Ogx management presentation v4

MANAGEMENT PRESENTATION

Rio de Janeiro | January 2012 |

AGENDA

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OGX Overview

OGX Portfolio

OGX Operations

Execution on Track

Financial Overview

Appendix

OGX OVERVIEW

1

OGX is among the 15 largest pure E&P companies globally with a market cap of approximately US$25billion, 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 andonshore (low cost and off-the-shelf technology)

Multi-billion barrel discoveries and overall success rate exceeding 90% with high productivity reservoirsamongst the best in Brazil

Solid cash position allows OGX to conclude the largest and most successful private sector exploratorycampaign in Brazil and to support production development (more than 70 wells spud since the beginning ofits exploratory campaign in Aug. 2009)

Highly successful and experienced management team, combining unique intellectual capital andsuperior execution skills

Proven execution capability (from concept to oil in an unprecedented timing) with fully establishedoperations comprising more than 6,000 people

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

OGX OVERVIEW

4

OGX Main Accomplishments

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

Jan/10

Bond: US$ 2.6bn raised

Beginning of thedrilling campaign

Acquisition of 70% stake in the Parnaíba Assets

Jun/10

OGX included in the Ibovespa Index

1st FPSO secured for 20 years

Survey and interpretation of the 3D seismic data

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

Apr/11

5 onshore blocks acquired in Colombia

May/11

1st

Oil

Jan/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)

Sep/11

Oct/11

Arrival of FPSO OSX-1

Total investments of

US$ 4.1bn of Drilling

Capex and Signature

Bonus + US$ 245 M of

Seismic Campaign

Total cash raised to

date: US$8.0 bn

OGX OWNERSHIP AND CORPORATE STRUCTURE

Free Float

20 Blocks

5 - Santos (100%) (2)

5 - Espírito Santo (50%)

5 - PAMA (100%) (2)

5 - Colombia (100%) (2)

7 Blocks

5 - Campos (100%) (2)

2 - Campos (50%)

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 September 30, 2011(4) MPX S.A. holds 33.33%

Petróleo e Gás Participações S.A.(Market Capitalization (3): ~ US$25 Billion)

Petróleo e Gás Ltda

OGX Campos Petróleo e Gás S.A.

Maranhão Petróleo e Gás Ltda.

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

~33 thousand investors

3rd most representative stock in Ibovespa index 6.1%

Most liquid common share

61% 39%

99.99%99.99% 66.67%

100%70%100% 30%

6

MANAGEMENT ORGANIZATION STRUCTURE(1)

Eike Batista

CEO

Paulo Mendonça

Gen. Exec. Officer

Joaquim Dib Cohen (32)Oil & Gas Commercialization

Paulo Mendonça (38)Exploration Officer

José Roberto FaveretGeneral Counsel

Marcelo TorresCFO

Reinaldo Belotti (34)Production Officer

Armando Ferreira (31)Production Development

Olavo Foerch (32)Procurement

Ricardo Juiniti (27)Drilling

Billy Pinheiro (30)Logistics

Ricardo Abiramia (24)Production

Leandro Leme (31)HSE

Edmundo Marques (24)Exploration Santos & Eq. Margin

Dolores Carvalho (35)E&P Laboratory

Luiz Reis (45)Strategic Alliances

Paulo de Tarso Guimarães(34)New Areas

Marcos Amaral (28)Applied Technology

Paulo Ricardo (28)Exploration Campos & ES

Roberto Toledo (31)E&P Laboratory

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 experience in the E&P industry

HIGHLY QUALIFIED EXPLORATION TEAM

EXPLORATORY TEAM

Paulo Mendonça 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 10 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: VAST UNTAPPED OIL & GAS POTENTIAL

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)

OGX PORTFOLIO

2

PO

RTFO

LIO

Deep water~1,000m

Shallow water~150m

Shallow water~120m

Shallow water~60m

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)

OGX’s business plan is based on 4.1 billion barrels already discovered in the shallow waters of the Campos

Basin

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CAMPOS BASIN: LOW RISK, SHALLOW WATER AND

LARGE VOLUMES

OGX’S DISCOVERED ACCUMULATIONS CONFIRM A NEW HYDROCARBON PROVINCE IN THE SOUTHERN 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)

5 blocks operated by OGX (100%

owned) and 2 operated by

Maersk Oil (50% owned)

Total area of 1,177 km2

Average water depth of ~120m

55 wells drilled

Almost 100% success rate

CAMPOS BASIN

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SANTOS BASIN IS ONE OF THE MOST PROMISING EXPLORATORY AREAS IN BRAZIL, WITH SIGNIFICANT POTENTIAL FOR GAS AND LIGHT OIL

1.8 bn boe of net risked

prospective resources (POS of

27%), evaluated by D&M


owned)

Total area of 820 km²

Average water depth of ~150 m

10 wells drilled

2 recent successful tests (OGX-47

and OGX-11D) – 20-25%

condensate with great flow rates

~ 70% success rate

SANTOS BASIN

SANTOS BASIN: HIGH POTENTIAL

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NEW FRONTIER BASIN WITH HIGH POTENTIAL FOR GAS PRODUCTION

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

8 blocks operated by OGX Maranhão

Total area of 24,500 km²

Monetization of gas through thermoelectric plants to be developed by MPX/Petra (3,722 MW already licensed)

>75% success rate (10 wells drilled)

Commerciality declared for 2 accumulations

PARNAÍBA BASIN

PARNAÍBA BASIN: MAJOR GAS PROVINCE

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THE NEW FRONTIER OF ESPÍRITO SANTO HAS PROVEN TO BE A VERY ACTIVE PETROLIFIC SYSTEM WITH RECENT IMPORTANT DISCOVERIES IN NEIGHBORING BLOCKS

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 km²

Average water depth of ~1,000 m

1st well drilled in 4Q11 (Moriche)

2nd well initiated drilling in 4Q11

(Guarapari)

ESPÍRITO SANTO BASIN

ESPÍRITO SANTO BASIN: NEW FRONTIER IN DEEP

WATER

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NEW FRONTIER WITH GEOLOGICAL MODEL SIMILAR TO WEST AFRICA, WHERE SIGNIFICANT DISCOVERIES WERE MADE RECENTLY

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 km²

Average water depth of ~60m

1st well to be drilled in 2012

PARÁ-MARANHÃO BASIN

PARÁ MARANHÃO BASIN: PROMISING NEW

FRONTIER

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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

1.1 bn boe of net prospective

resources and net potential

petroleum quantities, evaluated by

D&M


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 2H11

First well to be drilled in mid 2012

COLOMBIAN BASINS

COLOMBIA: CESAR-RANCHERÍA, MIDDLE AND LOWER

MAGDALENA VALLEYS: GREAT UPSIDE POTENTIAL

17

OIL DISCOVERIES OF 4.1 BN BBL ARE ALREADY UNDER PRODUCTION DEVELOPMENT IN THE SHALLOW WATERS OF CAMPOS BASIN

OGX PORTFOLIO POTENTIAL: BREAKDOWN

OGX PORTFOLIO POTENTIAL(1)

BILLION BOE (7)

OGXNet

CAMPOS 5.7

Contingent (2)3.0

Delineation (3)1.3

Prospective (POS = 56.2%) 1.4

SANTOS (4)(6) (POS = 27.0%) 1.8

ESPÍRITO SANTO(4) (POS = 32.6%) 0.8

PARÁ-MARANHÃO(4) (POS = 21.3%) 0.4

PARNAÍBA 1.0

Contingent (2)0.1

Conventional Prospective (POS = 16.5%) 0.6

Unconventional Prospective (POS = 18.2%) 0.4

COLOMBIA 1.1

Prospective (POS = 10.4%)(4) 0.1

Potential Petroleum Quantities(5)1.0

OGX Portfolio 10.8

Note: “POS “ defined as geological probability of success

(1) The OGX portfolio potential was calculated by OGX based on volume estimates contained in the DeGolyer and MacNaughton Reports

(2) We consider the 3C contingent resources in the arithmetic summation of our potential portfolio based on the assumption that 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-Ranchería 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 ft³ of natural gas to one boe

73%ShallowWater

8%Deep

Water

19%Onshore

79% Oil

21% Gas

PORTFOLIO BREAKDOWN

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OGX OPERATIONS

3

EXPLORATION DRILLING CAMPAIGN

BCH-05E (BCH):Daily Rate: US$ 31.5kMax. well depth: 11,500 ftContract Expires: Feb.2012

3rd rig contracted

Ocean Lexington (Diamond):

Daily Rate: US$ 335k

Max. well depth: 20,000 ft

Contract Expires: Feb.2013 (+one optional year)

Ocean Ambassador (Diamond):



Contract Expires: Sep.2012 (+ one optional year)

Ocean Quest (Diamond):



Contract expires: Dec.2012 (+ one optional year)

ENSCO 5002 (Ensco)


Max. well depth : 20,000 ft

Contract Expires: Nov.2013

Ocean Star (Diamond):



Contract Expires: Feb.2013 (+ one optional year)

ENSCO 5004 (Ensco):

Daily Rate: US$235k


Contract Expires: Nov.2013

QG-1 (Queiroz Galvão):Daily Rate: US$ 28kMax. well depth: 14,750 ftContract Expires: Jan.2012

WILDCAT+APPRAISAL WELLS 2009 2010 2011 2012 2013 TOTAL

Campos 5 18 18 4 0 45

Santos 1 6 3 4 0 14

Espírito Santo 0 0 2 3 1 6

Pará-Maranhão 0 0 0 4 3 7

Parnaíba 0 2 9 4 0 15

Total 6 26 32 19 4 87

OFFSHORE DRILLING ONSHORE DRILLING

DRILLING CAMPAIGN EXPANDED – 8 RIGS ALREADY OPERATING SIMULTANEOUSLY 20

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: ~300 employees

Over 6,000 people dedicated

3D Room / IOSC

EFFICIENCY,

AGILITY AND

OPERATIONAL

SECURITY

21

EXECUTION ON TRACK

4

CAMPOS BASIN: FOCUSING ON WILDCAT &

APPRAISAL WELLS

2010

OGX-9D

OGX-13

OGX-21/OGX-26HP

2011 - Drilling Area 1C

OGX-50D/OGX-55HP 1C – Albian 52m

OGX-53D/OGX-60HP 1C – In Progress



OGX-40D 2C – Albian 107m


OGX-70 2C – In progress





OGX-48 3C – Albian 12m


OGX-61 3C - Albian: 9m

OGX-62 3C – Santonian 26m Albian20m

OGX-64 3C – Santonian 23m

OGX-67 3C – Under analysis

OGX-69 3C - Albian 38m

OGX-71 3C – In progress

2011 - Drilling Area Delineation

OGX-43D Delineation– Albian 50m

OGX-45D Delineation – Maastric. 5m

OGX-54 Delineation– Albian 24m

2009

OGX-1

OGX-2 A

OGX-3

2010

OGX-4

OGX-5

OGX-6

OGX-7 A

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

26 WILDCAT WELLS AND 29 APPRAISAL WELLS DRILLED WITH HYDROCARBONS AND RESULTS WHICH SUPPORT EXPECTATIONS

Note:Drilling area as per D&M’s Dec/10 reports and net pay

23

Wildcat wells Appraisal wells

CAMPOS BASIN: DEVELOPMENT BUSINESS PLAN

Illustrative

Project 1 Waimea Complex1st oil date: Jan.12

42 development wells

28 production

14 injection

3 FPSOs and 2 WHPs

OSX-1, OSX-2 and WHP-1

Oil of 20° API

Water depth: 140m

Average production per well 10 – 20 kbpd

Project 2Waikiki Complex1st oil date: 4Q13

22 development wells

14 production

8 injection

1 FPSO and 1 WHP

OSX-3 and WHP-2

Oil of 23° - 28° API

Water depth: 120m

Average production per well 15 – 20 kbpd

4.1 bn bbl

Shallow waters

Average production per

well 10 – 20 kbpd

12 FPSOs and 11 WHPs

— 5 FPSOs and 2 WHPs

already secured

Average field life

— Capex US$ 2/bbl

— Opex <US$ 16/bbl

CAMPOS BASIN

DEVELOPMENT PLAN

INITIAL PROJECTS

24

CAMPOS BASIN: POSITIVE HORIZONTAL WELLS

TEST RESULTS

WAIMEA OGX – 26HP

Production capacity of up to

20,000 bbl/day

Oil Quality of 20o API

Tested in Jan/2011

PIPELINE OGX-39HP

Production capacity of around

10,000 bbl/day


Tested in Jul/2011

WAIKIKI OGX-44HP

Production capacity of up to

20,000 bbl/day


Tested in Jun/2011

3 DRILL-STEM TESTS ALREADY PERFORMED IN HORIZONTAL WELLS PREPARED FOR PRODUCTION

AND MORE TO COME IN 2012

HORIZONTAL WELL TESTED DRILL-STEM TESTS PERFORMED IN HORZINTAL WELLS

25

CAMPOS BASIN: PRODUCTION WILL BEGIN IN THE

WAIMEA ACCUMULATION

26

BEGINNING OF PRODUCTION

Horizontal production well already drilled, completed and successfully tested

Hydraulic Power Unit (HPU)

installed Umbilicals installed

Flexible lines installed Anchor system (moorings and

piles) installed Installation support vessel

delivered

Wet christmas tree installed Electrical submersible pump

installed

EWT approved by ANP

(National Petroleum Agency)

1ST OIL PRODUCTION CONCEPT

OGX FIRST OIL EXPECTED FOR JANUARY/12 THROUGH EXTENDED WELL TEST (EWT)

Maincharacteristics:

Productionpotential of 40 kbpd w/ capacitylimited to 20 kbpd

Oil quality of 20°

API

Water depth of140 meters

BuoyOSX-1

RisersandUmbilicals

Flexiblelines

Wetchristmastree 1

Mooringsand Piles

Wetchristmastree 2

Wetchristmastree 3

Illustrative framesElectricalsubmersiblepump

Preliminary and Installation

License 26

Granting of first licenses (LP and LI)

Public hearing: Jul 16, 2011Preliminary License (LP): Sep 8, 2011Installation License (LI): Sep 16, 2011

Buoy Installation

Mobilization of equipment to the site

Installation of buoy

Beginning of Subsea Installation

10 PilesMoorings chains

MWA (middle water arch)

CAMPOS BASIN: PREPARATION TO 1ST OIL

2727

CAMPOS BASIN: FINAL STEPS TOWARDS 1ST OIL

2828

CAMPOS BASIN: WAIMEA COMPLEX PRODUCTION

CONCEPT

29

Pioneer Project Development

Illustrative frame

PIONEER PRODUCTION CONCEPT

DEVELOPMENT WELLS

ProductionWell 1 (OGX-26HP) Production

Well 2(OGX-55HP)

ProductionWell 3 (OGX-60HP)

InjectionWell 1

InjectionWell 2

5 development wells connected to the

FPSO OSX-1

3 horizontal production wells

1st production well, OGX-26HP,

ready for production

2nd production well, OGX-55HP,

currently drilled

3rd production well, OGX-60HP,

currently being drilled

Average production per well 10–

20 kbpd

2 subsea injection wells

1 FPSO: OSX-1

OSX-1 arrived in October/2011

OGX-55HP and OGX-60HP wells to be

hooked-up to OSX-1 after the

declaration of commerciality in 2012

With 3 production wells on stream in

2012, OGX should reach production

levels of ~50 kbpd

PIONEER PRODUCTION DEVELOPMENT

29

Operational Expenditures(Leased Equipment)

Capital Expenditures

FPSOOil capacity: 100 K bpd

Liquid capacity: 160 K bpdOil will be offloaded

WHPCapacity: 30 wellsDrilling package on topside

Drilling + CompletionDevelopment wells with dry completionGas will be reinjected, used for gaslift or power generationWater Injection

WHP Subsea Flow LinesPower line

Gas Lift lineService line

Water Injection lineProduction line

Test line

CAMPOS BASIN: REPLICABLE DEVELOPMENT

CONCEPT

Opex<US$ 16/bbl

CapexUS$ 2/bbl

Note: Please see details in the Appendix slide: “Campos Basin: Typical Production Project”

30

OSX-1 delivered in October 2011

OSX-2 and OSX-3 to be built in world-class Singaporean shipyards by SBM and Modec

OSX-4 and OSX-5 hulls already acquired by OSX

OSX-1

OSX-2

OSX-3

OSX-4

OSX-5

OSX-6

OSX-7

OSX-8

OSX-9

OSX-10

OSX-11

OSX-12

Unit 2011 … 2013 2014 2015 2016

WHP-1 and WHP-2 with detailed

engineering ongoing (EPC awarded to

Techint by OSX)

Unit 2013 2014

WHP-1

WHP-2

WHP-3

WHP-4

WHP-5

WHP-6

WHP-7

WHP-8

WHP-9

WHP-10

WHP-11

Oct

1st Q

1st Q

4th Q

1st Q

3rd Q

4th Q

4th Q

4th Q

2nd Q

3rd Q

2nd Q

3rd Q

4th Q

3rd Q

4th Q

4th Q

4th Q

1st Q

2nd Q

3rd Q

4th Q

4th Q

WHPsFPSOs

FPSOs AND WHPs EXPECTED DELIVERIES

31Production equipment allocated to begin operations until 2013

Waimea

Waimea

Waikiki

Waikiki

Waimea

2014

31

FPSOs WHPs

OSX-1:

Production capacity of 80 kbpdand storage of 950 kbbl

Average Day rate of US$ 263 k

Arrived in Oct/11

OSX-2:

Production capacity of 100 kbpd and storage of 1.3 Mbbl

Expected Average day rate of US$ 290 k

Contracted by OSX with SBM

OSX-3:

Production capacity of 100 kbpd and storage of 1.3 Mbbl

Expected Average day rate of US$ 290 k

Contracted by OSX with MODEC

WHP-1:

Capacity to drill up to 30 wells

Equipment on-stream by the end of2013

Detailed engineering ongoing (EPCawarded to Techint by OSX)

WHP-2:

Capacity to drill up to 30 wells

Equipment on-stream by thebeginning of 2014

Detailed engineering ongoing (EPCawarded to Techint by OSX)

OSX-4:

Production capacity of 100 kbpd andstorage of 1.3 Mbbl

Order placed for Leasing contract andEPCI under procurement

OSX-5:

Production capacity of 100 kbpd andstorage of 1.3 Mbbl

Order placed for Leasing contract andEPCI under procurement

Two sister VLCC´s (Very

Large Crude Oil Carriers) purchased on November, 2010 by OSX to be converted into FPSOs

SECURED PRODUCTION EQUIPMENT

3232

CAMPOS BASIN: OIL PRODUCTION RAMP-UP

33

Equipment Used OSX-1OSX-1OSX-2OSX-3

Accumulation WaimeaWaimeaWaikiki

Total # of Horizontal Wells 3 10

Production Capacity 60 Kbpd 260 Kbpd

Oil Production Target (kbpd) ¹

50

150

2012 2013

Note:1 To be reached through the end of the period 33

Gavião Real

Gavião Azul

PARNAÍBA BASIN: BUSINESS PLAN

Declaration of commerciality of two fields (Gavião Real & Gavião Azul) already submitted to ANP

Initial production expected in 2H12

Production of 5.7 M m³per day in 2013 (2.7 M m³per day net to OGX S.A. or ~15 kboepd)

Three seismic crews working on the blocks

Gas to be sold to MPX Power Plants

MPX has obtained installation license of 3,722 MW

Drilled and tested the first production well in the basin, GVR-1 (Gavião Real field) with excellent results production potential of 5.0 M m³/day (AOF)

EPC contracted for the construction of the gas processing facility

Contract signed with Valerus-Geogas

PARNAÍBA COMPLEX

Legend:

Seismic Lines

Project 11st gas: 2H12

23 production wells

34

Wells

PARNAÍBA BASIN: PROJECT DEVELOPMENT

35

MPX + Petra investments

OGX Maranhão (70%) + Petra (30%) investments

Manifolds

Short Gas Pipeline(<2 km)

Gas Thermal Power Plant

Transmission Lines

Production Facility for Dry Gas

Gathering System

Lines

PARNAÍBA DEVELOPMENT SCHEMATIC GAS 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 field life

Total drilling cost:

US$ 340 M (includes

re-completion cost)

Total facilities1 cost:

US$ 110M

Opex field life

Less than US$

0.30/1,000 cubic feet

35

19 units12 units for Campos Basin discoveries

PRODUCTION TARGETS

36

OGX PRODUCTION TARGETS OGX OFFSHORE EQUIPMENT DEMAND

FP

SO

TLW

PW

HP

5 unitsexpected to be used in theEspírito Santo Basin (the only deep water blocks in OGX’s portfolio)

24 units 11 units for Campos Basin discoveries

Portfolio potential of 10.8 bn of recoverable boe: >10

years of production growth

Campos and Parnaíba discoveries (4.2 bn boe) can

support 730,000 boepd of production level

Additional potential resources (6.6 bn boe) would allow

OGX to reach and sustain a plateau of 1.4 million boepd

from 2019 and beyond

In kboepd

Expected demand of 48 offshore units

Total of 23 units estimated for OGX’s Campos Basin

discoveries (12 FPSOs and 11 WHPs)

Strategy to expedite development with production

equipment contracted 2-3 years in advance

2012 2013 2015 2019

Development of Campos and

Parnaíba discoveries

50165

730

1.380

Offshore equipment already secured for

initial production (OSX-1, 2 & 3 and WHP-1

& 2)

36

5FINANCIAL OVERVIEW

STRONG CASH POSITION

Solid cash position of R$6.7 billion, or US$3.6 billion, to

support exploration commitments, development and initial

production

US$2.5 billion invested in offshore deposits

US$465 million hedged through NDF (non deliverable

forward) contracts

~80% of total cash protected against FX variations

Operating Cash Flow (4Q11-4Q13): US$ 0.5-1.0 bn

Capex (4Q11-4Q13): US$ 3.5-4.0 bn

Cash allocated in R$: Average cumulative gross return

equivalent to approximately 103.4% of the Interbank

Deposit Rate (CDI), or 13% p.a.

Cash Allocated in US$: Average cumulative gross return

equivalent to approximately 1.4% p.a.

Cash position in fixed income instruments allocated to

Brazil’s most solid financial institutions

R$ billion

US$ billion

CASH POSITION EVOLUTION CASH ALLOCATION

0.0

2.0

4.0

6.0

0.0

2.0

4.0

6.0

2Q11 JUL AUG SEPCash in R$ Cash in US$

Bradesco37%

Itau Unibanco

36%

BTG Pactual8%

Santander8%

Votorantim5%

CS4%

Others3%

38

APPENDIX

ONGOING ACTIVITIES

1OGX Maranhão has 70% W.I

Well Block Accumulation Rig Coast DistanceWaterDepth

Status Net Pay

AY OGX-60HP BM-C-41 Waimea – 2D ENSCO 5004 84Km 132m In progress since 08/22

BH OGX-63 BM-S-57 Fortaleza Ocean Quest 102Km 155m In progress since 10/08

BL OGX-67 BM-C-40 Ingá - 2 Ocean Ambassador 93 Km 111m Under analysis

BN GVR-3D PN-T-68 Gavião Real QG-1 Onshore Block In progress since 11/22

BI OGX-68HP BM-C-41 Waimea – 4HP ENSCO 5002 83Km 135m In progress since 11/24

BO GVR-2D PN-T-68 Gavião Real BCH-05 Onshore Block In progress since 11/26

BQ OGX-70 BM-C-41 Pipeline - 5 Ocean Lexington 80Km 123m In progress since 12/16

BR PERN-2 BM-ES-38 Guarapari Ocean Star 110Km 823m In progress since 12/28

BS OGX-71 BM-C-41 Ingá-3 Ocean Ambassador 93 Km 112m In progress since 01/02/12

OGX Blocks Oil & Gas Fields

PARNAÍBA BASINCAMPOS BASIN SANTOS BASIN ESPÍRITO SANTO BASIN

40

CONCLUDED WELLS (1 OF 5)

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 Vesuvio 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 41


42


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-18 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 134mAlbian: 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

42



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

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

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

AN OGX-40D BM-C-41 Pipeline - 2 D 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 -1 D 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 -3 D Pride Venezuela 78 km 120mEocene: 6mAlbian: 82m

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

¹ OGX Maranhão has 70% W.I. ² OGX has 50% W.I. and Maersk is the operator 43



AR OGX-45D BM-C-40 Waikiki – 3 D 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: 5m

Albian: 96m

AS OGX-51DP PN-T-68 Califórnia - 2 DP QG-1 Onshore Block Devonian: 8m

AV OGX-49 PN-T-68 Fazenda São José BCH-05 Onshore Block -

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

BB OGX-57 PN-T-68 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-49 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 131mAlbian: >1,000m (horizontal section)

BE GVR-1D PN-T-68 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-67 Angical BCH-05 Onshore Block -

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

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

BM PERN-1 BM-ES-37 Moriche Ocean Star 52km 1,148m -

BP OGX-69 BM-C-41 Fuji - 4 ENSCO 5002 81Km 125m Albian: 38m


CAMPOS BASIN: TYPICAL PRODUCTION PROJECT

TYPICAL REPLICABLE PROJECT ASSUMPTIONS CAMPOS BASINDistance from shore: 80 km

Water depth: 100 to 150 meters

Recoverable volume: 500 million bbl (low Gas:Oil Ratio (GOR)): all gas produced will be used for power generation or gas reinjection, if

applicable

Equipment oil producing capacity:

1 FPSO: 100 Kbblpd

1 WHP: 30 wells

Drilled wells: 16 horizontal production wells and 9 injection wells

5 horizontal production wells pre-drilled from semi-submersible rig

11 production and 9 injection wells drilled from WHP

Capex: estimated unit cost of approximately US$ 2 / barrel

Pre-drilled wells = US$ 50M (75 days per well)

WHP drilled wells = US$ 20M (75 days per well)

Well completion = US$ 15M (30 days per well)

Package of sub-sea flow lines = US$ 65M

Opex: estimated unit cost lower than US$ 16 / barrel

Leased equipment day rates with high local content (FPSOs US$ 350k / day & WHPs US$ 160k /day)

Operating and maintenance expenditures of US$ 85k / day

Variable operating costs of US$ 3.5 / barrel

Abandonment costs at end of field life of US$ 100M

Production profile:

Achieve production plateau in 3 quarters

Plateau maintained for an additional 4 years

20 to 22 years of production decline from the plateau thereafter 46

TPPs

TPP Maranhão III

PARNAÍBA BASIN: GAS SALE CONTRACT WITH MPX

REVENUE SCHEMATIC

CONTRACT CONDITIONS:

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

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

— $ Fixed revenue (gas plant rental)

— $ Variable revenue (varies according to plant’s dispatch)

(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

47

Business

Ogx management presentation v4