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Management Presentation MANAGEMENT PRESENTATION Rio de Janeiro | June 2013 | AGENDA 1 OGX Overview 2 OGX Portfolio and Execution 3 OGX Operations 4 Financial Overview Appendix Last update: 06/07/2013 1 OGX OVERVIEW OGX OVERVIEW Highly successful and experienced management team, combining unique intellectual capital and superior execution skills Overall exploratory success rate around 80% with important advances in exploration campaign World class E&P portfolio, mostly in shallow waters and onshore (low cost and off-the-shelf technology) 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 100 wells spud since the beginning of its exploratory campaign in Sep. 2009) Brazil‟s historical under-exploration underpins massive growth opportunities for OGX 4 OGX MAIN ACCOMPLISHMENTS 13 blocks acquired during the 11th Bidding Round Sale of a 40% stake in BM-C-39 and BM-C-40 blocks to Petronas New Bond: US$1.1bn raised 1st Oil Bond: US$ US$1.3 bn Beginning of the 5 onshore 2.6bn raised raised through an drilling campaign blocks acquired equity Private in Colombia May/13 Placement Acquisition of 70% 21 blocks acquired stake in the Mar/12 during the 9th Parnaíba Assets Bidding Round Jan/12 May/11 IPO: US$4.1 bn raised Total investments of ~ US$6.1 bn of Jun/10 Drilling Capex and Signature Bonus + OGX Creation Sep/09 ~ US$810 M of Seismic Campaign Survey and interpretation of Aug/09 the 3D seismic data Total cash raised to date: US$9.4 bn Jun/08 Procurement of all equipment and services necessary to Nov/07 Jul/07 initiate the drilling campaign 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 .Average daily traded volume (1 month): 61%¹ 39% Free Float ~ US$130 million . ~ 50 thousand investors .3rd most representative stock in Ibovespa index 5.4% .One of the most liquid Petróleo e Gás Participações S.A. common shares (Market Capitalization (3): ~ US$2 Billion) 99.99% 66.67%4 100.00% Maranhão Petróleo e Petróleo e Gás International Gás S.A. S.A. 100% 23 Blocks 8 Blocks 5 - Campos (100%) (2) 7 - Parnaíba (70%) (2) OGX (2) 2 - Campos (70%) 1 – Parnaíba (50%) (2) Austria 3 - Santos (100%) (2) 3 - Espírito Santo (50%) 5 - PAMA (100%) (2) 5 - Colombia (100%) (2) (1) EBX represented through Centennial Asset Mining Fund LLC (Nevada, USA) (“CAMF”) (2) OGX as operator (3) Market data as of June 5, 2013 (4) MPX S.A. holds 33.33% 6 MANAGEMENT ORGANIZATION STRUCTURE(1) Luis Carneiro (33) Chief Executive Officer José Roberto Faveret Paulo de Tarso Roberto Monteiro Reinaldo Belotti (34) Armando Ferreira (31) Guimarães (35) Reservoir & Reserves Executive General Counsel Chief Financial Officer Production Officer Exploration Officer Manager Davilson Andrade (20) Dolores Carvalho (35) Joaquim Dib Cohen (32) Olavo Foerch (32) Exploration Campos & ES E&P Laboratory Oil & Gas Commercialization Procurement Celso Martins (34) Marcos Amaral (28) Ricardo Juiniti (27) Onshore Basin Applied Technology Drilling and Completion Ernani Porsche (33) Moacir Santos (38) Billy Pinheiro (30) International Geological Operations Logistics Paulo Otávio Gomes (25) José Sartori (39) Vilmar Barbosa (27) Exploration Santos & PAMA Exploratory Management 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 7 HIGHLY QUALIFIED EXPLORATION TEAM PBR Success Index Exploratory Team Part of our team 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 New Provinces Could Propel Brazil Into Still Significantly Under-explored Discoveries In The World Top Reserves Holders Oil and Gas Discovered Volumes Oil Resources - December 2009 (Bn bbl) % of sedimentary basins under concession + 35 bn boe 2000 – 2010 (Bn boe) Licensed Saudi Arabia 4% Brazil 265 Venezuela Turkmenistan 172 Iran Iran 138 Kazakhstan Iraq 115 Unlicensed China Kuwait 102 Unlicensed96% 96% Russia Brazil post Tupi 100 Source: ANP Australia UAE 98 Kuwait Russia 74 Oil & Gas in The World Israel Libya 44 HISTORICAL O&G COUNTRY Saudi Arabia Kazakhstan 40 PROD.(BN BOE) India Nigeria 37 USA (1900-2010) 440 Indonesia Canada 33 Venezuela EX-USSR US 28 335 (1900-2010) Papua Qatar 27 SAUDI ARABIA New Guinea 145 Bn Boe China 15 (1938-2010) Ghana Angola 14 BRAZIL 14.5 0 10 20 30 40 Brazil 13 (1941-2010) Source: IHS Source: BP Statistical Review of World Energy 2010 Source: EIA-DOE, BP Statistical Review of World Energy 2010, Saudi & analyst estimates Aramco, UPPSALA University, Petrobras, ANP and OGX analysis Brazil’s Historical Under-Exploration Underpins Massive Growth Opportunities for OGX 9 2 OGX PORTFOLIO AND EXECUTION OGX PORTFOLIO 31 blocks: 26 blocks in 5 Brazilian sedimentary basins and 5 onshore blocks in 2 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 PORTFOLIO 11 OGX PORTFOLIO POTENTIAL Breakdown 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 19% 10.8 Onshore 73% 8% Shallow Deep Water Water 6.5 6.7¹ C1 (4%) 4.8 0.1 C2 1.3 (19%) C3 0.6 (77%) 3.0 2.3 21% Gas Mar-08 Sep-09 Dec-10 79% Oil Contingent Delineation Prospective Note: 1 Does not include Parnaíba 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 (Tubarão Azul and Tubarão Martelo Fields) 7 blocks operated by OGX Total area of 1,035 km2 Average water depth of ~120m 73 wells drilled ~90% of success rate OGX’s Discovered Accumulations Confirm a New Hydrocarbon Province in the Southern Campos Basin 13 CAMPOS BASIN Areas Update– Not including pre-salt and exploratory prospects Waimea / Pipeline and Vesuvio Complexes Waikiki Complex Highlights Successful appraisal campaign with 40 wells drilled and a 87% hit ratio 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 . Named as Tubarão Martelo Field with expected total recoverable volume of 285 MMbbl Declaration of Commerciality for a portion of the Waimea Complex and Development Plan (DP) submitted to the ANP . Named as Tubarão Azul Field with expected total recoverable volume of 110 MMbbl New discoveries in the 1H12: Itacoatiara and Honolulu Source: Area estimates based exclusively on OGX‟s studies 14 CAMPOS BASIN Waimea Complex – Not including pre-salt and exploratory prospects Waimea Complex¹ TUBARÃO AZUL FIELD (1ST MODULE) OSORNO OGX-31 Albian: 48m OGX-3 Albian: 80m N.A. Aptian/Barrem: 50m N.A. Aptian: 23m OGX-21D/OGX-26HP Albian: 14m OGX-73 Albian: 37m N.A. N.A. OGX-50D/OGX-55HP Santonian: 1,7m CHIMBORAZO 1C Albian: 52m OGX-33 Albian: 42m N.A. OGX-53D/OGX-60HP Albian: 71m 1C OGX-65D/OGX-68HP Albian: 97m 1C TAMBORA OGX-52 Santonian: 5m N.A. FUJI Albian: 96m OGX-8 Albian: 43m N.A. OGX-58DP - N.A. Aptian: 44m OGX-75 Albian: 49m N.A. OGX-56D Albian: 60m 3C OGX-81 Albian: 62m N.A. OGX-69 Albian: 38m 3C ILLIMANI OGX-28D Albian: 24m N.A. WELL UNDER EVALUATION OGX-43D Albian: 50m Del. OGX-54 Albian: 24m Del. OGX-61 Albian: 9m 3C TUPUNGATO OGX-20 Maastrich: 9m & 3m N.A. Albian: 50m Aptian: 42m Note: Source: 1 Figures in “meters” illustrate net pays of oil columns Area estimates based exclusively on OGX‟s studies 2 Discovered after D&M „s Dec 2010 contingent resources report 15 CAMPOS BASIN Waikiki Complex – Not including pre-salt and exploratory prospects Waikiki Complex¹ TUBARÃO MARTELO FIELD WELLS UNDER EVALUATION OGX-25 Eocene: 8m (gas) OGX-45D Maastrich: 5m Del. N.A. Albocenomaniano: 145m OGX-29/32 Oil Shows N.A. OGX-35D Albocenomanian: 80m 3C OGX-41D/ Albian: 92m 2C OGX-44HP PERÓ OGX-14 Albian: 35m & 27m N.A. OGX-76² Albian: 6m 2C INGÁ OGX-18 Santonian: Oil Shows Albian: 12m (oil column) N.A. OGX-62 Albocenomanian: 20m 2C Santonian: 26m OGX-64DP Santonian: 23m 3C OGX-67 - 3C OGX-71 - 3C ITACOATIARA OGX-79 Albian: 64m N.A. Source: Notes: Area estimates based exclusively on OGX‟s studies 1 Figures in “meters” illustrate net pays of oil columns 16 CAMPOS BASIN Pipeline Complex – Not including pre-salt and exploratory prospects Pipeline Complex¹ PIPELINE CARAMBOLA A (PIPELINE) OGX-2A Eocene: Oil shows MRK-3 Santonian: 14m Cretac: Oil shows Albian: 43m N.A. Albian: 100m N.A. Aptian: 12m Aptian: 50m Barremian: 15m CARAMBOLA OGX-36D/ Albian: 60m MRK-5 Albian: 17m N.A. 3C OGX-39HP RJS-105² Albian: 150m N.A. OGX-40D Albian: 107m 2C OGX-42D Eocene: 6m 3C Albian: 82m OGX-48 Albian: 12m 3C OGX-70 - 3C OGX-72 Albian: 129m 3C OGX-80³ Albian: 51m N.A.
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