ogx public presentationv8

Management PresentationManagement PresentationManagement PresentationNovember 2008November 2008

2

Disclaimer

This presentation is highly confidential and may not be reproduced or otherwise disseminated, in whole or in part, without the prior written consent

of OGX Petroleo e Gas Participacoes S.A. ("OGX"). This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any

securities in any jurisdiction where such offer or sale is not permitted. Securities may not be offered or sold in the U.S. unless they are registered

or exempt from registration under the U.S. Securities Act of 1933.

This presentation uses the term “prospective resources” to describe those quantities of petroleum that are potentially recoverable from

accumulations yet to be discovered. Because of the uncertainty of commerciality and lack of sufficient exploration drilling, the prospective

resources cannot be classified as contingent resources or reserves. Investors are advised that the U.S. Securities and Exchange Commission

(SEC) and other international securities regulators do not recognize prospective 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 OGX’s prospective

resources exist, or that they can be developed economically. Accordingly, information concerning prospective 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 therefrom 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 OGX’s future

results or projections will not vary significantly from those set forth herein. Accordingly, you may lose all of your 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. You

are urged to carefully review OGX's confidential 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 decision.

3

Table of Contents

OGX Highlights

Management

OGX Portfolio

Finance

Business Plan Execution

OGX HighlightsOGX HighlightsOGX Highlights

5

OGX at a Glance

UniquePortfolio

UniquePortfolio

Solid Cash Position

Solid Cash Position

SuperiorManagement

SuperiorManagement

Business Planexecution

well under way

Business Planexecution

well under way

20 Bi boe of total unriskedrecoverable resources

4.8 Bi boe of risked recoverable resources (net to OGX), estimated by D&M with 27% of POS

51 prospects in 22 blocks located in four basins

~US$ 4.0 Bi in cash to fund:

� All exploratory capex

� Initial production

� New farm-in/acquisition opportunities

All relevant team members on board

State of the art infrastructure

All 3D seismic contracted

Four rigs already contracted

Highly successful management team

Over 9 billion boe and 50 fields

discovered in the last 6 years (1)

Success index in excess of 50% on

average in the last 5 years (1)

(1) At Petrobras

Largest Brazilian private sector oil and natural gas company in terms of offshore exploratory acreage

6

OGX Value Creation Drivers

POS

100%

POS

100%

POS

27%

POS

27%

17.6billion boe

4.8 billion boe

OGX Unrisked

Resources

OGX Risked

Resources

~ US$ 1 bi from IPO

The “X” factor

3D seismic

Higher POS

POS >50%

Higher Volumes

P1/P2Reserves

New Prospects

Proven reserves

Higher Multiples

Additional Volumes

(1) Source: Appraisal report prepared by DeGolyer and MacNaughton

POS: Probability of success

(1)

(1)

(1)

New Ventures

Higher success ratio and proving reserves expected to drive share price upwards in the next few years

ManagementManagementManagement

8

Organizational Structure

COOPaulo Mendonça

Production Development Reinaldo Belotti

CEORodolfo Landim

InterpretationSantos andEq. MarginEdmundoMarques

InterpretationCampos-ES

PauloRicardo

Strategic

Alliances

Luiz Reis

Applied Technology

CelsoMartins

HSSE

Procurement

Olavo

Foerch

Drilling

Ricardo

Juinite

Production

Development

José Brito

Geology

Ernani

Porsche

Reservoir &Production

RobertoToledo

Logistics

Billy

Pinheiro

CFOMarcelo Torres

General CounselJosé Roberto Faveret

HR

Highly successful management team fully on board combining unique intellectual capital and superior execution skills

* Note: key management positions shown

9

Outstanding Management

Pirapitanga

Parque dasbaleias

Parque dasConchas

Santos Basin

Rio de Janeiro

Espirito Santo Basin

Campos Basin

Sao Paulo

Espirito Santo

Carapia

Tambuatã

Oliva

Atlanta

Maromba

Papa-terra

PolvoCarapicu

Carataí

Catuá

GolfinhoCanapú

TupiCarioca

Caxaréu

Fields discovered before 1984

Fields discovered from 1984 to 2001

Fields discovered from 2002 to 2005

Fields defined in/or after 2006

Júpiter.

Caramba

Mexilhão & Extension

Parati

59%49%

55%50%

39%

23%24%20%

2000 2001 2002 2003 2004 2005 2006 2007

Paulo Mendonçaassumed leadership of

the Petrobras exploration team

PBR Success Index:

Proven track record having opened several new oil frontiers, including the pre-salt, and discovering over 50 new oil fields in the past 6 years

PortfolioPortfolioPortfolio

1111

OGX Portfolio

Largest Brazilian private E&P

player in terms of offshore

exploratory acreage

21 blocks in 4 sedimentary

basins + 1 farm-in already

signed(1)

4.8 billion boe of risked

recoverable resources

8 exploration wells drilled in

OGX blocks(2) with

hydrocarbon indication

CamposBasin

SantosBasin

EspíritoSanto Basin

Pará & MaranhãoBasin

Highlights

Existing Fields

OGX Blocks

Pre Salt Blocks

Source: D&M Appraisal Report

Figures in million boe

(1) Subjected to ANP approval(2) Or adjacent areas

Basin BlocksUnrisked

volumePoS

Risked

volume

OGX Risked

volume

Campos 7 8,289 33% 2,738 2,562

Santos 4+1 6,769 25% 1,718 1,569

Espirito Santo 5 2,957 18% 540 270

Para and Maranhao 5 2,165 20% 434 434

Total 22 20,180 27% 5,430 4,835

CARAMBA

BEM-TE-VI

CARIOCA

PARATI

TUPI JUPITER

12

Campos Basin: Relatively Lower Risk and Higher Volumes

Wells

1-RJS-104

1-RJS-105

1-RJS-99

Blocks with oil shows adjacent to large fields recently discovered in Brazil’s most prolific basin

13

Santos Basin: High Potential

1-SPS-007

3-RJS-625

Wells

Santos Basin is one of the most promising exploration areas in Brazil with very significant gas and light oil potential

14

Espírito Santo Basin: Deep Water New Frontier

The new frontier of Espírito Santo has an active oil system with significant upside beyond D&M’s original assessment

15

Pará-Maranhão Basin: New Frontier

1-MAS-16-MA

1-MAS-19-MA

1-MAS-17-MA

1-MAS-5-MA

Wells

New frontier with geological model similar to Ghana where significant discoveries have been recently made

FinanceFinanceFinance

17

OGX Ownership

61,3%

11,9%

38,7%

(1)

Petróleo e Gás Participações S.A.

Petróleo e Gás Ltda.

99.99%

Free Float

(1) EBX represented through Centennial Asset Mining Fund LLC (Nevada, USA) (“CAMF”)(2) Includes 1 farm-in already signed, subject to ANP’s approval

22 Blocks(2)

OtherInvestors

26,8%

Strong and highly successful controlling shareholder supported by world-class dedicated investors

Daily trade average (20 days): US$ 24 million

18

Sources and Uses

New ventures / others

Total US$ M

Use of Proceeds

Current Cash Position (No Debt)

Equity from Private Placement and IPO

~4,000

Exploration Program

Seismic

Drilling

Logistics

Initial Production Development

Sources of Capital

~4,000

~1,000

~1,000

~2,000

~4,000

* Note: Figures in US$ M (end 2008E)

Strong cash position to fund the entire exploration campaign, the initial development of the production facilities and new ventures

Business Plan Execution

Business Plan Business Plan

ExecutionExecution

20

2011

Key Events

New Ventures

D&M - appraisal

IPO

OGX creation:

•Team hiring

•Operatorship “B”

Partners:

•Maersk

•Perenco

Private Placement:

•US$ 1.3 bi

•12 high quality

investors

9th Bidding Round:

•21 blocks acquired

•Over 90% hit ratio

•6,434 km² acreage

New Ventures:

•Santos farm-in

•Other negotiations

Current Portfolio:

•4.8 bi boe of

prospective

recoverable resources

Current Achievements

2008 2009 2010 2011

ProductionFirst Oil South

CamposProduction…

Seismic

Drilling

Development

3D Seismic and special reprocessing (Campos, Santos)

3D Seismic and special

reprocessing (Espírito

Santo, and PaMa)

Rigs SecuredDrilling campaign

starting in South

CamposFour Basins Drilling Results…

Starting Initial

development in

South Campos

Projects Development Phase…

• Additional partnerships…

• Farm-in opportunities…

• Potential acquisitions…

• 8th and 10th Bid Round expected

...Business Plan:

Exploration & Production Timetable

Intense drilling campaign starting 2H09 and first oil expected for end 2011

21

Exploration & Production Timetable

2,136 km² of new 3D seismic

Survey 4 months 4Q08

Processing 3 months 1Q09

Interpretation 4 months 2Q09

676 km² of “up-lift” payment

+

special reprocessing

Reprocessing 5 months 4Q08


1,900 km² of new 3D seismic

1,700 km of new 2D seismic

+ special reprocessing




Acquisition 2 months 3Q08


672 km² of new 3D seismic

385 km² of existing 3D seismic

+ special reproc.




Reprocessing 4 months 4Q08


Pará & Maranhão

Espírito Santo

Expected Timing

of Results

Campos

Santos

Seismic

Company

Scope of

Services

Execution

PeriodActivities

3D seismic surveys contracted for all of OGX’s blocks ahead of time and execution already started in the Campos Basin

22

Exploration Drilling Campaign

$ mm

Wildcat + Appraisal Wells(1) 2008 2009 2010 2011 2012 2013 Total

Campos 0 4 11 10 2 0 27

Santos 0 2 8 4 0 0 14

Espírito Santo 0 0 0 3 3 0 6

Pará and Maranhão 0 0 0 2 2 0 4

Total Wells 0 6 19 19 7 0 51

Ocean Lexington: SS <3,000 ft

Arrival date: Feb. 2010

Max. well depth: 20,000 ft (10,000 psi)

Status: Contract signed

Contract period: 3 + 1 years

Ocean Ambassador: SS <3,000 ft

Arrival date: Sep. 2009



Contract period: 3 + 1 years

Ocean Quest: SS <3,000 ft

Arrival date: Nov. 2009



Contract period: 2 + 1 year

(1) Operated and non-operated wells forecast

FotoSemi-

Submersible

FotoSemi-

Submersible

Sea Explorer: SS <3,000 ft

Arrival date: Set. 2009



Contract period: 2 + 1 year

Four rigs secured with world-class contractors to drill all operated blocks

23

Campos & Santos - Logistics

Rio das Ostras

Rio de Janeiro

Niterói

Shore base

São Paulo Jacarepaguá

Air baseCabo Frio Air base

146

km

180

km

180 km

90 km

Equipment:

Platform Supply Vessel (PSV)

Quantity: 3

Anchor Handling Tug Supply (AHTS)

Quantity: 3

Fast Supply Vessel (FSV)

Quantity: 1

Mid Size Helicopter

Quantity: 2Pax transportation (air)

Cargo transportation (sea)

2424

OGX Milestones Roadmap

2H082H08 1H091H09 2H092H09

3D seismic survey contracted for all blocks

Rig III Procurement

Rig II Procurement

Initial Santos drilling

Initial Campos drilling

File Campos drilling environmental license

File Santos drilling environmental license

PaMa 3D seismic fast track

Campos 3D seismic survey execution (PGS)

PaMa 3D seismic survey execution

File PaMa drilling environmental license

Santos 3D seismic reprocessing (CGG)

Rig IV Procurement

ES 3D seismic survey execution (Western

Geco)

Approval of signed Farm-in by ANP

Secure long lead production equipments

PaMa 3D seismic final

processing

Campos 3D seismic final processing

Campos 3D seismic interpretation

Label:

Environmental Licensing

DrillingSeismic Farm-in / out

Accomplished Events

Others

Rig I ProcurementDrilling farm-in block

D&M certification review

File ES drilling environmental license

Santos 3D seismic interpretation

Campos 3D seismic fast track

ES 3D seismic final processing

ES 3D seismic fast track

OGX 3D room

In progress

Campos and Santos logistics shore base

procurement

Campos and Santos supply boats procurement

AHTS and PVS procurement

Helicopters services procurement

PaMa 3D seismic final

interpretation

ES 3D seismic final interpretation

…Business plan ahead of schedule

ogx public presentationv8

Documents