MANAGEMENT PRESENTATION

Rio de Janeiro | June 2012 |

AGENDA 1 2 3 4
OGX Overview OGX Portfolio and Execution

OGX Operations Financial Overview

Appendix

Last update: 06/05/2012

OGX OVERVIEW

OGX OVERVIEW
Highly successful and experienced management team, combining unique intellectual capital and superior execution skills Overall exploratory success rate exceeding 85% with high productivity reservoirs amongst the best in Brazil World class E&P portfolio, mostly in shallow waters and onshore (low cost and off-the-shelf technology) OGX is among the largest pure E&P companies globally Proven execution capability (from concept to oil in an unprecedented timing) with fully established

operations comprising more than 6,000 people

Solid cash position allows OGX to conduct the largest and most successful private sector exploratory campaign in Brazil and to support production development (more than 90 wells spud since the beginning of its exploratory campaign in Sep. 2009) 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

Mar/12
Jan/12
Oct/11 Sep/11

Acquisition of 70% stake in the Parnaba Assets

May/11 Apr/11 Jun/10 Sep/09 Aug/09 Survey and interpretation of the 3D seismic data Procurement of all equipment and services necessary to initiate the drilling campaign

IPO: US$4.1 bn raised OGX Creation

Total investments of US$ 4.3bn of Drilling Capex and Signature Bonus + US$ 245 M of Seismic Campaign Total cash raised to date: US$9.4 bn

Jun/08 Jul/07 Nov/07

Proven Execution Capability (From Concept To First Oil in Unprecedented Timing) With Fully Established Operations Comprising More Than 6,000 People
(1) Calculated by OGX based on potential, prospective and contingent volumes contained in the DeGolyer and MacNaughton Reports

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$16 Billion) 99.99% 66.67%4 Maranho Petrleo e Gs S.A. 100% 8 Blocks
(2)

One of the most liquid common shares

100.00%

Petrleo e Gs Ltda 100% 26 Blocks 5 - Campos (100%) 5 - Santos (100%) 5 - PAMA (100%) 2 - Campos (70%) (2)
(2)

International

100%

7 - Parnaba (70%) 1 Parnaba (50%)

(2) (2)

OGX Austria

5 - Esprito Santo (50%)

(2) (2)

4 - Colombia (100%)
(1) (2)

(3) Market (4)

EBX represented through Centennial Asset Mining Fund LLC (Nevada, USA) (CAMF) OGX as operator data as of May 31, 2012 MPX S.A. holds 33.33%

MANAGEMENT ORGANIZATION STRUCTURE(1)

Paulo Mendona (38)
CEO Luiz Reis (45) Strategic Alliances Nilton Monteiro Strategic Alliances Paulo Ricardo (28) Exploration and Reservoir Officer
Paulo de Tarso Guimares (34) Exploration Campos & ES Roberto Toledo (31) Reservoir & Reserves Celso Martins (34) Onshore Basin Ernani Porsche (33) International

Joaquim Dib Cohen (32) Oil & Gas Commercialization

Jos Roberto Faveret General Counsel

Roberto Monteiro 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 Marcos Amaral (28) Applied Technology Moacir Santos (38) Geological Operations

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

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 Qatar

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

Israel
Saudi Arabia India Indonesia Venezuela Papua New Guinea

Ghana

Bn Boe 0 10 20 30 40

China Angola Brazil

14.5

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
34 blocks: 30 blocks in 5 Brazilian sedimentary basins and 4 onshore blocks in 2 Colombian sedimentary basins Unique portfolio with 10.8 billion potential recoverable barrels of oil equivalent (boer) 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

D&M Certified Volumes (Bnboe)

Portfolio Breakdown

10.8
73% Shallow Water

19% Onshore 8% Deep Water

6.7 4.8

6.5
C1 (4%) 0.1

1.3 3.0
Mar-08 Sep-09 Dec-10
C3 (77%) 2.3

C2 (19%) 0.6
21% Gas 79% Oil

Contingent

Delineation

Prospective

Note: 1 Does not include Parnaba 3C contingent resources of 141 million boe

12

CAMPOS BASIN

Low Risk, Shallow Water And Large Volumes

Campos Basin

~400 MM bbl already declared commercial (Tubaro Azul and Tubaro Martelo Fields) 7 blocks operated by OGX Total area of 1,177 km2 Average water depth of ~120m 64 wells drilled Up to 90% of success rate

OGXs Discovered Accumulations Confirm a New Hydrocarbon Province in the Southern Campos Basin
13

CAMPOS BASIN

Areas Update Not including pre-salt and exploratory prospects

Waikiki Complex

Waimea / Pipeline and Vesuvio Complexes

Highlights
Successful appraisal campaign with 36 wells drilled and a 92% hit ratio Important new discovery in 1Q12 Itacoatiara, in block BM-C-39 which will be part of the Waikiki Complex Acquisition of incremental 20% participation of blocks BM-C-37 and BM-C-38 from Maersk, with OGX becoming the operator Declaration of Commerciality of the Waikiki accumulation and Development Plan (DP) submitted to the ANP To be named as Tubaro Martelo Field with expected total recoverable volume of 285 MMbbl Presentation of the Declaration of Commerciality for a portion of the Waimea Complex

Source: Area estimates based exclusively on OGXs studies

To be named as Tubaro Azul Field with expected total recoverable volume of 110 MMbbl

14

CAMPOS BASIN

Waimea Complex Not including pre-salt and exploratory prospects

Waimea Complex
TUBARO AZUL FIELD (1ST MODULE) OGX-3 Albian: 80m Aptian/Barrem: 50m N.A. N.A. 1C OGX-33 1C 1C OGX-52 N.A. 3C 3C OGX-58DP OGX-75 OGX-81 TAMBORA Santonian: 5m Albian: 96m Albian: 49m Albian: 62m N.A. N.A. N.A. N.A. OSORNO

OGX-31
OGX-73

Albian: 48m Aptian: 23m

Albian: 37m CHIMBORAZO Albian: 42m

N.A.

OGX-21D/OGX-26HP Albian: 14m OGX-50D/OGX-55HP Santonian: 1,7m Albian: 52m OGX-53D/OGX-60HP Albian: 71m OGX-65D/OGX-68HP Albian: 97m

N.A.

N.A.

FUJI
OGX-8 OGX-56D OGX-69 Albian: 43m Aptian: 44m Albian: 60m Albian: 38m ILLIMANI

OGX-28D
OGX-43D OGX-61

Albian: 24m
Albian: 50m Albian: 9m TUPUNGATO

N.A. Del. 3C

WELL UNDER EVALUATION OGX-54 Albian: 24m Del.

OGX-20

Maastrich: 9m & 3m Albian: 50m Aptian: 42m

N.A.

Source: Area estimates based exclusively on OGXs studies

Note: 1 Figures in meters illustrate net pays of oil columns 2 Discovered after D&M s Dec 2010 contingent resources report

15

CAMPOS BASIN

Waikiki Complex Not including pre-salt and exploratory prospects

Waikiki Complex
TUBARO MARTELO FIELD OGX-25 OGX-35D Eocene: 8m (gas) Albocenomaniano: 145m Albocenomanian: 80m N.A. 3C 2C WELLS UNDER EVALUATION OGX-45D OGX-29/32 Maastrich: 5m Oil Shows Del. N.A.

OGX-41D/ OGX-44HP

Albian: 92m

PER OGX-14 OGX-76 Albian: 35m & 27m Albian: 6m ING OGX-18 Santonian: Oil Shows Albian: 12m (oil column) Albocenomanian: 20m Santonian: 26m Santonian: 23m ITACOATIARA OGX-79 Albian: 64m N.A. N.A. N.A. 2C

OGX-62 OGX-64DP OGX-67 OGX-71

2C 3C 3C 3C

Source: Area estimates based exclusively on OGXs studies

Notes: 1 Figures in meters illustrate net pays of oil columns 2 RJS-15 well drilled by Petrobras

16

CAMPOS BASIN

Pipeline Complex Not including pre-salt and exploratory prospects

Pipeline Complex
PIPELINE OGX-2A Eocene: Oil shows Cretac: Oil shows Albian: 100m Aptian: 50m Barremian: 15m Albian: 60m Albian: 107m Eocene: 6m Albian: 82m Albian: 12m Albian: 129m Albian: 51m ETNA (PIPELINE) OGX-6 Albian: 74m Aptian: 17m SANTA HELENA (PIPELINE) OGX-15 Albian: 32m Aptian: 31m N.A. N.A. MRK-3 N.A. CARAMBOLA A (PIPELINE) Santonian: 14m Albian: 43m Aptian: 12m CARAMBOLA 3C 2C 3C 3C 3C 3C N.A. MRK-5 RJS-105 Albian: 17m Albian: 150m N.A. N.A. N.A.

OGX-36D/ OGX-39HP OGX-40D OGX-42D OGX-48 OGX-70 OGX-72 OGX-80

Source: Area estimates based exclusively on OGXs studies

Notes: 1 Figures in meters illustrate net pays of oil columns 2 RJS-15 well drilled by Petrobras 3 Discovered after D&M s Dec 2010 contingent resources report

17

CAMPOS BASIN

Vesvio Complex Not including pre-salt and exploratory prospects

Vesuvio Complex
VESUVIO OGX-1 OGX-9D OGX-13 Eocene: 57m Eocene: 60m Eocene: 10m KRAKATOA OGX-5 Maastrich: Oil shows Albian: 30m Aptian: 20m N.A. N.A.

1C
1C

KILAWEA
OGX-4 Eocene: 17m POTOSI (VESUVIO) OGX-37 Oil Shows N.A. N.A.

Source: Area estimates based exclusively on OGXs studies

Note: 1 Figures in meters illustrate net pays of oil columns

18

CAMPOS BASIN
Production in the Tubaro Azul Field
Main characteristics: OGX-26HP and OGX-68HP under production 3rd production well to be connected by 2012 4th producer well to be connected by 2013 2 injection wells planned 1st by 2012 2nd by 2013 Oil quality of 20 API Water depth of 140 meters
Wet christmas tree Flexible lines OSX-1 Buoy Risers and Umbilicals Wet christmas tree

Wet christmas tree OGX-26HP

Electrical submersible pump

Wet christmas tree OGX-68HP

OGX First Oil Flowing Since January/12 Through EWT

19

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

20

CAMPOS BASIN
Production in the Waimea Complex
Average Monthly Production (kboepd)
11.6 10.4 9.1 95%

FPSO OSX-1 Operational Efficiency

99% 100%

Feb-12

Mar-12

Apr-12

Feb-12

Mar-12

Apr-12

Tested production levels between 5-18 kbpd since beginning of production 1st well, OGX-26HP, on-stream since Jan/31 2nd well, OGX-68HP, on-stream since May/15

After EWT results, intend to adopt a stable flow rate

Besides water injection technology should also use chemical hydraulic fracturing and other well known techonologies in the industry to optimize production
21

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 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

22 22

CAMPOS BASIN
OSX-2 and OSX-3 Engineering Status
OSX-2 Overview
1st oil expected for 2H13 EPC: Single Buoy Moorings Inc (SBM)

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

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

23

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) WHP-2: Capacity to drill up to 30 wells Equipment on-stream by 1H14

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

Detailed engineering ongoing (EPC awarded to Techint by OSX)

WHP-3 and WHP-4:
Order placed for charter and construction with OSX Both WHPs will be built in the Au Superport

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

24 24

SANTOS BASIN
High Potential
Santos Basin

5 blocks operated by OGX (100% owned) Total area of 769 km Average water depth of ~150 m 11 wells drilled Pre-salt potential in shallow waters (OGX-63) 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
25

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

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

OGX-74

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

26

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

Aptian Interval
Oil Dolomitized microbial Connected vugular porosity Light oil/condensate shows

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

27

PARNABA BASIN
Major Gas Province
Parnaba Basin

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

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)

New Frontier Basin With High Potential For Gas Production

28

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

Parnaba Complex
More than 20 prospects identified Initial production expected in 2H12 Available production capacity of up to ~6 M m per day in 2013 Gas to be sold to MPX Power Plants MPX has obtained installation license of 3,722 MW

3 seismic crews working on the site

Gavio Azul

3 rigs operating simultaneously: 2 focused on the production development and 1 for exploration 2 additional rigs contracted, one completion rig and one for exploration, both expected in 1H12

Gavio Real

Legend:

Seismic Lines

29

PARNABA BASIN

Project Development
Gas Thermal Power Plant Development

Parnaba Development Schematic

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

Capex
Total drilling cost: US$ 340 M GTU TPP

MPX + Petra

Total facilities1 cost: US$ 110M

Opex field life

Less than US$ 0.30/1,000 cubic feet

CAMPO DE GAVIO AZUL

Short Gas Pipeline (<2 km)

Poos de produo

SITE DA MPX
Manifold de Manifold produo Site UTG OGX

Production wells

Planta de Tratamento
Gasoduto
2 x 12" - 11,7 km

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

30 30

PARNABA BASIN
Execution Highlights

Project Development
Ongoing Works

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

Civil engineering work advanced and on schedule

Prepared Gas Treatment Unit (GTU) site, with earthmoving at advanced stage Launching of pipelines connecting the clusters to the GTU Production expected to begin in the 2H12 with the commissioning of the GTU and the turbines Commercial production expected to start in January 2013

31

ESPRITO SANTO BASIN

New Frontier In Deep Water
Esprito Santo Basin

5 blocks operated by Perenco (50% owned) Total area of 3,620 km Average water depth of ~1,000 m

The New Frontier of Esprito Santo Has Proven to be a Very Active Petrolific System With Recent Important Discoveries in Neighboring Blocks
32

PAR MARANHO BASIN

Promising New Frontier
Par-Maranho Basin

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
33

COLOMBIA
Cesar-Ranchera and Lower Magdalena Valley Great Upside Potential
Colombian Basins

4 blocks operated by OGX (100% owned), 3 of which are located close to Maracaibo Basin (~80 bn boe discovered and ~50 bn boe already produced) Beginning of the Seismic Campaign in 1H12 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
34

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

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

BCH-012 (BCH):
Daily Rate: US$ 33k Max. well depth: 13,800 ft Contract Expires: March 2015 (+ one optional year)

Two additional rigs contracted (Tuscany):

One completion rig One rig for exploration Both expected in 1H12

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

36

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: ~350 employees

Over 6,000 people dedicated 3D Room / IOSC

High Qualified Team

QUANTITY: 4 CONTRACTOR: AERLEO

37

FINANCIAL OVERVIEW

STRONG CASH POSITION

Cash Position Evolution
R$ Billion
8, 0

Cash Allocation
CS Santander 4% 5% BTG Pactual 6% Others 1%

6, 0

4, 0

Morgan Stanley 10%

Bradesco 27%

2, 0

0, 0 4Q 11 JA N
Ca s h in R$

FEB

M AR

Votorantim 12%

HSBC 15%

Ita Unibanco 20%

Solid cash position of R$ 6.6 billion, or US$ 3.6 billion, to support exploration commitments, development and initial production: US$ 2.2 billion invested in offshore deposits US$ 1.063 billion raised through a bond issue in March 2012

Cash allocation in R$: R$ 2.6 billion (~40%) Average cumulative gross return equivalent to 103.08% of the Interbank Deposit Rate (CDI), or 10.6% p.a. Cash Allocation in US$: US$ 2.2 billion (~60%) Average cumulative gross return equivalent to 1.72% p.a. Cash position in fixed income instruments allocated to most solid financial institutions
39

HIGH PROFITABILITY ON FPSO OSX-1 OPERATIONS

1st Cargo Delivered to Shell EWT Economics
Extended Well Test 1st cargo (offloaded on 03/28/12) - in barrels (bbls) 547,376 R$ ('000) Gross Revenue Sales taxes Royalties Leasing OSX Services Logistics Others EBITDA % EBITDA / Gross Revenue EBITDA / barrel - (R$/barrel)
Note: 1 Refers to the 51 days period (from beginning of production to 547 kbbls)

Sale of 1st Cargo

118,003 (10,687) (24,078) (13,944) (12,005) (871) 56,418 47.81 103.07

Gross Revenue of R$ 118.0 million and EBITDA of R$ 56.4 million, reflecting the assets high value EWT already profitable with only one well in production Economies of scale will dilute costs per barrel More wells on stream this year Majority of costs are fixed: logistics, leasing and operations
40

APPENDIX

ONGOING ACTIVITIES
Well CC CE CF CH CI CJ CK CL OGX-78 OGX-79 GVR-7DA OGX-81 OGX-63A GVR-9 OGX-82 OGX-83D Block BM-C-43 BM-C-39 PN-T-68 BM-C-41 BM-S-57 PN-T-68 PN-T-85 BM-C-41 Accumulation Honolulu Itacoatiara Gavio Real Tambora 2 Fortaleza Gavio Real Fazenda So Francisco Tupungato 1D Rig ENSCO 5002 ENSCO 5004 QG-1 Ocean Ambassador Ocean Quest BCH-12 BCH-5 Ocean Lexington Coast Distance 99 km 89 km Water Depth 320m 102m Status In progress since 03/25 In progress since 04/04 In progress since 04/13 In progress since 04/24 In progress since 04/29 In progress since 05/14 In progress since 05/18 In progress since 05/22 Eocene: 6m Albian: 62m Albian: 64m Net Pay

Onshore Block 87 km 102 km 139m 155m

Onshore Block Onshore Block 86Km 132m

CAMPOS BASIN

PARNABA BASIN

SANTOS BASIN

ESPRITO SANTO BASIN

1OGX

Maranho has 70% W.I

OGX Blocks

Oil & Gas Fields

42

CONCLUDED WELLS (1 OF 6)
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

OGX-6 OGX-3 OGX-8 OGX-4 OGX-5

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

Etna Waimea Fuji Kilawea Krakatoa

Ocean Quest Sea Explorer Ocean Star Ocean Quest Ocean Ambassador

82 km 83 km 82 km 79 km 79 km

137 m 130 m 125 m 150 m 145 m

OGX-7A

BM-C-42

Huna

Ocean Lexington

86 km

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

43

CONCLUDED WELLS (2 OF 6)
Well
Q R OGX-16 OGX-17 Block PN-T-681 BM-S-56 Accumulation California Belm Rig QG-1 Ocean Star 85 Km Coast Distance Water Depth Net Pay Devonian: Gas shows, 23m & 25m (column) 136m 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

S
T U V W

OGX-18A
OGX-19 OGX-20 OGX-21D OGX-22

BM-C-40
BM-S-58 BM-C-41 BM-C-41 PN-T-681

Ing
Aracaju Tupungato Waimea Direcional Fazenda So Jos

Ocean Lexington
Ocean Quest Ocean Ambassador Sea Explorer QG-1

95 Km
112 Km 84 Km 84 Km Onshore Block

105m
172m 132m 134m

X Y
Z

OGX-23 OGX-24
MRK-3/4P

BM-S-58 BM-S-56
BM-C-372

Ilhus Itagi
Carambola A

Ocean Quest Ocean Star

Blackford Dolphin

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

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

44 44

CONCLUDED WELLS (3 OF 6)
Well AJ AH AG AF AK AO AN OGX-36D OGX-35D MRK-5 OGX-33 OGX-37 OGX-41D OGX-40D Block BM-C-41 BM-C-39 BM-C-37
2

Accumulation Pipeline D Waikiki Direcional Carambola B Chimborazo Potosi Waikiki - 2D Pipeline - 2D

Rig Ocean Star Ocean Lexington Blackford Dolphin Pride Venezuela Ocean Ambassador Ocean Lexington Sea Explorer

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

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

Net Pay

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

BM-C-41 BM-C-43 BM-C-39 / BM-C-40 BM-C-41

AD
AI AQ AO AL AS

OGX-30
OGX-34 OGX-43D OGX-44HP OGX-38 OGX-46D

BM-S-58
PN-T-68
1

Salvador
Bom Jesus Illimani - 1D Waikiki Fazenda So Jos Califrnia D

Ocean Quest
QG-1 Ocean Ambassador Ocean Lexington BCH-05 QG-1

105 Km
Onshore Block 80 km 90 Km

151m

Albian: 50m
Devonian: 23m

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

1

140 m 110m

Albian: 50m Albian-Cenomanian: 1,063m (horizontal section)

Onshore Block
Onshore Block 75 Km 128m

Devonian: 43m
Devonian: 15m Albian: 12m Eocene: 6m Albian: 82m Santonian: 1.7m Albian: 52m

AU
AP AW

OGX-48
OGX-42D OGX-50D OGX Maranho has 70% W.I.

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

Pipeline 4
Pipeline - 3D Waimea 3D

Ocean Ambassador
Pride Venezuela Sea Explorer

78 km
84 Km

120m
131m

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

45

CONCLUDED WELLS (4 OF 6)
Well AR AM AX OGX-45D OGX-39HP OGX-52 Block BM-C-40 BM-C-41 BM-C-41 Accumulation Waikiki 3D Pipeline Horizontal Tambora Rig Ocean Lexington Ocean Star Ocean Ambassador Coast Distance 96 Km 77 Km 93 Km Water Depth 109m 128m 128m Net Pay Maastrichtian: 5m Albian: 1,000m (horizontal section)

Santonian: 5m
Albian: 96m

AS
AV AY

OGX-51DP
OGX-49 OGX-53D

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

Califrnia - 2DP
Fazenda So Jos Waimea 2D

QG-1
BCH-05 Pride Venezuela 84 Km

Onshore Block
Onshore Block 132m

Devonian: 8m
Albian: 71m

BB
AT AZ

OGX-57
OGX-47 OGX-54

PN-T-68
BM-S- 59 BM-C-41

Fazenda So Jos - 2
Macei Fuji - 2

QG-1
Ocean Quest Ocean Lexington 110Km 81Km

Onshore Block
185m 136m Santonian: 51m Albian: 24

BC
BA BD BG AW BE BF

OGX-58DP
OGX-56D OGX-59 OGX-62 OGX-55HP GVR-1D OGX-61

BM-C-41
BM-C-41 PN-T-49 BM-C-40 BM-C-41 PN-T-68 BM-C-41

Tambora
Fuji 1D Fazenda Torro Ing - 1 Waimea 3HP Gavio Real Illimani 2

Ocean Ambassador
Ocean Star BCH-05 Ocean Lexington Sea Explorer QG-1 Ocean Ambassador

93Km
77Km Onshore Block 93Km 84Km Onshore Block 87 Km

128m
128m Albian: 60m Devonian: 9m 105m 131m

Albian-Cenomanian: 20m Santonian: 26m Albian: >1,000m (horizontal section) Development well

124m

Albian: 9m

OGX Maranho has 70% W.I.

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

46

CONCLUDED WELLS (5 OF 6)
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 -

BM-ES-384 PN-T-68
1

Development well
Albian: 129m Development well Albian: > 1,000m (horizontal section)

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

47

CONCLUDED WELLS (6 OF 6)
Well CA BY CB BW CD CG OGX-76 OGX-75 OGX-77 OGX-74 GVR-8D OGX-80 Block BM-C-40 BM-C-41 PN-T-85 BM-S-59 PN-T-68 BM-C-41 Accumulation Per - 1 Tambora 3 Fazenda Axix Natal 1 Gavio Real Pipeline 6 Rig Ocean Lexington Ocean Ambassador BCH-05 Ocean Quest BCH-12 Ocean Lexington 76Km Coast Distance 96 km 86 km Onshore Block 115 km Onshore Block 128m 196m Water Depth 103m 130m Albian: 6m Albian: 49m Devonian: 2m Net Pay

Santonian: 6m Development well

Albian: 51m

OGX Maranho has 70% W.I.

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

4OGX

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

48

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)
49