3. 2012 HIGHLIGHTS AND SUBSEQUENT EVENTS
OGX reaches production stage:
OGX hit a historical milestone in 2012 initiating oil production, only 4 years after its creation. Production in the Tubarão Azul Field reached
3.2 million barrels and 2.4 million barrels were sold in 2012
OGX posted revenues for the first time of R$325 million
Efficient development of the Tubarão Martelo Field; six production wells drilled and lower completed
Commercial gas production in the Gavião Real Field started in January 2013
Important advances in exploration campaign:
Three more fields declared commercial in the Campos Basin within the Pipeline and Fuji-Illimani accumulations; Bom Jesus accumulation
(Gavião Branco Field) in Parnaíba Basin (onshore) declared commercially viable
New Discovery Evaluation Plans (PAD) submitted for other accumulations in the Campos and Santos basins
Further oil discoveries such as Tulum and Viedma in Campos Basin and a gas discovery in Parnaíba Basin (Fazenda Chicote)
Reassessment of initial estimates:
Production in the first two producing wells in Tubarão Azul stabilized at a rate of 5,000 boepd per well in 2012
Third production well in Tubarão Azul connected in January 2013 has not stabilized yet, while the first two wells are jointly producing
slightly below 10,000 boepd on average in 2013
OGX fully prepared to continue to develop the business in 2013:
Development of recently acquired stake in Block BS-4, in Santos Basin
Planned capex of US$1.3 billion to leverage OGX’s asset portfolio
Opportunities to reshuffle the base through asset divestment, acquisition of new assets and strong partnerships
3
5. FINANCIAL HIGHLIGHTS
First revenue stream achieved in 2012
KEY FINANCIAL METRICS 4Q 2012 2012
Revenues (R$ mm) ¹ 175 325 Revenues of R$325 million booked in
2012 from 3rd and 4th offloads
EBITDA – Pro forma (R$ mm) (38) (343)
Delivery of 2.4 million barrels in 2012
and 1.2 million barrels in 1Q13
Net Profit (Loss) (R$ mm) (286) (1,173)
Cash position of R$3.4 billion
Realized oil price per barrel (US$) ¹ 104 99
(~US$1.7 billion) as of December 31,
2012
CAPEX (R$ mm) (1,150) (4,336)
Average production volume of 9.8
Cash Position (US$ mm) 1,655 1,655 kboepd in the year
Production volume (kboepd) 10.2 9.8 ²
Notes:
¹ Refers to the cargos booked as revenues after the Extended Well Test (EWT) conclusion and the Declaration of Commerciality
for the Tubarão Azul Field
² Production volume from January 31, 2012 to December 31, 2012 5
6. CASH POSITION
Disciplined cash management focused on maintaining flexibility for ongoing operations and
additional opportunities
Cash Flow (US$ million)1,2 Cash Spending – Accrual Basis (US$ million)1
(2,310) Capex
394
708 SG&A/G&G
Additional Parnaíba Capex³
2,862
734
81 588 611
521 52
38
1,655 56 67 9
5
653
483 550
460
4Q11 Financing Operating Investing 4Q12 1Q12 2Q12 3Q12 4Q12
activities activities activities
OGX has the option to require controlling shareholder Eike Batista to purchase up to
US$1.0 billion of new common shares of OGX at a price of R$6.30 per share
Notes:
¹ Considers average exchange rate equivalent to: BRL 1.77/USD (1Q12); BRL 1.96/USD (2Q12); BRL 2.03/USD (3Q12); BRL 2.06/USD (4Q12)
² Considers end of period exchange rate equivalent to: BRL 1.88/USD (4Q11); BRL1.82/USD (1Q12); BRL 2.02/USD (2Q12); BRL 2.03/USD (3Q12); BRL 2.04/USD (4Q12)
³ Final stage of GTU assembly and two additional rigs 6
7. 4Q12 & 2012 OPERATIONAL HIGHLIGHTS: PRODUCTION
Production advancing
Campos Basin:
907,000 barrels of oil produced in 4Q12 at an average daily production of 10.2 kboepd
Total production volume of 3.2 million boe in the Tubarão Azul Field in 2012
3rd production well in Tubarão Azul Field on-stream since January 4, 2013
Produced more than 3.9 million barrels of oil and delivered six shipments until Feb/13
Average daily cost of ~US$531 thousand per day
Parnaíba Basin:
Concluded the drilling and completion of all 16 production wells planned for the Gavião Real Field
Achieved first gas production at the end of Nov/12 with the commissioning of the Gas Treatment Unit (GTU) in the
Gavião Real Field
Average net gas production of 3.2 kboepd and 5.5 kboepd in January and February 2013, respectively
7
8. OPERATIONAL HIGHLIGHTS: CAMPOS BASIN
Tubarão Azul Field Development Tubarão Martelo Field Development
BM-C-41 BM-C-39
TUBARÃO
AZUL TUBARÃO
MARTELO
35D
TBMT-10H
Exploration wells drilled TBMT-8H Exploration wells drilled
25
Production wells drilled TBMT-4HP
TBMT-6HP Production wells drilled
TBMT-2HP 44HP
BM-C-40
Average Quarterly/Monthly Production (kboepd)
13.2
11.0 11.3
10.2
9.1 9.3
Concluded the drilling and lower completion of 6 horizontal
production wells (TBMT-2HP, TBMT-4HP, TBMT-6HP, OGX-
Effective
Production Days
1Q12 2Q12 3Q12 4Q12 Jan-13 Feb-13 44HP, TBMT-8H and TBMT-10H)
OGX-26HP 60 79 57 92 29 28
OGX-68HP - 47 92 92 29 28 FPSO OSX-3 scheduled to arrive by 3Q13
TBAZ-1HP - - - - 26 28
Total 60 126 149 184 84 84 Tubarão Martelo Field scheduled to come on-stream by 4Q13
Average per
offshore well 11.0 9.1 9.3 10.2 4.9 3.8
(kboepd)
8
9. OPERATIONAL HIGHLIGHTS: PARNAĺBA BASIN
Gavião Real Field Development
Three turbines synchronized as of March 16, 2013; Average Monthly Production (kboepd)
average net gas production of 5.5 kboepd (0.9 M m³/d)
5.5
in February 2013
Available production capacity of up to ~6 Mm³/day; 3.2
future available production capacity of up to 7.5
Mm³/day
GTU EBITDA margin of approximately 73% leaves space Jan-13 Feb-13
for margin increase with full production ramp-up
including final commissioning of two remaining turbines
estimated to be fully operable by March and April 2013,
respectively
9
10. 4Q12 & 2012 OPERATIONAL HIGHLIGHTS: EXPLORATION
70% success rate in exploratory and appraisal program in 2012
Campos Basin:
Declaration of Commerciality of Pipeline and Fuji-Illimani accumulations (Tubarão Tigre, Tubarão Gato and Tubarão Areia
fields)
Submitted PAD for Vesúvio, Viedma, Tulum and Itacoatiara accumulations to ANP
Parnaíba Basin:
Declaration of Commerciality of Bom Jesus accumulation (Gavião Branco Field)
Three new discoveries in the basin:
• 66 meters of net pay gas in Fazenda Chicote accumulation with drill-stem test indicating gas flow rate of 3.2
Mm³/d (AOF)
• 24 meters of net pay gas in Fazenda Santa Isabel accumulation
• 27 meters of net pay gas in São Raimundo accumulation
Santos Basin:
Submitted PAD for Belém, Curitiba and Natal accumulations to ANP
Returned blocks BM-S-57 and BM-S-29 to ANP
Other Basins:
Resuming exploratory campaign in Espírito Santo Basin by drilling two wells in 2013
Plan to commence drilling of first exploration well in Colombia in 1H14
10
11. EXPLORATION HIGHLIGHTS
Campos Basin – New Fields and PADs Santos Basin – New PADs
New Fields Declared Commercial
PAD (Discovery Evaluation Plan)
Areas Returned to the ANP
Fields already Declared Commercial
Declarations of Commerciality – Campos Basin PADs – Santos Basin
Total estimated volume of oil
Accumulation Block Commitment Deadline
Field Accumulation Block in place (mmboe)
P90 P50 P10 Natal1 BM-S-59 - Seismic reprocessing 1H13
Tubarão Tigre Pipeline BM-C -41 314 461 675 C uritiba 1
BM-S-58 - Drill-Stem test (OGX-94DA) 2H13
Tubarão Gato Pipeline BM-C -41 50 71 101 Belém BM-S-56 - Drill-Stem test (OGX-17) 2H13
Tubarão Areia Fuji/Illimani BM-C -41 157 291 563
Notes:
Total 521 823 1,339 ¹ Pending PAD approval from ANP
11
13. 2013 OUTLOOK
2013 Estimated Capex
2013 Capex Breakdown Development
2013 Annual Tubarão Martelo: Preparing for arrival of FPSO OSX-3
estimate:
Exploration
~US$1.3 billion Tubarão Tigre, Tubarão Gato and Tubarão Areia:
25%
Finalizing reservoir engineering
BS-4: First well to be drilled by 2013YE
Exploration
Development
75% Campos Basin: Three wells committed in PADs by
2H13
Santos Basin: Drill-stem tests and seismic
reprocessing
Parnaíba Basin: ~10 wells in 2013
Espírito Santo Basin: Two wells in 2013
13
14. UPCOMING EVENTS
Events by Basin Other Key Events
Campos Basin:
Third party resources report
Drill appraisal wells and perform tests as execution of
the PADs Arrival of FPSOs OSX-2 and OSX-3
Parnaíba Basin: • Production expected to come on-stream by
Ramp-up of gas production with the commissioning of
2013YE
the remaining TPP turbine
Continue the exploration campaign with the drilling of
wildcat wells
Santos Basin:
Perform tests as execution of the PADs
Espírito Santo Basin:
Continue the exploration campaign with the drilling of
two wildcat wells
14