1Q13 RESULTS PRESENTATION Rio de Janeiro May 10, 2013
1 1Q13 HIGHLIGHTS
1Q13 HIGHLIGHTS AND SUBSEQUENT EVENTS OGX delivered a sequential improvement in the first quarter: OGX posted higher net revenues and positive EBITDA: R289 million and R74 million, respectively Production volumes in Tubaro Azul Field…
2 FINANCIAL & OPERATIONAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS: 1Q13 RESULTS Net Revenue rose 66% in 1Q13 and positive EBITDA for the first time KEY FINANCIAL METRICS 1Q 2013 4Q 2012 Net Revenue (R mm) 289 175 Net revenue of R289 million booked in 1Q13 from 5th and 6th…
FINANCIAL HIGHLIGHTS: CASH POSITION Disciplined cash management focused on maintaining flexibility for ongoing operations and additional opportunities Cash Flow (US million)1,2 Cash Expenditure Accrual Basis (US million)1 Capex…
OPERATIONAL HIGHLIGHTS: 1Q13 PRODUCTION Campos Basin: 954 thousand barrels of oil produced in 1Q13 at an average daily production of 10.9 kboepd 1.2 million barrels of oil sold in 1Q13, delivered in two different cargos 3rd…
OPERATIONAL HIGHLIGHTS: TUBARO AZUL FIELD Average Monthly Production (kboepd) Operational Issues OGX-68HP well: 13.2 15 day stoppage during March due to operational 11.3 issues in the ESP 8.3 Repairs commenced in mid-April…
OPERATIONAL HIGHLIGHTS: TUBARO MARTELO FIELD Tubaro Martelo Field Development Strategic Partnership with Petronas BM-C-39 OGX recently entered into a strategic agreement with TUBARO MARTELO Petronas to sell a 40% stake in BM-C-39…
OPERATIONAL HIGHLIGHTS: GAVIO REAL FIELD Average Monthly Production (kboepd) Production advancing 12.1 Four turbines synchronized as of April 5, 2013 6.8 Achieved total production of 4.0 M m/d (25 kboepd) 5.5 in the Gavio Real…
OPERATIONAL HIGHLIGHTS: 1Q13 EXPLORATION 60% success rate in exploratory and appraisal program in 1Q13 Campos Basin: Declaration of Commerciality of Tubaro Tigre, Tubaro Gato and Tubaro Areia fields with total estimated volume of oil…
3 COMPANY OUTLOOK
UPCOMING EVENTS Events by Basin Other Key Events Campos Basin: Update our resource evaluation report Continue execution of PADs by drilling appraisal wells and perform tests Arrival of FPSOs OSX-2 and OSX-3 Continue to develop the…
APPENDIX
FINANCIAL STATEMENTS R ('000) INCOME STATEMENT 1Q13 4Q12 1Q13 1Q12 Net revenue 289,391 174,707 114,684 289,391 - 289,391 Cost of goods sold (COGS) (144,259) (100,203) (44,056) (144,259) - (144,259) Exploration expenses (27,851)…
FINANCIAL STATEMENTS R ('000) BALANCE SHEET Mar 31, 2013 Dec 31, 2012 Mar 31, 2013 Dec 31, 2012 ASSETS LIABILITIES AND EQUITY Current assets Current Liabilities Cash and cash equivalents 2,311,016 3,381,326 Trade payables 522,944…
FINANCIAL STATEMENTS R ('000) R ('000) FIXED ASSETS LOANS AND FINANCING Balance as of December 31, 2012 10,027,389 Balance as of December 31, 2012 (8,044,700) (+) CAPEX (-) New fundings - Campos Basin 422,764 (-) Accrued…
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