74mAptian: 17m

D OGX-3 BM-C-41 Waimea Sea Explorer 83 km 130 mAlbian: 80mApt./Barrem: 50m

I OGX-8 BM-C-41 Fuji Ocean Star 82 km 125 mAlbian: 43mAptian: 44m

E OGX-4 BM-C-42 Kilawea Ocean Quest 79 km 150 m Eocene: 17m

F OGX-5 BM-C-43 Krakatoa Ocean Ambassador 79 km 145 mMaastric.: ShowsAlbian: 30mAptian: 20m

H OGX-7A BM-C-42 Huna Ocean Lexington 86 km 152 mAlbian: >17mAptian: 35m

K OGX-10 BM-C-42 Hawaii Sea Explorer 79 km 158 mCenomanian: 11mAlbian: >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

P OGX-15 BM-C-41 Santa Helena Ocean Ambassador 78km 130mAlbian: 32mAptian: 31m

42


4343


Q OGX-16 PN-T-681 California QG-1 Onshore BlockDevonian: Gas shows, 23m & 25m (column)

R OGX-17 BM-S-56 Belém Ocean Star 85 Km 136m Albian: 43m

S OGX-18A BM-C-40 Ingá Ocean Lexington 95 Km 105mSantonian: Oil showsAlbian: 12m (Oil column)

T OGX-19 BM-S-58 Aracaju Ocean Quest 112 Km 172m Santonian: 40m

U OGX-20 BM-C-41 Tupungato Ocean Ambassador 84 Km 132mMaastrichtian: 9m & 3mAlbian: 50mAptian: 42m

V OGX-21D BM-C-41 Waimea Direcional Sea Explorer 84 Km 134m Albian: 14m

W OGX-22 PN-T-681 Fazenda São José QG-1 Onshore BlockUpper Devonian: 49m 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 -

Z MRK-3/4P BM-C-372 Carambola – A Blackford Dolphin 74 Km 134mSantonian: 14mAlbian: 43mAptian: 12m

AA OGX-25/27P BM-C-39 Waikiki Pride Venezuela 94 Km 105mEocene: 8m (gas)Albian-cenomanian: 145m

V OGX-26HP BM-C-41 Waimea Horizontal Sea Explorer 84 Km 134m Albian: >1,000m (horizontal section)

AB OGX-28D BM-C-41 Illimani Ocean Star 80 Km 126m Albian: 24m

AC OGX-29/32 BM-C-39 Itaipu Ocean Lexington 86 Km 104m Oil shows

AE OGX-31 BM-C-41 Osorno Ocean Ambassador 79 Km 136mAlbian: 48mAptian: 23m

AJ OGX-36D BM-C-41 Pipeline D Ocean Star 77 Km 128m Albian: 60m

AH OGX-35D BM-C-39 Waikiki Direcional Ocean Lexington 89 Km 104m Albian-Cenomanian: 80m

¹ OGX Maranhão has 70% W.I. ² OGX has 70% W.I. and Maersk 30%


¹ OGX Maranhão has 70% W.I. ² OGX has 70% W.I. and Maersk 30% 44


AG MRK-5 BM-C-37 2 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

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

Waikiki - 2D Ocean Lexington 90 Km 110m Albian: 92m

AN OGX-40D BM-C-41 Pipeline - 2D Sea Explorer 79 Km 130m Albian: 107m

AD OGX-30 BM-S-58 Salvador Ocean Quest 105 Km 151m Albian: 50m

AI OGX-34 PN-T-68 1 Bom Jesus QG-1 Onshore Block Devonian: 23m

AQ OGX-43D BM-C-41 Illimani - 1D Ocean Ambassador 80 km 140 m Albian: 50m

AO OGX-44HPBM-C-39/BM-C- 40

Waikiki Ocean Lexington 90 Km 110mAlbian-Cenomanian: 1,063m (horizontal section)

AL OGX-38 PN-T-68 1 Fazenda São José BCH-05 Onshore Block Devonian: 43m

AS OGX-46D PN-T-68 1 Califórnia – D QG-1 Onshore Block Devonian: 15m

AU OGX-48 BM-C-41 Pipeline – 4 Ocean Ambassador 75 Km 128m Albian: 12m

AP OGX-42D BM-C-41 Pipeline - 3D Pride Venezuela 78 km 120mEocene: 6mAlbian: 82m

AW OGX-50D BM-C-41 Waimea – 3D Sea Explorer 84 Km 131mSantonian: 1.7mAlbian: 52m

AR OGX-45D BM-C-40 Waikiki – 3D 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)

AX OGX-52 BM-C-41 Tambora Ocean Ambassador 93 Km 128m Santonian: 5mAlbian: 96m

AS OGX-51DP PN-T-68¹ Califórnia - 2DP QG-1 Onshore Block Devonian: 8m

AV OGX-49 PN-T-68¹ Fazenda São José BCH-05 Onshore Block -


45


AY OGX-53D BM-C-41 Waimea – 2D Pride Venezuela 84 Km 132m Albian: 71m

BB OGX-57 PN-T-68¹ 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-49¹ Fazenda Torrão BCH-05 Onshore Block Devonian: 9m

BG OGX-62 BM-C-40 Ingá - 1 Ocean Lexington 93Km 105mAlbian-Cenomanian: 20mSantonian: 26m

AW OGX-55HP BM-C-41 Waimea – 3HP Sea Explorer 84Km 131m Albian: >1,000m (horizontal section)

BE GVR-1D PN-T-68¹ Gavião Real QG-1 Onshore Block Development well

BF OGX-61 BM-C-41 Illimani – 2 Ocean Ambassador 87 Km 124m Albian: 9m

BJ OGX-66 PN-T-67¹ Angical BCH-05 Onshore Block -

BI OGX-65D BM-C-41 Waimea – 4D ENSCO 5002 83 km 135m Albian: 97m

BG OGX-64DP BM-C-40 Ingá – 1DP Ocean Lexington 93 km 105m Santonian: 23m

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 Albian: 38m

BN GVR-3D PN-T-68¹ Gavião Real QG-1 Onshore Block Development well

BO GVR-2D PN-T-68¹ Gavião Real BCH-05 Onshore Block Development well

BQ OGX-70 BM-C-41 Pipeline - 5 Ocean Lexington 80 km 123m -

¹ OGX Maranhão has 70% W.I. ² OGX has 70% W.I. and Maersk 30%


¹ OGX Maranhão has 70% W.I. ² OGX has 70% W.I. and Maersk 30% 4OGX has 50% W.I. and Perenco is the operator46


AY OGX-60HP BM-C-41 Waimea – 2D ENSCO 5004 84 km 132m Albian: >1,000m (horizontal section)

BH OGX-63 BM-S-57 Fortaleza Ocean Quest 102 km 155mAlbian: 110mAptian: 150m (column)

BL OGX-67 BM-C-40 Ingá - 2 Ocean Ambassador 93 km 111m -

BS OGX-71 BM-C-40 Ingá - 3 Ocean Ambassador 93 km 112m -

BX OGX-73 BM-C-41 Osorno – 1 Ocean Ambassador 78 km 130m Albian: 37m

BT GVR-4D PN-T-681 Gavião Real QG-1 Onshore Block Development well

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

BU GVR-5D PN-T-681 Gavião Real BCH-05 Onshore Block Development well

BV OGX-72 BM-C-41 Pipeline – 7 Ocean Lexington 78 km 130m Albian: 129m

BZ GVR-6D PN-T-68¹ Gavião Real QG-1 Onshore Block Development well

BI OGX-68HP BM-C-41 Waimea – 4HP ENSCO 5004 83 km 135m Albian: > 1,000m (horizontal section)

CA OGX-76 BM-C-40 Peró - 1 Ocean Lexington 96 km 103m Albian: 6m

BY OGX-75 BM-C-41 Tambora – 3 Ocean Ambassador 86 km 130m Albian: 49m

CB OGX-77 PN-T-85¹ Fazenda Axixá BCH-05 Onshore Block Devonian: 2m

BW OGX-74 BM-S-59 Natal – 1 Ocean Quest 115 km 196m Santonian: 6m

CD GVR-8D PN-T-68¹ Gavião Real BCH-12 Onshore Block Development well

CG OGX-80 BM-C-41 Pipeline – 6 Ocean Lexington 76 km 128m Albian: 51m

CH OGX-81 BM-C-41 Tambora – 2 Ocean Ambassador 87 km 139mEocene: 6mAlbian: 62m


47


CF GVR-7DA PN-T-68¹ Gavião Real QG-1 Onshore Block Development well

CE OGX-79 BM-C-39 Itacoatiara ENSCO 5004 89 km 102m Albian: 64m

CK OGX-82 PN-T-85¹ Fazenda São Francisco BCH-5 Onshore Block Devonian: 3m

CM OGX-84 BM-C-40 Ingá-4 Ocean Ambassador 96 km 107m -

CJ GVR-9 PN-T-68¹ Gavião Real BCH-12 Onshore Block Development well

CC OGX-78 BM-C-43 Honolulu ENSCO 5002 99 km 320m Aptian: 67m

CL OGX-83D BM-C-41 Tupungato - 1D Ocean Lexington 86 km 132m Albian: 83m

CN GVR-10D PN-T-68¹ Gavião Real QG-1 Onshore Block Development well

CP OGX-86 BM-C-39 Camboinhas ENSCO 5004 84 km 101m -

CQ OGX-87 BM-C-42 Villarrica Ocean Ambassador 87 km 138mMaastrichtian: 8mPaleocene: 2m

CR OGX-88 PN-T-68¹ Bom Jesus - 1 BCH-5 Onshore Block Carboniferous: 36m

CS GVR-12D PN-T-68¹ Gavião Real BCH-12 Onshore Block Development well

CT GVR-14D PN-T-68¹ Gavião Real QG-1 Onshore Block Development well

CX GVR-11D PN-T-68¹ Gavião Real BCH-12 Onshore Block Development well

CU OGX-89D BM-S-59 Natal – 2D Ocean Quest 111 Km 170m Santonian: 7m

CV OGX-90D BM-C-41 Fuji - 3D ENSCO 5004 82 Km 128m Albian: 2m

¹ OGX Maranhão has 70% W.I. ² OGX has 70% W.I. and Maersk 30% 4OGX has 50% W.I. and Perenco is the operator

TPPs

TPP Maranhão III

PARNAÍBA BASIN

Revenue Schematic

(OGX Maranhão and Petra)

$

$

$

(by Jan/1420 year contract

50% take-or-pay)

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

(MPX and Petra)

TPPMaranhão

IV + V

Future Projects

Gas Producers

48

Gas Sale Contract with MPX