OGX: 1Q12 RESULTS

May 15, 2012

DISCLAIMER
This presentation uses the terms prospective resources and contingent resources to describe those quantities of petroleum that are potentially recoverable from accumulations yet to be discovered. Because of the uncertainty to commerciality and lack of sufficient exploration drilling, prospective resources cannot be classified as reserves. Investors are advised that the U.S. Securities and Exchange Commission (SEC) and other international securities regulators do not recognize prospective and contingent resources. Prospective resources have a great amount of uncertainty as to their existence. There is no certainty that any portion of the prospective resources will be discovered and, if discovered, whether they could be developed economically. Therefore, investors are cautioned not to assume that all or any part of OGXs prospective resources exist, or that they can be developed economically. Accordingly, information concerning prospective and contingent resources contained in this presentation are not comparable to information permitted to be made public by U.S. or other international companies subject to SEC reporting and disclosure requirements, especially Industry Guide 2 under the Securities Act. Certain of the information and conclusions set forth herein are based on projections. These projections were prepared for the limited purpose of analyzing the potential risks and benefits of an investment in the securities by illustrating under certain limited assumptions. In addition, because of the subjective judgments and inherent uncertainties of projections and because the projections are based on a number of assumptions, which are subject to significant uncertainties and contingencies that are beyond the control of OGX, there can be no assurance that the projections or conclusions derived there from will be realized. Under no circumstances should the projections set forth herein be regarded as a representation, warranty or prediction that OGX will achieve or is likely to achieve any particular future result. There can be no assurance that OGXs future results or projections will not vary significantly from those set forth herein. Accordingly, investors may lose all of their investment to the extent the projections or conclusions included herein are not ultimately realized. This presentation also contains forward-looking statements, which may be identified by such words as "may", "plans", "expects", "believes" and similar expressions, or by their context. These statements are made on the basis of current knowledge and, by their nature, involve numerous assumptions and uncertainties. Various factors could cause OGX's actual future results, performance or events to differ materially from those described in this presentation. In no event shall the Company or the members of its board, directors, assigns or employees be liable to any third party (including investors) for investment decisions or acts or business carried out based on the information and statements that appear in this presentation, or for indirect damage, lost profit or related issues. The Company does not intend to provide to potential shareholders with a revision of the statements or an analysis of the differences between the statements and the actual results. You are urged to carefully review OGX's offering circular, including the risk factors included therein. This presentation does not purport to be all-inclusive or to contain all the information that a prospective investor may desire in evaluating OGX. Each investor must conduct and rely on its own evaluation, including of the associated risks, in making an investment 2 decision.

1Q12 HIGHLIGHTS AND SUBSEQUENT EVENTS

First oil produced in January 2012 in Waimea
Average daily production of 11.0 kboepd in the 1Q12 High operational performance of 97% in the 1Q12 (FPSO OSX-1) First cargo offloaded to Shell Declaration of commerciality of Waikiki accumulation (Tubaro Martelo Field) and Development Plan submitted to ANP 285 million barrels of estimated recoverable volume of oil Declaration of commerciality of a portion of the Waimea Complex (Tubaro Azul Field) 110 million barrels of estimated recoverable volume of oil Important new discoveries in the Santos Basin Pre-salt discovery in the shallow waters (well OGX-63) Discovery of light oil through well OGX-74 Important new discovery in the Campos Basin, Itacoatiara, which will be part of the Waikiki Complex

Drilling of 17 wells year-to-date: 4 wildcat, 8 appraisal and 5 production wells

Acquisition of additional 20% stake in blocks BM-C-37 and BM-C-38 from Maersk US$ 1.063 billion bond offering in March 2012 with 10 years term Placed order with OSX for WHPs 3 and 4
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PRODUCTION DEVELOPMENT

CAMPOS BASIN
Production in the Waimea Complex
Production Concept FPSO OSX-1 Operational Efficiency
100%

80%

OSX-1
Wet christmas tree 4

Risers and Umbilicals

Buoy Wet christmas tree 3

60%

40%

Average Efficiency Feb: 95% Mar: 99%

Wet christmas tree 1 OGX-26HP

Moorings and Piles Flexible lines Wet christmas tree 2

20%

1Q12: 97%

0%

Illustrative frame

1-Feb

11-Feb

21-Feb

2-Mar

12-Mar

22-Mar

1-Apr

11-Apr

21-Apr

1-May

Presentation of the Declaration of Commerciality of a portion of the Waimea Complex Expected total recoverable volume of 110 MMbbl Opening of the 2nd well in the coming days and 3rd well in 2012 4th production well to be connected in 2013 Expected production of ~30-40 kboepd level by the end of 2012

OGX-26HP in production since Jan 31st, 2012 Average daily production rate of 11.0 kboepd in the 1Q12 Average flow rate of 11.6 and 10.4 kboepd in February and March, respectively High operational efficiency of 97% in the 1Q12
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PARNABA BASIN
Project Development
Ongoing Works Execution Highlights
Civil engineering work advanced and on schedule
Part of the equipment already delivered Prepared Gas Treatment Unit (GTU) site, with earthmoving at advanced stage

Launching of pipelines connecting the production clusters to the GTU

Ongoing civil engineering work on the production clusters Initial production in the 2H12 for the commissioning of the GTU and the turbines of the MPX Parnaba Complex Thermal Power Plant (TPP) Commercial production expected to start in January 2013 Available production capacity of up to 6 million m per day in 2013 10 producer wells already drilled
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EXPLORATORY CAMPAIGN

CAMPOS BASIN
Intensified Appraisal Campaign And New Prospective Discoveries
Wildcat Wells
2012 OGX-78 OGX-79 Honolulu Itacoatiara In progress Albian 64m OGX-71 OGX-72 OGX-76

Appraisal Wells
2012 - Drilling Area Ing Pipeline Per 3C 3C Albian 129m 2C Albian 6m

Highlights
Successful appraisal campaign with 35 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
Blocks that OGX acquired 20% from Maersk (OGX now owns 70%)

2012 - Drilling New Areas OGX-73 OGX-75 OGX-80 OGX-81 Osorno Tambora Pipeline Tambora Albian 37m Albian 49m Albian 51m In progress

Presentation of the Declaration of Commerciality for a portion of the Waimea Complex To be named as Tubaro Azul Field with expected total recoverable volume of 8 110 MMbbl

Note: 1 Drilling area as per D&Ms Dec/10 reports and net pay indicated in meters 2 Prospects not contemplated in D&Ms Dec/10 reports

SANTOS BASIN
Adding Further Value to the Basin
Exploration Campaign Main Achievements
Significant discovery in Fortaleza accumulation (OGX-63) in Albian (post salt) and Aptian (pre-salt) reservoirs Discovery of light oil in Natal accumulation, in the first appraisal well in this region, OGX-74
Fortaleza

Macei

Natal

Drill-stem test for fluid identification performed, with the presence of light oil of 38 API

Next Steps
Ocean Quest rig to return to well OGX-63 to gather new information on the Albian section (post salt) New appraisal well to be drilled in Fortaleza discovery to obtain more information on the Aptian section (pre-salt) Beginning of appraisal campaign in Macei accumulation
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PARNABA BASIN
Exploration Campaign
Fazenda Torro Bom Jesus

Highlights
2 accumulations declared commercial and 3 others discovered 3 rigs operating simultaneously: 2 focused on the production development and 1 for
Gavio Azul Gavio Real

exploration 2 additional rigs contracted, one completion rig and one for exploration, both expected in 1H12 3 seismic crews working in the region (more

Fazenda Axix

than 1,000 people mobilized) New discovery with wildcat well OGX-77, Fazenda Axix 11 exploratory wells already drilled with >70% hit ratio
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Appraisal wells Wildcat wells

EXPLORATORY CAMPAIGN
Other Basins in the Portfolio
PAR-MARANHO BASIN ESPRITO SANTO BASIN COLOMBIA

Waiting for IBAMA environmental license OGX obtained an additional exploratory period of 496 days, starting from the date IBAMA grants the license

2 dry wells drilled in committed blocks (PERN-1 and PERN-2) More wells to be drilled until 2013 in the southern blocks

Began seismic acquisition in February for the Lower Magdalena Valley block 1st well planned to be drilled in Cesar-Ranchera in 2H12 OGX to participate in new ANH round in 2H12

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FINANCIAL RESULTS HIGHLIGHTS

1Q12 FINANCIAL RESULTS

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
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1Q12 FINANCIAL RESULTS

Exploration Expenses:
Decrease in exploration expenses due to reduction in expenses with dry/sub-commercial wells and non-recoverable costs, partially offset by increase in expenses with geological and geophysical studies, seismic campaigns and other exploratory evaluations
Financial Statements
R$ ('000) Exploration Expenses G&A Expenses Net Financial Result Financial Income Financial Expenses Taxes Net Result for the period Interest of non controlling shareholders Attributed to controlling shareholders' interest 1Q12 (109,143) (92,890) 18,559 418,114 (399,555) 38,672 (144,802) (12,399) (132,403) 03/31/12 6,619,170 118,003 8,775,153 7,248,149 4Q11 (300,673) (98,825) (120,453) 1,082,338 (1,202,791) 187,364 (332,587) (10,553) (322,034) 12/31/11 5,458,780 7,685,507 4,772,414 191,530 5,935 139,012 (664,224) 803,236 (148,692) 187,785 (1,846) 189,631 1,160,390 118,003 1,089,646 2,475,735

G&A Expenses:
General and administrative expenses in 1Q12 were effectively flat with 4Q11

Intangible:
Impacted by the heightened drilling campaign and the development at the Gavio Real and Gavio Azul gas fields. During the EWT, gross sales revenue net of costs, is registered as a reduction of CAPEX (Intangible) and not income for the period

Balance Sheet - Main Itens

R$ ('000) Cash and cash equivalents* Accounts Receivable Intangible + PP&E Financial Debt

Net Financial Result:

Positive variation compared to 4Q11, chiefly impacted by the reals appreciation against the dollar which generated a positive variation in net income from foreign exchange

* C ash and cash equivalent + Marketable securities + Escrow deposits

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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

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UPCOMING EVENTS

UPCOMING EVENTS
Opening of the 2nd producing well in Waimea in the coming days and of the 3rd producing well in 2012
Submission of the Development Plan of Tubaro Azul Field (Waimea) to the ANP Continue drilling development wells in the Parnaba Basin Beginning of the Gas Treatment Facility commissioning in Parnaba Basin Continue exploration and appraisal campaigns in the Campos, Santos, Parnaba and Esprito Santo Basins Begin drilling in the Cesar-Ranchera Basin in Colombia Participation in the potential new ANP bidding round in Brazil Participation in next ANH bidding round in Colombia

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