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AGENDA 1 2 3 4
OGX Overview OGX Portfolio and Execution
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
US$1.3 bn raised through an equity Private Placement 21 blocks acquired during the 9th Bidding Round
Mar/12
Jan/12
Oct/11 Sep/11
Total investments of US$ 4.3bn of Drilling Capex and Signature Bonus + US$ 245 M of Seismic Campaign Total cash raised to date: US$9.4 bn
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
Petrleo e Gs Participaes S.A. (Market Capitalization (3): ~ US$10 Billion) 99.99% 66.67%4 Maranho Petrleo e Gs S.A. 100% 8 Blocks
(2)
100.00%
Petrleo e Gs Ltda 100% 25 Blocks 5 - Campos (100%) 4 - Santos (100%) 5 - PAMA (100%) 2 - Campos (70%) (2)
(2)
International
100%
(2) (2)
OGX Austria
4 - Colombia (100%)
(1) (2)
EBX represented through Centennial Asset Mining Fund LLC (Nevada, USA) (CAMF) OGX as operator data as of September 24, 2012 (4) MPX S.A. holds 33.33%
(3) Market
Dolores Carvalho (35) E&P Laboratory Marcos Amaral (28) Applied Technology Moacir Santos (38) Geological Operations Jos Sartori (39) Exploratory Management
Highly Successful And Committed Management Team, Combining Unique Intellectual Capital and Superior Execution Skills
(1)
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
Saudi Arabia Venezuela Iran Iraq Kuwait Brazil post Tupi UAE Russia Libya Kazakhstan Nigeria Canada US Qatar
Source: ANP
Ghana
Bn Boe 0 10 20 30 40
Source: IHS
Source: EIA-DOE, BP Statistical Review of World Energy 2010, Saudi Aramco, UPPSALA University, Petrobras, ANP and OGX analysis
OGX PORTFOLIO
33 blocks: 29 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
PORTFOLIO
11
Breakdown
Portfolio Breakdown
10.8
73% Shallow 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
~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 68 wells drilled ~90% of success rate
OGXs Discovered Accumulations Confirm a New Hydrocarbon Province in the Southern Campos Basin
13
CAMPOS BASIN
Highlights
Successful appraisal campaign with 39 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 Tubaro 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 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
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
OGX-20
N.A.
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
2C
3C 3C 3C
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.
Notes: 1 Figures in meters illustrate net pays of oil columns 2 RJS-105 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.
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 2012/2013 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
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
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
20
CAMPOS BASIN
Production in the Waimea Complex
Average Monthly Production (kboepd)
11.6 10.3 9.1 10.6
99%
100%
96%
100%
100%
100%
9.0
9.2 7.0
Feb-12
29
Mar-12
31
Apr-12
30
May-12
29
Jun-12
20
Jul-12
-
Aug-12
27
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
OGX-68HP
Total Average per well (kboepd)
29 11.6
31 10.3
30 9.1
17
46 6.1
30
50 5.5
31
31 7.0
31
58 5.7
CAMPOS BASIN
OSX-2/OSX-3
WHP-1/WHP-2
Flexible lines
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
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
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
4 blocks operated by OGX (100% owned) Total area of 623 km Average water depth of ~150 m
14 wells drilled
Pre-salt potential in shallow waters (OGX-63) ~75% 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
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 OGX-74 OGX-85 OGX-89D OGX-94D
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
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
Aptian Interval
Oil Dolomitized microbial Connected vugular porosity Light oil/condensate shows
Pore
27
PARNABA BASIN
Major Gas Province
Parnaba Basin
1.1 Tcf (~200MM boe) already declared commercial (Gavio Real and Gavio Azul Fields)
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
Gavio Real
Gavio Azul
3 seismic crews working on the site 5 rigs operating simultaneously: 3 focused on exploration and 2 on the production development (which one is a completion rig)
Legend:
Seismic Lines
29
PARNABA BASIN
Project Development
Gas Thermal Power Plant Development
MPX + Petra
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 and LO) All producing wells already drilled and in the process of completion 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 concluded Launching of pipelines connecting the clusters to the GTU already concluded 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
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
5 blocks operated by OGX (100% owned) Total area of 960 km Average water depth of ~60m
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
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
36
FINANCIAL OVERVIEW
Cash Allocation
HSBC 1%
CS 4%
6, 0
Others 12%
Santander 5%
4, 0
Bradesco 21%
2, 0
0, 0 1Q 12 A PR
C a sh i n R$
M AY
2Q 12
Solid cash position of R$ 5.9 billion, or US$ 2.9 billion, to support exploration commitments, development and initial production: US$ 1.8 billion invested in offshore deposits US$ 1.063 billion raised through a bond issue in March 2012
Average cumulative gross return equivalent to 102.91% of the Interbank Deposit Rate (CDI), or 9.7% p.a.
Cash Allocation in US$: US$ 1.8 billion (~60%) Average cumulative gross return equivalent to 1.26% p.a. Cash position in fixed income instruments allocated to most solid financial institutions
38
2nd cargo
27 days 246,809
Total
794,185
R$ ('000)
Gross Revenue
Sales Taxes Royalties Leasing OSX Services Logistics Others
118,003
(10,687) (24,078) (13,944) (12,005) (871)
55,996
(4,938) (13,222) (7,236) (7,410) 35
173,999
(15,624) (37,301) (21,180) (19,415) (835)
EBITDA
% EBITDA / Gross Revenue EBITDA / barrel - (R$/barrel) Average FX Rate in the Period (BRL/USD)
56,418
47.81% 103.07 1.7614
23,226
41.48% 94.10 1.8678
79,644
45.77% 100.28 -
Total Gross Revenue of R$ 173.9 million and Total EBITDA of R$ 79.6 million, reflecting the assets high value Economies of scale will dilute costs per barrel More wells on stream this year Majority of costs are fixed: logistics, leasing and operations
39
Note: 1 Before declaration of commerciality, gross sales revenue net of costs is booked as a reduction of CAPEX (Intangible), and not as income for the period
APPENDIX
ONGOING ACTIVITIES
Well CO CY CZ DB DC DD DA DC DB OGX-85 TBMT-1D/2HP OGX-92 TBMT-3D/4HP OGX-93 GVR-13D TBAZ-1HP TBMT-5D OGX-94D Block BM-S-57 BM-C-39 PN-T-84 BM-C-39 PN-T-84 PN-T-68 BM-C-41 BM-C-39 BM-S-58 Accumulation Fortaleza 1 Tubaro Martelo Field Faz. Santa Maria Tubaro Martelo Field Rio Corda Gavio Real Tubaro Azul Field Tubaro Martelo Field Curitiba Rig Ocean Star Ocean Lexington TUS-125 Ocean Ambassador QG-1 BCH-12 ENSCO 5002 84 km 91 Km 101 Km 89 km Onshore Block Onshore Block 133m 106m 143m Coast Distance 85 km 90 km Onshore Block 106m Water Depth 155m 105m Status In progress since 06/12 In progress since 08/07 In progress since 08/10 In progress since 08/13 In progress since 08/18 In progress since 08/21 In progress since 08/24 In progress since 08/28 In progress since 08/29 Net Pay
ENSCO 5004
Ocean Quest BCH-5
DE
OGX-95
PN-T-67
NW Bom Jesus
Onshore Block
Development Wells
CAMPOS BASIN
PARNABA BASIN
SANTOS BASIN
1OGX Maranho
OGX Blocks
41
CONCLUDED WELLS (1 OF 6)
Well Block Accumulation Rig Coast Distance Water Depth Net Pay
A
B J N
1- MRK - 2B
OGX-1 OGX-9D OGX-13
BM-S-29
BM-C-43 BM-C-41 BM-C-41
Abacate
Vesvio Vesvio Direcional Vesvio Vertical
Sovereign Explorer
Ocean Ambassador Ocean Ambassador Ocean Lexington
130 km
85 km 87 km 87 Km
100 m
140 m 142 m 138m
OGX-2A
BM-C-41
Pipeline
Ocean Ambassador
77 km
130 m
G D I E F H
Ocean Quest Sea Explorer Ocean Star Ocean Quest Ocean Ambassador Ocean Lexington
82 km 83 km 82 km 79 km 79 km 86 km
K L M
79 km 84 km 95 Km
O
P
OGX-14
OGX-15
BM-C-40
BM-C-41
Per
Santa Helena
Ocean Lexington
Ocean Ambassador
96 Km
78km
104m
130m
42
CONCLUDED WELLS (2 OF 6)
Well
Q R S T U V W X Y Z AA V AB AC AE AJ AH OGX-16 OGX-17 OGX-18A OGX-19 OGX-20 OGX-21D OGX-22 OGX-23 OGX-24 MRK-3/4P OGX-25/27P OGX-26HP OGX-28D OGX-29/32 OGX-31 OGX-36D OGX-35D Block PN-T-681 BM-S-56 BM-C-40 BM-S-58 BM-C-41 BM-C-41 PN-T-68
1
Accumulation California Belm Ing Aracaju Tupungato Waimea Direcional Fazenda So Jos Ilhus Itagi Carambola A Waikiki Waimea Horizontal Illimani Itaipu Osorno Pipeline D Waikiki Direcional
Rig QG-1 Ocean Star Ocean Lexington Ocean Quest Ocean Ambassador Sea Explorer QG-1 Ocean Quest Ocean Star Blackford Dolphin Pride Venezuela Sea Explorer Ocean Star Ocean Lexington Ocean Ambassador Ocean Star Ocean Lexington
Coast Distance
Water Depth
Onshore Block 85 Km 95 Km 112 Km 84 Km 84 Km Onshore Block 107 Km 94 Km 74 Km 94 Km 84 Km 80 Km 86 Km 79 Km 77 Km 89 Km 152m 140m 134m 105m 134m 126m 104m 136m 128m 104m 136m 105m 172m 132m 134m
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 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 Albian: 60m Albian-Cenomanian: 80m
BM-S-58 BM-S-56 BM-C-372 BM-C-39 BM-C-41 BM-C-41 BM-C-39 BM-C-41 BM-C-41 BM-C-39
43 43
CONCLUDED WELLS (3 OF 6)
Well AG AF AK AO AN AD AI AQ AO AL AS AU AP AW AR AM AX AS AV MRK-5 OGX-33 OGX-37 OGX-41D OGX-40D OGX-30 OGX-34 OGX-43D OGX-44HP OGX-38 OGX-46D OGX-48 OGX-42D OGX-50D OGX-45D OGX-39HP OGX-52 OGX-51DP OGX-49 Block BM-C-37
2
Accumulation Carambola B Chimborazo Potosi Waikiki - 2D Pipeline - 2D Salvador Bom Jesus Illimani - 1D Waikiki Fazenda So Jos Califrnia D Pipeline 4 Pipeline - 3D Waimea 3D Waikiki 3D Pipeline Horizontal Tambora Califrnia - 2DP Fazenda So Jos
Rig Blackford Dolphin Pride Venezuela Ocean Ambassador Ocean Lexington Sea Explorer Ocean Quest QG-1 Ocean Ambassador Ocean Lexington BCH-05 QG-1 Ocean Ambassador Pride Venezuela Sea Explorer Ocean Lexington Ocean Star Ocean Ambassador QG-1 BCH-05
Water Depth 130m 127m 140m 110m 130m 151m Albian: 17m Albian: 42m Oil Shows Albian: 92m Albian: 107m Albian: 50m
Net Pay
Onshore Block 80 km 90 Km Onshore Block Onshore Block 75 Km 78 km 84 Km 96 Km 77 Km 93 Km Onshore Block Onshore Block 128m 120m 131m 109m 128m 128m 140 m 110m
Devonian: 23m Albian: 50m Albian-Cenomanian: 1,063m (horizontal section) Devonian: 43m Devonian: 15m Albian: 12m Eocene: 6m Albian: 82m Santonian: 1.7m Albian: 52m Maastrichtian: 5m Albian: 1,000m (horizontal section)
44
CONCLUDED WELLS (4 OF 6)
Well AY BB AT AZ BC BA BD BG AW BE OGX-53D OGX-57 OGX-47 OGX-54 OGX-58DP OGX-56D OGX-59 OGX-62 OGX-55HP GVR-1D Block BM-C-41 PN-T-68 BM-S- 59 BM-C-41 BM-C-41 BM-C-41 PN-T-49 BM-C-40 BM-C-41 PN-T-68 Accumulation Waimea 2D Fazenda So Jos - 2 Macei Fuji - 2 Tambora Fuji 1D Fazenda Torro Ing - 1 Waimea 3HP Gavio Real Rig Pride Venezuela QG-1 Ocean Quest Ocean Lexington Ocean Ambassador Ocean Star BCH-05 Ocean Lexington Sea Explorer QG-1 93Km 84Km Onshore Block 110Km 81Km 93Km 77Km Onshore Block 105m 131m Coast Distance 84 Km Onshore Block 185m 136m 128m 128m Albian: 60m Devonian: 9m Albian-Cenomanian: 20m Santonian: 26m Albian: >1,000m (horizontal section) Development well Santonian: 51m Albian: 24 Water Depth 132m Albian: 71m Net Pay
BF BJ BI BG BM BP
BN BO BQ
Ocean Ambassador BCH-05 ENSCO 5002 Ocean Lexington Ocean Star ENSCO 5002
QG-1 BCH-05 Ocean Lexington
87 Km Onshore Block 83 km 93 km 52 km 81 km
Onshore Block Onshore Block 80 km
124m
Albian: 9m -
123m
45
CONCLUDED WELLS (5 OF 6)
Well AY BH BL BS BX BT BR BU BV BZ OGX-60HP OGX-63 OGX-67 OGX-71 OGX-73 GVR-4D PERN-2 GVR-5D OGX-72 GVR-6D Block BM-C-41 BM-S-57 BM-C-40 BM-C-40 BM-C-41 PN-T-68
1
Accumulation Waimea 2D Fortaleza Ing - 2 Ing - 3 Osorno 1 Gavio Real Guarapari Gavio Real Pipeline 7 Gavio Real
Rig ENSCO 5004 Ocean Quest Ocean Ambassador Ocean Ambassador Ocean Ambassador QG-1 Ocean Star BCH-05 Ocean Lexington QG-1
Net Pay Albian: >1,000m (horizontal section) Albian: 110m Aptian: 150m (column) -
Development well -
BM-ES-384 PN-T-68
1
Development well
Albian: 129m Development well
BM-C-41 PN-T-68
BI
CA BY CB BW CD CG CH
OGX-68HP
OGX-76 OGX-75 OGX-77 OGX-74 GVR-8D OGX-80 OGX-81
BM-C-41
BM-C-40 BM-C-41 PN-T-85 BM-S-59 PN-T-68 BM-C-41 BM-C-41
Waimea 4HP
Per - 1 Tambora 3 Fazenda Axix Natal 1 Gavio Real Pipeline 6 Tambora 2
4OGX
ENSCO 5004
Ocean Lexington Ocean Ambassador BCH-05 Ocean Quest BCH-12 Ocean Lexington Ocean Ambassador
83 km
96 km 86 km Onshore Block 115 km Onshore Block 76 km 87 km
135m
103m 130m
196m
128m 139m
46
CONCLUDED WELLS (6 OF 6)
Well CF CE CK CM CJ CC CL CN CP CQ CR CS CT GVR-7DA OGX-79 OGX-82 OGX-84 GVR-9 OGX-78 OGX-83D GVR-10D OGX-86 OGX-87 OGX-88 GVR-12D GVR-14D Block PN-T-68 BM-C-39 PN-T-85 BM-C-40 PN-T-68 BM-C-43 BM-C-41 PN-T-68 BM-C-39 BM-C-42 PN-T-68 PN-T-68 PN-T-68 Accumulation Gavio Real Itacoatiara Fazenda So Francisco Ing-4 Gavio Real Honolulu Tupungato - 1D Gavio Real Camboinhas Villarrica Bom Jesus - 1 Gavio Real Gavio Real Rig QG-1 ENSCO 5004 BCH-5 Ocean Ambassador BCH-12 ENSCO 5002 99 km 86 km Onshore Block 84 km 87 km Onshore Block Onshore Block Onshore Block 101m 138m Maastrichtian: 8m Paleocene: 2m Carboniferous: 36m Development well Development well Development well 96 km Onshore Block 320m 132m 89 km Onshore Block 107m Development well Aptian: 67m Albian: 83m Development well Coast Distance Water Depth Net Pay Development well 102m Albian: 64m Devonian: 3m Onshore Block
BCH-5
BCH-12 QG-1 BCH-12 Ocean Quest ENSCO 5004 BCH-5
CX CU CV CW
4OGX
47
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)
TPPs
Gas Producers
Future Projects
48