1. Management Presentation

2. Disclaimer
This presentation uses the terms potential petroleum quantities, prospective resources and contingent 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, and the lack of identified prospects, leads, or future development and exploration projects, the potential petroleum quantities estimated herein cannot be classified as prospective resources, contingent resources or reserves, and the prospective resources and contingent resources cannot be classified as reserves. Investors are advised that the U.S. Securities and Exchange Commission (SEC) and other international securities regulators do not recognize potential petroleum quantities and prospective and contingent resources.There is no certainty that any portion of the potential petroleum quantities or 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 OGXs potential petroleum quantities or prospective resources exist, or that they can be developed economically. Accordingly, information concerning potential petroleum quantities and prospective and contingent 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 Regulation S-K 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 projected capital and operating expenditures, installed production capacity, expected production, and number of wells drilled. 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 OGXs future results or projections will not vary significantly from those set forth herein. Accordingly, investors may lose all of their 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.
This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever.Recipients of this presentation are not to construe the contents of this summary as legal, tax or investment advice and recipients should consult their own advisors in this regard.
Various factors could cause OGX's actual future results, performance or events to differ materially from those described in this presentation. In no event shall OGX or the members of its board, directors, assigns or employees be liable to any third party (including investors) for investment decisions or acts or business carried out based on the information and statements that appear in this presentation, or for indirect damage, lost profit or related issues. OGX does not intend to provide to potential shareholders with a revision of the statements or an analysis of the differences between the statements and the actual results. You are urged to carefully review OGX's 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.11
2
3. Agenda

OGX Overview

4. OGX Portfolio 5. OGX Operations 6. Path to Production 7. Financial Overview 8. AppendixLastupdate: 10/18/11
3
9. OGX Overview
10. OGX Overview
OGX is among the 15 largest pure E&P companies globally with a market cap of approximately US$25 billion, and is the 3rd most traded stock in Latin America
World class E&P portfolio with 10.8 billion boe of potential resources, mostly in shallow waters and onshore (low cost and off-the-shelf technology)
Multi-billion barrel discoveries and overall success rate exceeding 90% with high productivity reservoirs amongst the best in Brazil
Solid cash position allows OGX to conclude the largest and most successful private sector exploratory campaign in Brazil and to support production development (more than 60 wells spud since the beginning of its exploratory campaign in Aug. 2009)
Highly successful and experienced management team, combining unique intellectual capital and superior execution skills
Proven execution capability (from concept to oil in an unprecedented timing) with fully established operations comprising more than 5,000 people
Brazils historical under-exploration underpins massive growth opportunities for OGX
5
11. OGX Main Accomplishments
OSX-1 and initial
production
1 block acquired in Parnaba (50% stake)
OGX Main Accomplishments
5 onshore blocks acquired in Colombia
Updated OGX portfolio to 10.8 bn(1)boe of potential resources
Bond: US$ 2.6bn raised
Nov/ 11
High productivity horizontal well
1st FPSO secured for20 years
Sep/11
US$1.3 bnraised through an equity Private Placement
21 blocks acquired during the 9th Bidding Round
OGX included in the Ibovespa Index
Beginning of thedrilling campaign
May/11
Apr/11
Acquisition of 70% stake in the Parnaba Assets

Total investments of US$ 3.7 bn of Drilling Capex and Bonus Signature + US$ 218 M of Seismic Campaign

12. Total cash raised to date: US$8.0 bnFeb/11
Jun/10
IPO: US$4.1 bn raised
Jan/10
OGX Creation
Survey and interpretation of the 3D seismic data
Sep/09
Aug/09
Procurement of all equipment and services necessary to initiate the drilling campaign
Jun/08
Nov/07
Jul/07
Proven execution capability (from concept to first oil in unprecedented timing) with fully established operations comprising more than 5,000 people
(1) Calculated by OGX based on potential, prospective and contingent volumes contained in the DeGolyer and MacNaughton Reports
6
13. (1)
Free Float
Free Float
39%
61%
Petrleo e Gs Participaes S.A.(Market Capitalization (3): ~ US$25 Billion)
99.99%
66.67% (4)
Petrleo e Gs Ltda.
Maranho Petrleo e Gs Ltda.
70%
100%
OGX Ownership and Corporate Structure

Daily traded average volume (1 month): ~ US$184 million

14. ~33 thousand investors 15. 3rdmost representativestock in Ibovespa index 4.1% 16. Most liquid common share99.99%
OGX Campos Petrleo e Gs S.A.
30%
100%
8 Blocks
7 Blocks
20 Blocks

7 - Parnaba(70%) (2)

17. 1 Parnaba (50%) (2) 18. 5 - Campos (100%) (2) 19. 2 - Campos (50%) 20. 5 - Santos (100%) (2) 21. 5 - Espirito Santo (50%) 22. 5 - PAMA (100%) (2) 23. 5 - Colombia (100%) (2)(1) EBX represented through Centennial Asset Mining Fund LLC (Nevada, USA) (CAMF)
(2) OGX as operator
(3) Market data as ofJune 30, 2011
(4) MPX S.A. holds 33.33%
7
24. CEO
Eike Batista
Gen. Exec. Officer
Paulo Mendona (38)
Oil & Gas Commercialization
Joaquim Dib Cohen (32)
Exploration Officer
Paulo Mendona (38)
General Counsel
Jos Roberto Faveret
CFO
Marcelo Torres
Production Officer
Reinaldo Belotti(34)
ExplorationCampos-ES
Paulo Ricardo (28)
Procurement
Olavo Foerch (32)
Production Development
Jos Brito (42)
Exploration Santos and Eq. Margin
Edmundo Marques (24)
Reservoir & Reserves
Roberto Toledo(31)
Drilling
Ricardo Juiniti (27)
E&P Laboratory
Dolores Carvalho (35)
Onshore Basin
Celso Martins (34)
Logistics
Billy Pinheiro (30)
Strategic Alliances
Luiz Reis (45)
International
Ernani Posrche (33)
Production
Ricardo Abiramia (24)
New Areas Executive Manager
Paulo de Tarso Guimares (34)
GeologicalOperations
Moacir Santos (38)
Applied Technology
Marcos Amaral (28)
HSE
Leandro Leme (31)
Highly successful and committed management team,
Combining unique intellectual capital and superior execution skills
Management Organization Structure (1)
(1) Parentheses represent years experience in the E&P industry
8
25. PBR success index
Exploratory Team

Paulo Mendona led the Petrobras exploration team from 2002 to 2007

26. Success index in excess of 60% on average offshore Brazil from 2002-2007 whilst at Petrobras 27. Over 10 billion boe and more than 50 new fields discoveredProven track record having opened several new oil frontiers, including the pre-salt, and discovering over 50 new oil fields
Highly Qualified Exploration Team
9
28. Brazil: Vast Untapped Oil & Gas Potential
Brazil: Vast Untapped Oil & Gas Potential
Largest oil and gas discoveries in the world
New provinces could propel Brazil into top reserves holders
Still significantly under-explored
% of sedimentary basins under concession
+ 35 bn boe
SaudiArabia
Venezuela
Iran
Iraq
Kuwait
Brazil post Tupi
UAE
Russia
Libya
Kazakhstan
Nigeria
Canada
US
Qatar
China
Angola
Brazil
Licensed
4%
BrazilTurkmenistan Iran
Kazakhstan China
Russia
Australia
Kuwait
Israel
SaudiArabiaIndia
Indonesia Venezuela Papua
NewGuineaGhana
Unlicensed 96%
Source: ANP
Oil & gas in the world
Oil and Gas Discovered Volumes
2000 2010 (Bn boe)
OilResources- December 2009(Bn bbl)
Source: EIA-DOE, BP Statistical Review of World Energy 2010, Saudi Aramco, UPPSALA University, Petrobras, ANP and OGX analysis
Source: IHS
Source: BP Statistical Review of World Energy 2010 & analyst estimates
Brazils historical under-exploration underpins massive growth opportunities for OGX
10
29. OGX Portfolio
30.

35 blocks: 30 blocks in 5 Brazilian sedimentary basins and 5 onshore blocks in 3 Colombian sedimentary basins

31. Unique portfolio with 10.8 billion potential recoverable barrels of oil equivalent (boer) 32. OGXs business plan is based on 4.1 billion barrels already discovered in the shallow waters of the Campos BasinPortfolio
Shallowwater
~120m
Shallowwater
~150m
Shallowwater
~60m
Deepwater
~1,000m
12
OGX Portfolio
33. Campos Basin

5.7 bn bbl of net 3C, net delineation and net mean risked prospective resources, evaluated by D&M (pre-salt not included)

34. 5 blocks operated by OGX (100% owned) and 2operated by Maersk Oil (50% owned) 35. Total area of 1,177 km2 36. Average water depth of ~120m 37. 46 wells drilled 38. 100% success rateOGXs discovered accumulations confirm a new hydrocarbon province in the southern Campos Basin
Campos Basin: Low Risk, Shallow Water and Large
13
39. Santos Basin: High Potential
Santos Basin

1.8 bnboe of net risked prospective resources (POS of 27%), evaluated by D&M

40. 5 blocks operated by OGX (100% owned) 41. Total area of 820 km 42. Average water depth of ~150 m 43. 9 wells drilled 44. ~ 65% success rateSantos Basin is oneofthemostpromisingexploratoryareas in Brazil, withsignificantpotential for gasand light oil
14
45. Parnaba basin
NewfrontierBasinwithhighpotential for gasproduction
Parnaba Basin: Major Gas Province

1.0 bn boe of net risked mean prospective resources POS (17%) and net 3C, evaluated by D&M

46. 8 blocks operated by OGX Maranho 47. Total area of 24,500 km 48. Monetization of gas through thermoelectric plants to be developed by MPX/Petra (3,722 MW already licensed) 49. >75% success rate(9 wells drilled) 50. Commerciality declared for 2 accumulations15
51. Par Maranho Basin: PromisingNewFrontier
Par-Maranho Basin

447 mnboe of net mean risked prospective resources (POS of 21%), evaluated by D&M

52. 5 blocks operated by OGX (100% owned) 53. Total area of 960 km 54. Average water depth of ~60m 55. 1st well to be drilled in 2012Newfrontierwithgeologicalmodel similar to westAfrica, wheresignificantdiscoveriesweremaderecently
16
56. Esprito Santo Basin: NewFrontier in DeepWater
Esprito Santo Basin

817 mnboe of net mean risked prospective resources (POS of 33%), evaluated by D&M

57. 5 blocks operated by Perenco (50% owned) 58. Total area of 3,620 km 59. Average water depth of ~1,000 m 60. 1st well to be drilled in 2H11Thenewfrontierof Esprito Santo hasproven to be a veryactivepetrolific system
17
61. Colombia: Cesar-Ranchera, Middle and Lower Magdalena Valleys: Great Upside Potential
Colombian Basins
MARACAIBO
BASIN

1.1 bnboe of net prospective resources and net potential petroleum quantities, evaluated by D&M

62. 5 blocks operated by OGX (100% owned), 3 of which are located close to Maracaibo Basin (~80 bnboe discovered and ~50 bnboe already produced) 63. Beginning of the Seismic Campaign in 2H11Balancedportfolioofexploratoryassets, combiningproductionregionswithlessexploredareasnext to theMaracaibobasin, oneofthemostprolificprovinces in the world
18
64. Portfolio Breakdown
19%
Onshore
8%
Deep Water
Oildiscoveries of 4.1 bn bbl are already under production development in the shallow waters of Campos Basin
OGX Portfolio Potential: Breakdown
73%
Shallow
Water
21%
Gas
79%
Oil
Note: POS defined as geological probability of success
(1) The OGX portfolio potential was calculated by OGX based on volume estimates contained in the DeGolyer and MacNaughton Reports
(2) We consider the 3C contingent resources in the arithmetic summation of our potential portfolio based on the assumption that these resources will be converted to 2C and 1C resources after the appraisal campaign and that they will be converted into reserves after the removal of contingencies
(3) We consider the high estimate and not Pg-adjusted delineation area prospective resources as we believe the delineation area is part of the 3C area
(4) Prospective resources mean estimates Pg-adjusted. Colombia considered two Colombian basins, the Lower and Middle Magdalena Valleys Basins(5) Includes petroleum potential quantities in one Colombian basin, the Cesar-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 holds 100% of the interests in the concessions included in that report
(7) Gas volumes were converted by OGX to barrels of oil, using a conversion rate of 5,615 ft of natural gas to one boe
19
65. OGX Operations
66. Onshore Drilling
Offshore Drilling
Ocean Lexington (Diamond):

Daily Rate: US$335k

67. Max. well depth: 20,000 ft 68. Contract Expires: Feb.2013 (+one optional year)Ocean Ambassador (Diamond):

Daily Rate: US$ 260k

69. Max. well depth: 20,000 ft 70. Contract Expires: Sep.2012 (+ one optional year)Ocean Quest (Diamond):

Daily Rate: US$ 270k

71. Max. well depth: 25,000 ft 72. Contract expires: Dec.2012 (+ one optional year)QG-1 (QueirozGalvo):

Daily Rate: US$ 28k

73. Max. well depth: 14,750 ft 74. Contract Expires: Jan.2012BCH-05E (BCH):

Daily Rate: US$ 31.5k

75. Max. well depth: 11,500 ft 76. Contract Expires: Feb.2012 77. 3rd rig contractedOcean Star (Diamond):

Daily Rate: US$ 310k

78. Max. well depth: 25,000 ft 79. Contract Expires: Feb.2013(+ one optional year)Sea Explorer (Ensco)

Daily Rate: US$ 220k

80. Max. well depth : 20,000 ft 81. Contract Expires: Nov.2013Pride Venezuela (Ensco):

Daily Rate: US$235k

82. Max. well depth: 20,000 ft 83. Contract Expires: Nov.2013Drilling campaign expanded8 rigs already operating simultaneously
Exploration Drilling Campaign
21
84. LOGISTICS OPERATIONAL SUPPORT
FIRST CLASS SUPPLIERS
EFFICIENCY,
AGILITYAND OPERATIONAL SECURITY
PLATFORM SUPPLY VESSEL (PSV)

QUANTITY:5

85. CONTRACTOR: EDISON CHOUEST/ TIDE WATERANCHOR HANDLING TUG SUPPLY (AHTS)

QUANTITY: 6

86. CONTRACTOR: EDISON CHOUEST/NORSKAN/MAERSKFAST SUPPLY VESSEL (FSV)

QUANTITY: 1

87. CONTRACTOR: EDISON CHOUESTHIGH QUALIFIED TEAM
MID SIZE HELICOPTER

QUANTITY: 4

88. CONTRACTOR: AERLEO 89. OGX Team: ~270 employees 90. Over 5,000 peoplededicated 91. 3D Room / IOSCOperational Capabilities and Structure
22
92. Path to Production
93. Campos Exploratory Drilling Strategy and Results
Drilling Strategy
Drilling Results

1st phase strategy (from Mar/08 to Dec/10)

94. Seismic campaign to better image the areas and reduce risks 95. Discover the maximum amount of oil 96. 19 wells drilled 1 97. 2nd phase strategy (from Dec/10 to Mar/13) 98. 22 wells drilled 2 99. Focus on the appraisal drilling campaign to delineate existing discoveries 100. Continue exploratory program with drilling of wildcat wells 101. Begin production in October 2011 102. Drilling of 41 wells with hydrocarbons 103. OGX analysis supports recoverable resources of 4.1 billion barrels 104. Oil columns of up to ~250 meters 105. Net pay up to ~150 meters 106. Well results confirm OGXs geological models for the Campos Basin 107. DSTs (drill stem tests) support conservative production estimate of 10 20 kbpd 108. One of the best DSTs ever performed in Brazil, with a production potential of 40,000 barrels per day 109. OGX production estimates are supported by results from other fields in Campos using current technologyNotes:1 Number of wells concluded in 2010 and included in D&Ms reports2 Number of wells concluded in 2011
24
110. Campos Basin: Focusing on Wildcat & Appraisal Wells
Appraisal wells
Wildcat Wells
Note:Drilling area as per D&MsDec/10 reports and net pay
26 wildcat wells and 20 appraisal wells drilled with hydrocarbons and results which support expectations
25
111. Campos Basin: Development Business Plan
Initial Projects
Campos Basin
Development Plan
Project 2Waikiki Complex 1st oil date: 4Q13

4.1 bnbbl

112. Shallow waters 113. Average production per well 10 20 kbpd 114. 12 FPSOs and 11 WHPs 115. 5 FPSOs and 2 WHPs already secured 116. Average field life 117. Capex US$ 2/bbl 118. Opex

42 development wells

127. 28 production 128. 14 injection 129. 3 FPSOs and 2 WHPs 130. OSX-1, OSX-2 and WHP-1 131. Oil of 20 API 132. Water depth: 140m 133. Average production per well 10 20 kbpdIllustrative
26
134. Recent Horizontal Wells Tested
Campos Basin: Positive Horizontal Wells TestResults
Horizontal wells tested
Drill-stem tests performed in horizontal wells
Waimea OGX 26HP

Production capacity of up to 20,000 bbl/day

135. Oil Quality of 20o API 136. Tested in Jan/2011Waikiki OGX-44HP

Production capacity of up to 20,000 bbl/day

137. Oil Quality of 23o API 138. Tested in Jun/2011Pipeline OGX-39HP

Production capacity of around 10,000 bbl/day

139. Oil Quality of 19o API 140. Tested in Jul/20113 drill-stem tests already performed in horizontal wells prepared for production
and more to come in the second half
27
141. Campos Basin: Production Will Begin in the Waimea Accumulation
Beginning of Production
1st Oil Production Concept
Horizontal production well already drilled, completed and successfully tested
Wet christmas tree installed
Wetchristmastree
OSX-1
Electrical submersible pump installed
Buoy
RisersandUmbilicals
Flexiblelines
Hydraulic Power Unit (HPU) installed
Mooringsand Piles
Umbilicals delivered
Maincharacteristics:

Productionpotentialof 40 kbpd w/ capacitylimited to 20 kbpd

142. Oilqualityof 20 API 143. Waterdepthof 140 metersFlexible lines delivered
Anchor system (moorings and piles) delivered
Installation support vessel delivered
EWT approved by ANP (National Petroleum Agency)
Preliminary and Installation License
Electricalsubmersiblepump
Horizontal Well
OGX first oil expected for November through Extended Well Test (EWT)
Illustrative frames
28
144. Campos Basin: Equipment Secured
FPSO OSX-1
Wet Christmas Tree
Flexible Lines
Campos Basin: Equipment Secured
Critical equipment and services status
Main equipment in place

Equipment

145. Wet Christmas Tree (WCT): Already installed 146. Umbilical Terminal Assembly (UTA): Contracted 147. Hydraulic Power Unit (HPU): Delivered in April, 2011 148. Flexible Lines: Contracted with Wellstream 149. Electrical Submersible Pump (ESP): Contracted with Baker Hughes 150. 80 kbpd of processing capacity & 950,000 barrels of storage capacity 151. Arrival: Oct/11 152. Already installed 153. Produced by GE Oil & Gas 154. Services 155. Installation Vessel Anchor System, Flexible Lines and Umbilicals: Contracted with WS and Aker 156. Mud line and Subsurface analysis for FPSO mooring and WHP piles: Contracted with FUGRO already completed 157. Waimea Area Survey: Contracted with FUGRO 158. Already manufactured 159. Produced by WellstreamAker Wayfarer Vessel

Contracted with Aker

160. Loaded with anchorage equipment for OSX-129
161. Campos Basin: Final Steps Towards Production
Flexible lines / umbilicals connection and risers installation
Moorings and Piles installation
Arrival of the FPSO OSX-1
Beginningofproduction
1
3
2
Arrival of the Buoy and installation
Buoy hook-up and connection to the FPSO
5
4
6
Illustrative frames
30
162. Campos Basin: WaimeaComplexProductionConcept
Pioneer Production Concept
Pioneer Project Development

5 development wells connected tothe FPSO OSX-1

163. 3 horizontal production wells 164. 1st production well, OGX-26HP, ready for production 165. 2nd production well, OGX-55HP, currently being drilled 166. 3rd production well, OGX-60HP, currently being drilled 167. Average production per well 1020 kbpd 168. 2 subsea injection wells 169. 1 FPSO: OSX-1 170. OSX-1 arrived in October/2011 171. OGX-55HP and OGX-60HP wells to be hooked-up to OSX-1 after the declaration of commerciality next year 172. With 3 production wells on stream in 2012, OGX should reach production levels of ~50 kbpdProductionWell1
(OGX-26HP)
ProductionWell 3
(OGX-60HP)
InjectionWell 2
InjectionWell 1
ProductionWell 2
(OGX-55HP)
Development Wells
Illustrative frame
31
173. Operational Expenditures
(Leased Equipment)
Opex
FPSOOil capacity: 100 K bpd
Liquid capacity: 160 K bpd
Oil will be offloaded
WHPCapacity: 30 wellsDrilling package on topside
WHP Subsea Flow Lines
Power line
Gas Lift line
Service line
Water Injection line
Production line
Test line
Drilling + Completion
Development wells with dry completion
Gaswillbereinjected, used for gasliftorpowergeneration
WaterInjection
Capital Expenditures
Campos Basin: Replicable Development Concept
Capex
US$ 2/bbl
Note: Please see details in the Appendix slide: Campos Basin: Typical Production Project
32
174. WHPs
FPSOs
Unit
2011
2013
2014
2015
2016
Unit
2013
2014
2014
Waimea
OSX-1
WHP-1
Waimea
Oct
1st Q
Waimea
OSX-2
2nd Q
WHP-2
Waikiki
2nd Q
Waikiki
OSX-3
3rd Q
WHP-3
3rd Q
OSX-4
2nd Q
WHP-4
4th Q
OSX-5
4th Q
WHP-5
4th Q
OSX-6
4th Q
WHP-6
4th Q
OSX-7
4th Q
WHP-7
1st Q
OSX-8
1st Q
WHP-8
2nd Q
OSX-9
3rd Q
WHP-9
3rd Q
OSX-10
4th Q
WHP-10
4th Q
OSX-11
1st Q
WHP-11
OSX-12
4th Q
1st Q

OSX-1 delivered in October 2011

175. OSX-2 and OSX-3 to be built in world-class Singaporean shipyards by SBM and Modec 176. OSX-4 and OSX-5 hulls already acquired by OSX 177. WHP-1 and WHP-2 with detailed engineering ongoing (EPC awarded to Techint by OSX)FPSOs and WHPs Expected Deliveries
Production equipment allocated to begin operations until 2013
33
178. WHPs
FPSOs
OSX-1:

Production capacity of 80 kbpdand storage of 950 kbbl

179. Average Day rate of US$ 263 k 180. Arrived in Oct/11OSX-2:

Production capacity of 100 kbpd and storage of 1.3 Mbbl

181. Expected Average day rate of US$ 290 k 182. Contracted by OSX with SBMOSX-3:

Production capacity of 100 kbpd and storage of 1.3 Mbbl

183. Expected Average day rate of US$ 290 k 184. Contracted by OSX with MODECWHP-1:

Capacity to drill up to 30 wells

185. Four production wells on-stream by the end of 2013 186. Detailed engineering ongoing (EPC awarded to Techint by OSX) 187. Two sister VLCCs (Very Large Crude Oil Carriers) purchased on November, 2010 by OSX to be converted into FPSOsWHP-2:

Capacity to drill up to 30 wells

188. Three production wells on-stream by the end of 2013 189. Detailed engineering ongoing (EPC awarded to Techint by OSX)OSX-5:

Production capacity of 100 kbpd and storage of 1.3 Mbbl

190. Order placed for Leasing contract and EPCI under procurementOSX-4:

Production capacity of 100 kbpd and storage of 1.3 Mbbl

191. Order placed for Leasing contract and EPCI under procurementSecured Production Equipment
34
192. OGX Strategy to Expedite Production
Available Drilling Resources
Pre-Drilling Strategy

Expedite drilling process and accelerate production ramp-up

193. OGX plans to drill on average five horizontal wells prior to the arrival of the WHPs from semi-submersible rigs 194. Upon arrival of each WHP, pre-drilled wells should ramp-up plateau production in approximately three quartersOcean Lexington (Diamond):

Daily Rate: US$335k

195. Max. well depth: 20,000 ft 196. Contract Expires: Feb.2013 197. (+ one optional year)Ocean Ambassador (Diamond):

Daily Rate: US$ 260k

198. Max. well depth: 20,000 ft 199. Contract Expires: Sep.2012 (+ one optional year)

Given the significant number of discoveries and their similarities, OGX has the benefit of accelerating the procurement process through the use of Flex FPSOs

200. Flex FPSOs have capacity of processing oil for a broader range of APIs and GOR (gas/oil ratio) 201. Standard design (same characteristics for all FPSOs) 202. Capitalizes on economies of scaleFlex FPSOs
Ocean Quest (Diamond):

Daily Rate: US$ 270k

203. Max. well depth: 25,000 ft 204. Contract expires: Dec.2012 (+ one optional year)Ocean Star (Diamond):

Daily Rate: US$ 310k

205. Max. well depth: 25,000 ft 206. Contract Expires: Feb.2013 (+ one optional year)Pride Venezuela (Pride):

Daily Rate: US$ 235k

207. Max. well depth: 20,000 ft 208. Contract Expires: Nov.2013Sea Explorer (Pride):

Daily Rate: US$ 220k

209. Max. well depth : 20,000 ft 210. Contract Expires: Nov.201335
211. Campos Basin: Oil Production Ramp-Up
150
CAGR : 174%
Oil Production Target (kbpd)
50
20
2011
2012
2013
Note:
1 To be reached through the end of the period
36
212. Parnaba Basin: Business Plan
Project 1 1stgas: 2H12
23 production wells
Parnaba Complex

Declaration of commerciality of two fields (Gavio Real & GavioAzul) already submitted to ANP

213. Initial production expected in 2H12 214. Low capital and operating costs 215. Production of 5.7 M mper day in 2013 (2.7 M mper day net to OGX S.A. or ~15 kboepd) 216. Second seismic crew contracted to work on the southern blocks 217. Recently approved leasing agreement of 2 additional rigs 218. Gas to be sold to MPX Power Plants 219. MPX has obtained an additional 1,859 MW of installation license, totaling3,722 MW 220. MPX Parnaba thermoelectric complex will reach a total capacity of 1,500 MW 221. Energy generated by MPXs power plants will be sold to the energy marketsGavio Azul
Gavio Real
Legend:
Seismic Lines
37
222. Parnaba Basin: Project Development
Parnaba Development Schematic
Gas Thermal Power Plant Development
OGX Maranho (70%) + Petra (30%) investments
MPX + Petra investments
Capex field life

Total drilling cost: US$ 340 M (includes re-completion cost)

223. Total facilities1 cost: US$ 110MProduction Facility
for Dry Gas
Gas Thermal Power Plant
Short Gas Pipeline(10 years of production growth

225. Campos and Parnabadiscoveries (4.2 bnboe) can support 730,000 boepd of production level 226. Additional potential resources (6.6 bnboe) would allow OGX to reach and sustain a plateau of 1.4 million boepd from 2019 and beyond 227. Expected demand of 48 offshore units 228. Total of 23 units estimated for OGXs Campos Basin discoveries (12 FPSOs and 11 WHPs) 229. Strategy to expedite development with production equipment contracted 2-3 years in advance39
230. Financial Overview
231. OGX Financial Sources and Uses (2Q11 4Q13)
Financial Sources and Uses
Notes:
Includes net financial results
Represents 40% of Exploration capex (contemplating all OGX basins) and 60% of Development capex (contemplating Campos and Parnaba discoveries only)
41
232. Appendix
233. OngoingActivities
Parnaba Basin
Campos Basin
Santos Basin
OGX Blocks Oil & Gas Fields
1OGX Maranho has 70% W.I
43
234. Concluded Wells (1 of 3)
Concluded Wells (1 of 4)
44
235. Concluded Wells (2 of 4)
45
236. Concluded Wells (3 of 4)
OGX Maranho has 70% W.I. OGX has 50% W.I. and Maersk is the operator
46
237. Concluded Wells (4 of 4)
OGX Maranho has 70% W.I. OGX has 50% W.I. and Maersk is the operator
47
238. Campos Basin: Typical Production Project
Typical Replicable Project Assumptions Campos Basin

Distance from shore: 80 km

239. Water depth: 100 to 150 meters 240. Recoverable volume: 500 million bbl (low Gas:OilRatio (GOR)): all gas produced will be used for power generation or gas reinjection, if applicable 241. Equipment oil producing capacity: 242. 1 FPSO: 100 Kbblpd 243. 1 WHP: 30 wells 244. Drilled wells:16 horizontal production wells and 9 injection wells 245. 5 horizontal production wells pre-drilled from semi-submersible rig 246. 11 production and 9 injection wells drilled from WHP 247. Capex:estimated unit cost ofapproximately US$ 2 / barrel 248. Pre-drilled wells = US$ 50M (75 days per well) 249. WHP drilled wells = US$ 20M (75 days per well) 250. Well completion = US$ 15M (30 days per well) 251. Package of sub-sea flow lines = US$ 65M 252. Opex:estimated unit cost lower than US$ 16 / barrel 253. Leased equipment day rateswith high local content (FPSOsUS$ 350k / day & WHPs US$ 160k /day) 254. Operating and maintenance expenditures of US$ 85k / day 255. Variable operating costs of US$ 3.5 / barrel 256. Abandonment costs at end of field life of US$ 100M 257. Production profile: 258. Achieve production plateau in 3 quarters 259. Plateau maintained for an additional 4 years 260. 20 to 22 years of production decline from the plateau thereafter48
261. OGX IR Contacts: ri@ogx.com.br
+ 55 21 2555 6237