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MANAGEMENT PRESENTATION

Rio de Janeiro | April 2012 |

AGENDA 1 2 3 4
OGX Overview OGX Portfolio and Execution OGX Operations Financial Overview Appendix

Last update: 04/19/2012

OGX OVERVIEW

OGX OVERVIEW
OGX is among the 10 largest pure E&P companies globally with a market cap of approximately US$30 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 85% with high productivity reservoirs amongst the best in Brazil 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 70 wells spud since the beginning of its exploratory campaign in Sep. 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 6,000 people Brazils historical under-exploration underpins massive growth opportunities for OGX
4

OGX MAIN ACCOMPLISHMENTS


New Bond: US$ 1.1bn raised Updated OGX portfolio to 10.8 bn(1) boe of potential resources 1st Oil 1 block acquired in Parnaba (50% stake) Arrival of FPSO OSX-1

US$1.3 bn raised through an equity Private Placement 21 blocks acquired during the 9th Bidding Round

Beginning of the drilling campaign

5 onshore blocks acquired in Colombia

Bond: US$ 2.6bn raised Oct/11 Sep/11 May/11 Apr/11

Mar/12
Jan/12

Acquisition of 70% stake in the Parnaba Assets

IPO: US$4.1 bn raised OGX Creation Aug/09 Jun/08 Jul/07 Nov/07 Sep/09

Jun/10 Survey and interpretation of the 3D seismic data Procurement of all equipment and services necessary to initiate the drilling campaign

Total investments of US$ 4.1bn of Drilling Capex and Signature Bonus + US$ 245 M of Seismic Campaign Total cash raised to date: US$9.4 bn

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

Proven Execution Capability (From Concept To First Oil in Unprecedented Timing) With Fully Established Operations Comprising More Than 6,000 People
5

OGX OWNERSHIP AND CORPORATE STRUCTURE


61% 39% Free Float
Average daily traded volume (1 month): ~ US$150 million ~ 35 thousand investors 3rd most representative stock in Ibovespa index 5.4%

Petrleo e Gs Participaes S.A. (Market Capitalization (3): ~ US$25 Billion) 99.99% Petrleo e Gs Ltda Campos Petrleo e Gs S.A. 99.99% Maranho Petrleo e Gs S.A. 100% 8 Blocks 7 - Parnaba (70%) 1 Parnaba (50%)
(2) (2) (2)

One of the most liquid common shares

66.67%4 International

100.00%

100% 20 Blocks 5 - Santos (100%) 5 - PAMA (100%)


(2)

30% 7 Blocks

70%

100%

5 - Campos (100%) (2) 2 - Campos (70%)

5 - Esprito Santo (50%)


(2) (2)

OGX Austria

5 - Colombia (100%)

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

MANAGEMENT ORGANIZATION STRUCTURE(1)


Eike Batista
CEO

Paulo Mendona
Gen. Exec. Officer Joaquim Dib Cohen (32) Oil & Gas Commercialization

Paulo Mendona (38) Exploration Officer


Paulo Ricardo (28) Exploration Campos & ES Roberto Toledo (31) Reservoir & Reserves Celso Martins (34) Onshore Basin Ernani Porsche (33) International Moacir Santos (38) Geological Operations

Jos Roberto Faveret General Counsel

Marcelo Torres CFO


Olavo Foerch (32) Procurement

Reinaldo Belotti (34) Production Officer


Armando Ferreira (31) Production Development

Edmundo Marques (24) Exploration Santos & Eq. Margin Dolores Carvalho (35) E&P Laboratory Luiz Reis (45) Strategic Alliances Paulo de Tarso Guimares(34) New Areas Marcos Amaral (28) Applied Technology

Ricardo Juiniti (27) Drilling and Completion Billy Pinheiro (30) Logistics Ricardo Abiramia (24) Production Leandro Leme (31) HSE

Highly Successful And Committed Management Team, Combining Unique Intellectual Capital and Superior Execution Skills
(1)

Parentheses represent years of experience in the E&P industry

HIGHLY QUALIFIED EXPLORATION TEAM


Pbr Success Index

Exploratory Team Paulo Mendona 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

Proven Track Record Having Opened Several New Oil Frontiers, Including The Pre-salt, and Discovering Over 50 New Oil Fields
8

BRAZIL

Vast Untapped Oil & Gas Potential


Largest Oil And Gas Discoveries In The World
Oil and Gas Discovered Volumes + 35 bn boe 2000 2010 (Bn boe)
Brazil Turkmenistan Iran Kazakhstan China Russia Australia Kuwait Israel Saudi Arabia India Indonesia Venezuela Papua New Guinea Ghana

New Provinces Could Propel Brazil Into Top Reserves Holders


Oil Resources - December 2009 (Bn bbl)

Still Significantly Under-explored


% of sedimentary basins under concession
Licensed 4%

Saudi Arabia Venezuela Iran Iraq Kuwait Brazil post Tupi UAE Russia Libya Kazakhstan Nigeria Canada US

265 172 138 115 102 100 98 74 44 40 37 33 28 27 15 14 13

Unlicensed Unlicensed 96% 96%

Source: ANP

Oil & Gas in The World


COUNTRY USA (1900-2010) EX-USSR (1900-2010) SAUDI ARABIA (1938-2010) BRAZIL (1941-2010) HISTORICAL O&G PROD.(BN BOE) 440 335 145 14.5

Bn Boe 0 10 20 30 40

Qatar China Angola Brazil

Source: IHS

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

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

Brazils Historical Under-Exploration Underpins Massive Growth Opportunities for OGX


9

OGX PORTFOLIO AND EXECUTION

OGX PORTFOLIO
35 blocks: 30 blocks in 5 Brazilian sedimentary basins and 5 onshore blocks in 3 Colombian sedimentary 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 shallow waters of the Campos Basin

Shallow water ~120m

Shallow water ~150m

PORTFOLIO

Shallow water ~60m

Deep water ~1,000m

11

Breakdown

OGX PORTFOLIO POTENTIAL


Oil discoveries of 4.1 bn bbl are already under production development in the shallow waters of Campos Basin
OGX PORTFOLIO POTENTIAL(1) BILLION BOE (7) CAMPOS Contingent Delineation
(2) (3)

OGX Net 5.7 3.0 1.3 1.4 1.8 0.8 0.4 1.0 0.1 0.6 0.4 1.1 0.1 1.0 10.8

Portfolio Breakdown
19% Onshore 73% Shallow Water 8% Deep Water

Prospective (POS = 56.2%) SANTOS (4)(6) (POS = 27.0%) ESPRITO SANTO(4) PAR-MARANHO PARNABA Contingent
(2) (4)

(POS = 32.6%) (POS = 21.3%)

Conventional Prospective (POS = 16.5%) Unconventional Prospective (POS = 18.2%) COLOMBIA Prospective (POS = 10.4%)(4) Potential Petroleum Quantities(5) OGX Portfolio

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 most of these resources will be converted to 2C and 1C resources and that they should 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 12 (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

CAMPOS BASIN

Low Risk, Shallow Water And Large Volumes


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) 7 blocks operated by OGX Total area of 1,177 km2 Average water depth of ~120m 61 wells drilled Up to 90% of success rate

OGXs Discovered Accumulations Confirm a New Hydrocarbon Province in the Southern Campos Basin

13

CAMPOS BASIN
Wildcat Wells
2009 OGX-1 OGX-2A OGX-3 2010 OGX-4 OGX-5 OGX-6 OGX-7A OGX-8 OGX-10 OGX-14 OGX-15 OGX-18 OGX-20 MRK-3/4P 2011 OGX-25/27 OGX-28D OGX-29/32 OGX-31 MRK-5 OGX-33 OGX-37 OGX-52 OGX-58DP

Focusing On Wildcat & Appraisal Wells


Appraisal Wells
2012 OGX-78 OGX-79 2010 OGX-9D OGX-13 OGX-21/OGX-26HP 2011 - Drilling Area 1C OGX-50D/OGX-55HP OGX-53D/OGX-60HP OGX-65D/OGX-68HP 1C Albian 52m 1C Albian 71m 1C Albian 97m OGX-71 OGX-72 OGX-76 2012 - Drilling Area 3C 3C Albian 129m 2C In progress 2012 - Drilling Area OGX-73 OGX-75 Albian 37m Albian 49m

2011 - Drilling Area 2C OGX-40D OGX-41D/OGX-44HP 2C Albian 107m 2C Albian 92m

2011 - Drilling Area 3C OGX-35D OGX-36D/OGX-39HP OGX-42D OGX-48 OGX-56D OGX-61 OGX-62 OGX-64DP OGX-67 OGX-69 OGX-70 3C Albian 80m 3C Albian 60m 3C Albian 82m 3C Albian 12m 3C Albian 60m 3C - Albian 9m 3C Santonian 26m Albian 20m 3C Santonian 23m 3C -

3C - Albian 38m 3C -

Blocks that OGX acquired 20% from Maersk (OGX now owns 70%)

2011 - Drilling Area Delineation OGX-43D OGX-45D OGX-54 Delineation Albian 50m Delineation Maastric. 5m Delineation Albian 24m

28 Wildcat Wells and 33 Appraisal Wells Drilled and Results Which Support Expectations
Note: Drilling area as per D&Ms Dec/10 reports and net pay indicated in meters

14

CAMPOS BASIN

Positive Horizontal Wells Test Results


Horizontal Well Tested Drill-stem Tests Performed in Horizontal Wells
WAIMEA OGX26HP
Production capacity of up to 20,000 bbl/day Oil Quality of 20o API Tested in Jan/2011

WAIKIKI OGX-44HP
Production capacity of up to 20,000 bbl/day Oil Quality of 23o API Tested in Jun/2011

PIPELINE OGX-39HP
Production capacity of around 10,000 bbl/day Oil Quality of 19o API Tested in Jul/2011

High Productivity Confirmed Through Drill-stem Tests Performed in Several Horizontal Wells
15

CAMPOS BASIN
Main characteristics:

Production in the Waimea Accumulation


OGX-26HP under production 2 additional horizontal wells drilled Possibly a 4th producer well to be connected 2 injection wells planned Expected production of 40-50 kbpd level by year end 2012 Oil quality of 20 API Water depth of 140 meters

OSX-1

Buoy Risers and Umbilicals Wet christmas tree

Flexible lines

Wet christmas tree OGX-26HP

Electrical submersible pump

Wet christmas tree

OGX First Oil Flowing Since January/12 Through EWT

16

CAMPOS BASIN

From Discovery to 1st Oil in Waimea

Sep 16, Granting of the 2011 preliminary and installation license by IBAMA Dec 18, Discovery of 2009 Waimea OGX-3

Dec 25, FPSO OSX-1 sets sail 2011 from the port of Rio de Janeiro Dec 19, 2011 Flexible lines launched and connected to the wet christmas tree Jan 31, FPSO OSX-1 begins 2012 production

Oct 4, Arrival of the 2011 FPSO OSX-1 in Rio de Janeiro

1st Oil

Sep 17, Beginning of the subsea 2011 installation (piles, moorings and MWA)

Dec 23, Concluded the connection of 2011 the flexible lines to the detachable turret

Jan 12, Connection of the FPSO 2012 OSX-1 to the turret

17

1st Month of Production


FPSO OSX-1 Operational Efficiency
100%

CAMPOS BASIN

Highlights and Ongoing Production Performance


Electrical submersible pump working path to highest operational performance standards

80%

60%

40%

Average Efficiency Feb: 95% Mar: 99%

Processing plant and FPSO OSX-1 operating with ~95% operational efficiency, an outstanding achievement for the first month

20%

0% 1-Feb 6-Feb 11-Feb 16-Feb 21-Feb 26-Feb 2-Mar 7-Mar 12-Mar 17-Mar

Tested production levels between 10 and 18 kbpd since production began Average flow rate of 11.1 kbpd in Feb 2012 Flow rate estimated to stabilize at between 10 and 13 kbpd for the coming few months (before water injection)
18

CAMPOS BASIN

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 Average production per well: 10-20 kbpd Oil quality: 20-28 API Water depth: ~120 meters
Dry christmas tree

OSX-2/OSX-3

WHP-1/WHP-2

Flexible lines

Wet christmas tree

19 19

CAMPOS BASIN
OSX-2 Overview

OSX-2 and OSX-3 Engineering Status


OSX-3 Overview
1st oil expected for 2H13 EPC: MODEC Shipyard: Jurong Shipyard (JSL) Singapore Technical specifications: Production capacity: 100 kbbl/day Storage capacity: 1.3 Mboe

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


20

SECURED PRODUCTION EQUIPMENT


FPSOs WHPs

OSX-1:
Production capacity of 60 kbpd and 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:
Production capacity of 100 kbpd and 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 up to 30 wells Equipment on-stream by the 1H14 Detailed engineering ongoing (EPC awarded to Techint by OSX)

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

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:
Production capacity of 100 kbpd and storage of 1.3 Mbbl Order placed for Leasing contract and EPCI under procurement

OSX-5:
Production capacity of 100 kbpd and storage of 1.3 Mbbl Order placed for Leasing contract and EPCI under procurement

21 21

CAMPOS BASIN

Oil Production Ramp-Up

150

Oil Production Target (kbpd)

40-50

2012
Equipment Used Accumulation Total # of Horizontal Wells Production Capacity
Note: 1 To be reached through the end of the period

2013
OSX-1 OSX-2 OSX-3 Waimea Waikiki 11+ 1 Potential additional well to be connected to OSX-1 260 Kbpd
22 22

OSX-1 Waimea 3 60 Kbpd

SANTOS BASIN
High Potential
Santos Basin

1.8 bn boe of net risked prospective resources (POS of 27%), evaluated by D&M 5 blocks operated by OGX (100% owned) Total area of 769 km Average water depth of ~150 m 11 wells drilled Recent significant pre-salt discovery in shallow waters (OGX63) Up to 70% success rate

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

23

SANTOS BASIN

Positive Drill-Stem Test Results


Drill-stem Tests Performed
Macei (OGX 47) Gas and condensate (~20% with approx. 50 API) AOF production potential results: Vertical well: 1.0M m/day of gas Horizontal well: 2.5M m/day of gas

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 2012 Activities OGX-74

Natal (OGX-11D) Gas and condensate (~25% with approx. 47 API) AOF production potential results: Vertical well: 1.0 M m/day of gas and 1.2K bbl/day of condensate Horizontal well: 5.0M m/day of gas and 6K bbl/day of condensate

Drill-stem Test for Fluid Identification


Natal (OGX-74) Light oil (38 API) confirmation Sandstone reservoirs (Santonian age) 4 km distant from OGX-11D

Illustrative

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

24

SANTOS BASIN
Highlights
Albian reservoir

Pre-salt Discovery In Shallow Waters


Albian Gas Interval
Good porosity Dolomitized layers with open fractures MDT Dual-Packer Test collected 47 API hydrocarbons

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 Pore

APTIAN INTERVAL
Oil Dolomitized microbial Connected vugular porosity Light oil/condensate shows

25

PARNABA BASIN
Major Gas Province
Parnaba Basin

1.0 bn boe of net risked mean prospective resources POS (17%) and net 3C, evaluated by D&M 8 blocks operated by OGX Maranho Total area of 24,500 km Monetization of gas through thermoelectric plants to be developed by MPX/Petra (3,722 MW already licensed) 70% success rate (11 wells drilled) Commerciality declared for 2 accumulations

New Frontier Basin With High Potential For Gas Production

26

PARNABA BASIN
Business Plan
Project 1 1st gas: 2H12

Parnaba Complex
More than 20 prospects identified Declaration of commerciality of two fields (Gavio Real & Gavio Azul) already submitted to ANP Initial production expected in 2H12 Production of 5.7 M mper day in 2013 (2.7 M mper day net to OGX S.A. or ~15 kboepd) Gas to be sold to MPX Power Plants MPX has obtained installation license of 3,722 MW 3 seismic crews working on the site

Gavio Real

Gavio Azul

Legend: Seismic Lines

27

PARNABA BASIN

Project Development
Gas Thermal Power Plant Development

Parnaba Development Schematic

OGX Maranho (70%) + Petra (30%)


Capex
Total drilling cost: US$ 340 M Total facilities1 cost: US$ 110M UTG TPP

MPX + Petra

Opex field life


Less than US$ 0.30/1,000 cubic feet

Short Gas Pipeline (<2 km)

Production wells

Manifold

Notes: 1 Facilities cost includes: gathering system (lines and manifolds), a production facility for dry gas and a very short pipeline 2 Includes operating and maintenance of production facilities, lines, gas pipelines and wells

28 28

PARNABA BASIN
Execution Highlights

Project Development
Thermal Power Plant
GE TURBINES CONTRACTED BY MPX

Environmental permits already granted (LP+LI) 6 producing wells already drilled and 2 well in progress Drilled and tested the first production well GVR-1 Production potential of 5.0 M m/day (AOF) EPC contracted for the construction of the gas processing facility Awarded to Valerus-Geogas Beginning of the civil works on the site in Feb 2012 Clearing the rights-of-way for the pipeline Gas treatment facility construction First gas schedule for the second half of 2012

CONTRACTED RIG AND DRILL-STEM TEST PERFORMED

E&P

29

ESPRITO SANTO BASIN


New Frontier In Deep Water
Esprito Santo Basin

817 mn boe of net mean risked prospective resources (PoS of 33%), evaluated by D&M 5 blocks operated by Perenco (50% owned) Total area of 3,620 km Average water depth of ~1,000 m 1st well drilled in 4Q11 (Moriche) 2nd well drilled in 1Q12 (Guarapari)

The New Frontier of Esprito Santo Has Proven to be a Very Active Petrolific System With Recent Important Discoveries in Neighboring Blocks
30

PAR MARANHO BASIN


Promising New Frontier
Par-Maranho Basin

447 mn boe of net mean risked prospective resources (PoS of 21%), evaluated by D&M 5 blocks operated by OGX (100% owned) Total area of 960 km Average water depth of ~60m 1st well to be drilled in 2012

New Frontier With Geological Model Similar to West Africa, Where Significant Discoveries Were Made Recently
31

COLOMBIA

Cesar-Ranchera, Middle and Lower Magdalena Valleys Great Upside Potential


Colombian Basins

1.1 bn boe of net prospective resources and net potential petroleum quantities, evaluated by D&M 5 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 First well to be drilled in 2012

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

32

PRODUCTION TARGETS
OGX Production Targets
In kboepd

OGX Offshore Equipment Demand


FPSO
19 units 12 units for Campos Basin discoveries

Development of Campos and Parnaba discoveries 165 730

1,380

40 -50

24 units 11 units for Campos Basin discoveries 5 units expected to be used in the Esprito Santo Basin (the only deep water blocks in OGXs portfolio)

2012

2013

2015

2019 TLWP
boepd of

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

Portfolio potential of 10.8 bn of recoverable boe: >10 years of production growth Current discoveries can support 730,000 production level

WHP

Expected demand of 48 offshore units Total of 23 units estimated for OGXs Campos Basin discoveries (12 FPSOs and 11 WHPs) Strategy to expedite development with production equipment contracted 2-3 years in advance

Additional potential resources would allow OGX to reach and sustain a plateau of 1.4 million boepd from 2019 and beyond

33

OGX OPERATIONS

EXPLORATION DRILLING CAMPAIGN


Offshore Drilling Onshore Drilling

Ocean Ambassador (Diamond):


Daily Rate: US$ 260k Max. well depth: 20,000 ft Contract Expires: Sep.2012 (+ one optional year)

Ocean Lexington (Diamond):


Daily Rate: US$ 270k Max. well depth: 20,000 ft Contract Expires: Feb.2013

Ocean Quest (Diamond):


Daily Rate: US$ 265k Max. well depth: 25,000 ft Contract expires: Dec.2013

QG-1 (Queiroz Galvo):


Daily Rate: US$ 34k Max. well depth: 14,750 ft Contract Expires: Fev.2013 (+ one optional year)

BCH-05E (BCH):
Daily Rate: US$ 32k Max. well depth: 11,500 ft Contract Expires: May 2012

BCH-012 (BCH): Ocean Star (Diamond):


Daily Rate: US$ 300k Max. well depth: 25,000 ft Contract Expires: Feb.2014

ENSCO 5002 (Ensco)


Daily Rate: US$ 220k Max. well depth : 20,000 ft Contract Expires: Nov.2013

ENSCO 5004 (Ensco):


Daily Rate: US$235k Max. well depth: 20,000 ft Contract Expires: Nov.2013

Daily Rate: US$ 33k Max. well depth: 13,800 ft Contract Expires: March 2015 (+ one optional year)

WILDCAT+APPRAISAL WELLS Campos Santos Esprito Santo Par-Maranho Parnaba Colombia Total

2009 5 1 0 0 0 0 6

2010 18 6 0 0 2 0 26

2011 31 3 2 0 8 0 44

2012 12 4 1 2 6 1 26

2013 2 1 2 3 8 3 19

TOTAL 68 15 5 5 24 4 121

35

OPERATIONAL CAPABILITIES AND STRUCTURE

Logistics OFFSHORE DRILLING Operational Support


QUANTITY:5 CONTRACTOR: EDISON CHOUEST/ TIDE WATER
ANCHOR HANDLING TUG SUPPLY (AHTS)

First Class Suppliers


EFFICIENCY, AGILITY AND OPERATIONAL SECURITY

PLATFORM SUPPLY VESSEL (PSV)

QUANTITY: 6 CONTRACTOR: EDISON CHOUEST/ NORSKAN/MAERSK


FAST SUPPLY VESSEL (FSV)

QUANTITY: 1 CONTRACTOR: EDISON CHOUEST


MID SIZE HELICOPTER

OGX Team: ~300 employees Over 6,000 people dedicated 3D Room / IOSC

High Qualified Team

QUANTITY: 4 CONTRACTOR: AERLEO

36

FINANCIAL OVERVIEW

STRONG CASH POSITION


Cash Position Evolution
R$ billion
8. 0
US$ 1.063 bn

Cash Allocation
US$ billion
8. 0

CS 4% Votorantim 8%

Others 9%

6. 0

R$ 600 M

6. 0

4. 0

4. 0

Bradesco 30%

Santander 8% Itau Unibanco 34%

2. 0

2. 0

0. 0 3Q 11 O CT
C as h in R $

0. 0 NO V
OG X Maranho

BTG Pactual 7%

DEC
B ond

M AR
C as h in US$

Solid cash position of R$ 8.0 billion, or US$ 4.4 billion (proforma 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 offshore deposits 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
Note: Pro-forma figures do not contemplate cash disbursement in 1Q12

Cash allocation in R$: Average cumulative gross return equivalent to 103.5% of the Interbank Deposit Rate (CDI), or 12% p.a. Cash Allocation in US$: Average cumulative gross return equivalent to 2.3% p.a. Cash position in fixed income instruments allocated to Brazils most solid financial institutions

38

US$ 1.063 BILLION NOTES OFFERING


Transaction Highlights
OGX raised US$ 1.063 billion in a bond issuance in March 27, 2011 Moodys, Fitch and S&P maintained their previous ratings on OGX for this transaction Use of Proceeds 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 and became operator General corporate purposes including potential new ventures and bidding rounds Demand (geographic region)
Other 3% LatAm 8%

Summary of Terms

Issuer Guarantors Offering Distribution Ratings Size Maturity Optional redemption Coupon Price Yield to Maturity

OGX Austria GMBH OGX Petrleo e Gs Participaes S.A.; OGX Petrleo e Gs Ltda.; OGX Campos Petrleo e Gs S.A. Senior Unsecured Notes 144A / Reg-S B1 / B+ / B (stable) by Moodys, Fitch and S&P respectively US$1.063 billion 10 year 10 year NC5 8.375% p.y. $100.00 8.375% p.y.

Europe 19%

USA 70%

39

APPENDIX

ONGOING ACTIVITIES
Well BW BY CA CB CC CD CE CF OGX-74 OGX-75 OGX-76 OGX-77 OGX-78 GVR-8D OGX-79 GVR-7D Block BM-S-59 BM-C-41 BM-C-40 PN-T-85 BM-C-43 PN-T-68 BM-C-39 PN-T-68 Accumulation Natal 1 Tambora 3 Per - 1 Fazenda Axix Honolulu Gavio Real Itacoatiara Gavio Real Rig Ocean Quest Ocean Ambassador Ocean Lexington BCH-05 ENSCO 5002 BCH-12 ENSCO 5004 QG-1 Coast Distance 115 km 86 km 96 km Water Depth 196m 130m 103m Status In progress since 02/09/12 In progress since 02/24/12 In progress since 03/10/12 In progress since 03/16/12 In progress since 03/25/12 In progress since 03/27/12 In progress since 04/04/12 In progress since 13/04/12 Albian: 49m Net Pay

Onshore Block 99 km 320m

Onshore Block 89 km 102 m

Onshore Block

CAMPOS BASIN

PARNABA BASIN

SANTOS BASIN

ESPRITO SANTO BASIN

1OGX Maranho

has 70% W.I

OGX Blocks

Oil & Gas Fields

41

CONCLUDED WELLS (1 OF 5)
Well A B J N 1- MRK - 2B OGX-1 OGX-9D OGX-13 Block BM-S-29 BM-C-43 BM-C-41 BM-C-41 Accumulation Abacate Vesvio Vesvio Direcional Vesvio Vertical Rig Sovereign Explorer Ocean Ambassador Ocean Ambassador Ocean Lexington Coast Distance 130 km 85 km 87 km 87 Km Water Depth 100 m 140 m 142 m 138m Net Pay Oil &Gas shows Eocene: 57m Eocene: 60m Eocene: 10m Eocene: Shows Cretac.: Shows Albian: 100m Aptian: 50m Barremian: 15m Albian: 74m Aptian: 17m Albian: 80m Apt./Barrem: 50m Albian: 43m Aptian: 44m Eocene: 17m Maastric.: Shows Albian: 30m Aptian: 20m Albian: >17m Aptian: 35m Cenomanian: 11m Albian: >13m Aptian: 40m Santonian: 75m Albian: 35m & 27m Albian: 32m Aptian: 31m

OGX-2A

BM-C-41

Pipeline

Ocean Ambassador

77 km

130 m

G D I E F H

OGX-6 OGX-3 OGX-8 OGX-4 OGX-5 OGX-7A

BM-C-41 BM-C-41 BM-C-41 BM-C-42 BM-C-43 BM-C-42

Etna Waimea Fuji Kilawea Krakatoa Huna

Ocean Quest Sea Explorer Ocean Star Ocean Quest Ocean Ambassador Ocean Lexington

82 km 83 km 82 km 79 km 79 km 86 km

137 m 130 m 125 m 150 m 145 m 152 m

K L M O P

OGX-10 OGX-11D OGX-12 OGX-14 OGX-15

BM-C-42 BM-S-59 BM-S-57 BM-C-40 BM-C-41

Hawaii Natal Niteri Per Santa Helena

Sea Explorer Ocean Quest Ocean Star Ocean Lexington Ocean Ambassador

79 km 84 km 95 Km 96 Km 78km

158 m 180m 150m 104m 130m

42

CONCLUDED WELLS (2 OF 5)
Well Q R S T U V W X Y Z OGX-16 OGX-17 OGX-18 OGX-19 OGX-20 OGX-21D OGX-22 OGX-23 OGX-24 MRK-3/ 4P Block PN-T-681 BM-S-56 BM-C-40 BM-S-58 BM-C-41 BM-C-41 PN-T-681 BM-S-58 BM-S-56 BM-C-372 Accumulation California Belm Ing Aracaju Tupungato Waimea Direcional Fazenda So Jos Ilhus Itagi Carambola A Rig QG-1 Ocean Star Ocean Lexington Ocean Quest Ocean Ambassador Sea Explorer QG-1 Ocean Quest Ocean Star Blackford Dolphin 85 Km 95 Km 112 Km 84 Km 84 Km Onshore Block 107 Km 94 Km 74 Km 152m 140m 134m Santonian: 14m Albian: 43m Aptian: 12m Eocene: 8m (gas) Albian-cenomanian: 145m Albian: 1,000m (horizontal section) Albian: 24m Oil shows Albian: 48m Aptian: 23m Coast Distance Water Depth Net Pay Devonian: Gas shows, 23m & 25m (column) 136m 105m 172m 132m 134m Albian: 43m Santonian: Oil shows Albian: 12m (Oil column) Santonian: 40m Maastrichtian: 9m & 3m Albian: 50m Aptian: 42m Albian: 14m Upper Devonian: 49m Lower Devonian: 47m Onshore Block

AA V AB AC AE

OGX-25/ 27P OGX-26HP OGX-28D OGX-29/ 32 OGX-31

BM-C-39 BM-C-41 BM-C-41 BM-C-39 BM-C-41

Waikiki Waimea Horizontal Illimani Itaipu Osorno

Pride Venezuela Sea Explorer Ocean Star Ocean Lexington Ocean Ambassador

94 Km 84 Km 80 Km 86 Km 79 Km

105m 134m 126m 104m 136m

43 43

CONCLUDED WELLS (3 OF 5)
Well AJ AH AG AF AK AO AN AD AI AQ AO AL AS AU AP AW OGX-36D OGX-35D MRK-5 OGX-33 OGX-37 OGX-41D OGX-40D OGX-30 OGX-34 OGX-43D OGX-44HP OGX-38 OGX-46D OGX-48 OGX-42D OGX-50D OGX Maranho has 70% W.I. Block BM-C-41 BM-C-39 BM-C-37
2

Accumulation Pipeline D Waikiki Direcional Carambola B Chimborazo Potosi Waikiki - 2D Pipeline - 2D Salvador Bom Jesus Illimani - 1D Waikiki Fazenda So Jos Califrnia D Pipeline 4 Pipeline - 3D Waimea 3D

Rig Ocean Star Ocean Lexington Blackford Dolphin Pride Venezuela Ocean Ambassador Ocean Lexington Sea Explorer Ocean Quest QG-1 Ocean Ambassador Ocean Lexington BCH-05 QG-1 Ocean Ambassador Pride Venezuela Sea Explorer

Coast Distance 77 Km 89 Km 80 Km 84 Km 87 Km 90 Km 79 Km 105 Km

Water Depth 128m 104m 130m 127m 140m 110m 130m 151m Albian: 60m

Net Pay

Albian-Cenomanian: 80m Albian: 17m Albian: 42m Oil Shows Albian: 92m Albian: 107m Albian: 50m Devonian: 23m

BM-C-41 BM-C-43 BM-C-39 / BM-C-40 BM-C-41 BM-S-58 PN-T-68


1

Onshore Block 80 km 90 Km Onshore Block Onshore Block 75 Km 78 km 84 Km 128m 120m 131m 140 m 110m

BM-C-41 BM-C-39/ BM-C- 40 PN-T-68 PN-T-68


1

Albian: 50m Albian-Cenomanian: 1,063m (horizontal section) Devonian: 43m Devonian: 15m Albian: 12m Eocene: 6m Albian: 82m Santonian: 1.7m Albian: 52m

BM-C-41 BM-C-41 BM-C-41

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

44

CONCLUDED WELLS (4 OF 5)
Well AR AM AX AS AV AY BB AT AZ BC BA BD BG AW BE BF OGX-45D OGX-39HP OGX-52 OGX-51DP OGX-49 OGX-53D OGX-57 OGX-47 OGX-54 OGX-58DP OGX-56D OGX-59 OGX-62 OGX-55HP GVR-1D OGX-61 Block BM-C-40 BM-C-41 BM-C-41 PN-T-68 PN-T-68 BM-C-41 PN-T-68 BM-S- 59 BM-C-41 BM-C-41 BM-C-41 PN-T-49 BM-C-40 BM-C-41 PN-T-68 BM-C-41 Accumulation Waikiki 3D Pipeline Horizontal Tambora Califrnia - 2DP Fazenda So Jos Waimea 2D Fazenda So Jos - 2 Macei Fuji - 2 Tambora Fuji 1D Fazenda Torro Ing - 1 Waimea 3HP Gavio Real Illimani 2 Rig Ocean Lexington Ocean Star Ocean Ambassador QG-1 BCH-05 Pride Venezuela QG-1 Ocean Quest Ocean Lexington Ocean Ambassador Ocean Star BCH-05 Ocean Lexington Sea Explorer QG-1 Ocean Ambassador 87 Km 93Km 84Km Onshore Block 124m 110Km 81Km 93Km 77Km Onshore Block 105m 131m 84 Km Onshore Block 185m 136m 128m 128m Albian: 60m Devonian: 9m Albian-Cenomanian: 20m Santonian: 26m Albian: >1,000m (horizontal section) Development well Albian: 9m Santonian: 51m Albian: 24 Coast Distance 96 Km 77 Km 93 Km Onshore Block Onshore Block 132m Albian: 71m Water Depth 109m 128m 128m Net Pay Maastrichtian: 5m Albian: 1,000m (horizontal section) Santonian: 5m Albian: 96m Devonian: 8m -

OGX Maranho has 70% W.I.

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

45

CONCLUDED WELLS (5 OF 5)
Well BJ BI BG BM BP BN BO BQ AY BH BL BS BX BT BR BU BV BZ BI OGX-66 OGX-65D OGX-64DP PERN-1 OGX-69 GVR-3D GVR-2D OGX-70 OGX-60HP OGX-63 OGX-67 OGX-71 OGX-73 GVR-4D PERN-2 GVR-5D OGX-72 GVR-6D OGX-68HP Block PN-T-67 BM-C-41 BM-C-40 BM-ES-37 BM-C-41 PN-T-68 PN-T-68 BM-C-41 BM-C-41 BM-S-57 BM-C-40 BM-C-40 BM-C-41 PN-T-68
1 4

Accumulation Angical Waimea 4D Ing 1DP Moriche Fuji - 4 Gavio Real Gavio Real Pipeline - 5 Waimea 2D Fortaleza Ing - 2 Ing - 3 Osorno 1 Gavio Real Guarapari Gavio Real Pipeline 7 Gavio Real Waimea 4HP

Rig BCH-05 ENSCO 5002 Ocean Lexington Ocean Star ENSCO 5002 QG-1 BCH-05 Ocean Lexington ENSCO 5004 Ocean Quest Ocean Ambassador Ocean Ambassador Ocean Ambassador QG-1 Ocean Star BCH-05 Ocean Lexington QG-1 ENSCO 5004
4OGX

Coast Distance

Water Depth 135m 105m 1,148m 125m Albian: 38m Albian: 97m

Net Pay

Onshore Block 83 km 93 km 52 km 81 km Onshore Block Onshore Block 80 km 84 km 102 km 93 km 93 km 78 km Onshore Block 110 km Onshore Block 78 km Onshore Block 83 km 135m 130m 823m 123m 132m 155m 111m 112m 130m

Santonian: 23m -

Development well Development well Albian: >1,000m (horizontal section) Albian: 110m Aptian: 150m (column) Albian: 37m Development well Development well Albian: 129m Development well Albian: > 1,000m (horizontal section)

BM-ES-384 PN-T-68
1

BM-C-41 PN-T-68 BM-C-41

OGX Maranho has 70% W.I.

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

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

46

PARNABA BASIN
Gas Sale Contract with MPX Revenue Schematic
TPP Maranho III
(by Jan/14 20 year contract 50% take-or-pay)

$ $ $

TPP Maranho IV + V
(by Jan/13 15 year contract 0% take-or-pay)

$ Fixed revenue (gas plant rental) $ Variable revenue (varies according to plants dispatch)

TPPs

Gas Producers

Future Projects

(MPX and Petra)


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

(OGX Maranho and Petra)

Gas producers should receive remaining revenue, guaranteeing extraordinary margins (net back)
47