2. 2009 highlights and subsequent events
Conclusion of five exploratory wells in the Campos Basin with volume estimates
between 2.1 and 4.7 billion boe
Drilling Campaign Conclusion of the well 1-MKR-2B-SPS in the Santos Basin and Appraisal Plan
submitted to ANP
5 other wells in progress in the Campos Basin
Acquisition of 70% participation in seven exploratory onshore blocks in the Parnaíba
Basin
Portfolio
Acquisition of 15% additional participation in the Block BM-S-29, in the Santos Basin
(reaching 65% participation)
Updated reports certified net risked prospective resources of 6.7 billion boe, considering
DeGolyer&
an average probability of 34.5%, and net contingent resources of 212 million boe
MacNaughton
Charter of the first production unit FPSO, OSX 1, for a period of 20 years
Production
Cooperation Agreement with OSX Brasil S.A. to support OGX’s long term demand for
Development
equipment and production services
Stock split in the proportion of 1:100
Stock Market Inclusion of OGXP3 in the Ibovespa index, with a weighting of 0.87%
Launched Global Depositary Receipts (GDR) Program - Level I (symbol “OGXPY”)
2
3. Financial highlights
Results OGX – 2009 Main Accounts
Net Financial Results: driven by interest income,
losses on hedging and the marking-to-market of R$ ‘000 2009 2008
the fair value of financial instruments
Net Finacial Results 264,373 754,226
Exploration Expenses: acquisition of seismic data,
Financial Income 872,741 791,287
rent paid to the ANP on the exploration blocks and
guarantee commissions for the Minimum Financial Exp. (608,368) (37,061)
Exploratory Program (PEM); Exploration Exp. (97,914) (139,187)
G&A Exp. (118,025) (58,611)
General and Administrative Expenses: headcount Tax (37,605) (196,544)
increase from 80 to 147 people, generating higher
staff and office costs; Net Earnings 10,829 359,884
Net Earnings: reduction from 2008 result mainly
2009 2008
due to higher Financial Expenses;
Intangibles: increase reflects exploratory drilling Intangible 2,718,091 2,037,604
expenses, rig mobilization for the beginning of the Property, plant and equipment 19,917 12,066
drilling campaign and execution of the farm-in Cash and cash equivalents 7,337,901 7,601,234
contract in the Parnaíba Basin
3
4. Cash position
Cash Position Evolution Allocation by Institution
Solid cash position of R$ 7.3 billion, sufficient to Average cumulative gross return equivalent to
support all the exploratory commitments through 116.37% of the Interbank Deposit Rate (CDI),
2013 generating US$ 838.8 million of interest income
Cash invested in fixed income instruments with
The appreciation of the Real positively impacted
some of the most solid financial institutions in
OGX’s cash position in U.S. dollars to $ 4.2 billion
Brazil
R$ billion
R$ billions US$ billion
US$ billions
Votorantim
9.2% Pactual
6.7%
8.0 4.5
Santander Safra
14.8% 4.9%
7.5 4.0 Others*
4.9%
Bradesco
7.0 3.5
24.8%
Itau-
6.5 3.0
Unibanco
32.9%
6.0 2.5
2008 Out Nov Dez
Cash in R$ Cash in US$ * ABC (1,6%), Societé Generale (1,6%),
HSBC (1,1%) e BNP (0,6%)
4
6. Drilling Campaign
1 Vesúvio (OGX-1) 5 Krakatoa (OGX-5) 9 Vesuvio Directional BM-C-39
Drilling concluded Drilling concluded (OGX-9)
POLVO
500 to 1,500 Mboe of 30 to 90 Mboe of Drilling initiated on
estimated volume estimated volume 02/26
2 Pipeline (OGX-2) 6 Etna (OGX-6) BM-C-40
10 Hawaii (OGX-10)
Drilling concluded Drilling initiated on Drilling initiated on
1,000 to 2,000 Mboe of 02/02 02/16
estimated volume Hydrocarbon evidence
already announced
3 Waimea (OGX-3)
Strong corelation to
Drilling concluded
OGX-3 and OGX-2 PEREGRINO
500 to 900 Mboe of
estimated volume 7 Huna (OGX-7)
Drilling initiated on
4 Kilawea (OGX-4)
02/16 BM-C-37
Drilling concluded 1RJS 0105 RJ
MAROMBA
100 to 200 Mboe of 6 3-BRSA-417-RJS
8 Fuji (OGX-8) 4-BRSA-427-RJS
estimated volume 2
Drilling initiated on 02/25 PAPA-TERRA
1RJS 0100 RJ
8
BM-C-41
BM-C-38 3
9 1RJS 0188 RJ
1RJS 0104 RJ
1RJS 0107 RJ 1
7
5
BM-C-42 BM-C-43
10
4 Blocos OGX
1RJS 0099 RJ 0 3 6 12
Five concluded wells in the Campos Basin with estimated volume totalize 2.1 to 4.7 billion barrels
New oil province discovered in the southern part of the Campos Basin 6
7. Drilling Campaign
Drilling in progress
All five contracted rigs are already operating, supporting the largest private exploratory
campaign in Brazil
Drilling strategy aiming at discovering new accumulations and, in parallel, initiating the process
to delineate previously announced discoveries
Drilling of 22 additional wells expected to be initiated during the year of 2010
Drilling in OGX’s wholly owned blocks in the Santos Basin expected to be initiated in the
coming months
Rig Schedule September October November December January February March
Sea Explorer OGX-3 OGX-10
Ocean Ambassador OGX-1 OGX-2 OGX-5 OGX-9
Ocean Quest OGX-4 OGX-6
Ocean Lexington OGX-7
Ocean Star OGX-8
7
8. Production Targets
1.380 In Kboepd
CAGR :
70%
730
20
2011 2015 2019
OGX is facing an unparalleled 10 year growth story, based on world-class assets of extraordinary
quality
8
10. Consolidated Balance Sheet – R$000
Assets 12/31/2009 12/31/2008 Liabilities 12/31/2009 12/31/2008
Current Assets 7,649,624 7,698,262 Current Liabilities 1,199,940 580,103
Cash and cash equivalents 7,337,901 7,601,234 Suppliers 151,262 18,244
Taxes and contributions to be
Recoverable taxes 209,076 38,862 collected 40,116 1,938
Financial derivative instruments - 54,800 Compensations & benefits 23,960 7,744
Inventory 85,354 - Accounts on aquisition of
618,533 552,174
Other 17,293 3,366 exploration blocks to be paid
Financial derivative instruments 300,757 -
Other 65,312 3
Non-current Assets 2,739,008 2,049,670 Non-current Liabilities 2,402 2,100
Investments 1,000 - Related parties 2,402 2,100
Property, plant and equipment 19,917 12,066
Intangible 2,718,091 2,037,604 Shareholders' Equity 9,186,290 0
9,165,729
Capital 8,799,004 8,798,901
Capital reserves 9,629 -
Retained earnings (losses) 377,657 366,828
Total Liabilities and Shareholders'
Total Assets 10,388,632 9,747,932 10,388,632 9,747,932
Equity
10
11. Consolidated Income Statement - R$’000
2009 2008
Operating income (expenses)
Exploration expenses (97,914) (139,187)
General and administrative expenses (118,025) (58,611)
Financial income 872,741 791,287
Financial expenses (608,368) (37,061)
Earnings (losses) before income tax and social
contribution 48,434 556,428
(-) Income tax and social contribution (37,605) (196,544)
Net earnings (losses) for the period 10,829 359,884
Number of shares at the end of the period * 3,232,004,100 32,319,606
Earning (losses) per lot of thousand shares - R$ 3.35 11,135.16
* Stock split in the proportion of 1:100
11
