Beruflich Dokumente
Kultur Dokumente
AGENDA 1 2 3 4
OGX Overview OGX Portfolio and Execution OGX Operations Financial Overview Appendix
OGX OVERVIEW
OGX OVERVIEW
OGX is among the 10 largest pure E&P companies globally with a market cap of approximately US$30 billion, and is the 3rd most traded stock in Latin America World class E&P portfolio with 10.8 billion boe of potential resources, mostly in shallow waters and onshore (low cost and off-the-shelf technology) Multi-billion barrel discoveries and overall success rate exceeding 85% with high productivity reservoirs amongst the best in Brazil 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 70 wells spud since the beginning of its exploratory campaign in Sep. 2009) Highly successful and experienced management team, combining unique intellectual capital and superior execution skills Proven execution capability (from concept to oil in an unprecedented timing) with fully established operations comprising more than 6,000 people Brazils historical under-exploration underpins massive growth opportunities for OGX
4
US$1.3 bn raised through an equity Private Placement 21 blocks acquired during the 9th Bidding Round
Mar/12
Jan/12
IPO: US$4.1 bn raised OGX Creation Aug/09 Jun/08 Jul/07 Nov/07 Sep/09
Jun/10 Survey and interpretation of the 3D seismic data Procurement of all equipment and services necessary to initiate the drilling campaign
Total investments of US$ 4.1bn of Drilling Capex and Signature Bonus + US$ 245 M of Seismic Campaign Total cash raised to date: US$9.4 bn
(1) Calculated by OGX based on potential, prospective and contingent volumes contained in the DeGolyer and MacNaughton Reports
Proven Execution Capability (From Concept To First Oil in Unprecedented Timing) With Fully Established Operations Comprising More Than 6,000 People
5
Petrleo e Gs Participaes S.A. (Market Capitalization (3): ~ US$25 Billion) 99.99% Petrleo e Gs Ltda Campos Petrleo e Gs S.A. 99.99% Maranho Petrleo e Gs S.A. 100% 8 Blocks 7 - Parnaba (70%) 1 Parnaba (50%)
(2) (2) (2)
66.67%4 International
100.00%
30% 7 Blocks
70%
100%
OGX Austria
5 - Colombia (100%)
EBX represented through Centennial Asset Mining Fund LLC (Nevada, USA) (CAMF) OGX as operator data as of April 13, 2012 (4) MPX S.A. holds 33.33%
(1) (2) (3) Market
Paulo Mendona
Gen. Exec. Officer Joaquim Dib Cohen (32) Oil & Gas Commercialization
Edmundo Marques (24) Exploration Santos & Eq. Margin Dolores Carvalho (35) E&P Laboratory Luiz Reis (45) Strategic Alliances Paulo de Tarso Guimares(34) New Areas Marcos Amaral (28) Applied Technology
Ricardo Juiniti (27) Drilling and Completion Billy Pinheiro (30) Logistics Ricardo Abiramia (24) Production Leandro Leme (31) HSE
Highly Successful And Committed Management Team, Combining Unique Intellectual Capital and Superior Execution Skills
(1)
Exploratory Team Paulo Mendona 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
Source: ANP
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
35 blocks: 30 blocks in 5 Brazilian sedimentary basins and 5 onshore blocks in 3 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
OGX Net 5.7 3.0 1.3 1.4 1.8 0.8 0.4 1.0 0.1 0.6 0.4 1.1 0.1 1.0 10.8
Portfolio Breakdown
19% Onshore 73% Shallow Water 8% Deep Water
Prospective (POS = 56.2%) SANTOS (4)(6) (POS = 27.0%) ESPRITO SANTO(4) PAR-MARANHO PARNABA Contingent
(2) (4)
Conventional Prospective (POS = 16.5%) Unconventional Prospective (POS = 18.2%) COLOMBIA Prospective (POS = 10.4%)(4) Potential Petroleum Quantities(5) OGX Portfolio
Note: POS defined as geological probability of success (1) The OGX portfolio potential was calculated by OGX based on volume estimates contained in the DeGolyer and MacNaughton Reports (2) We consider the 3C contingent resources in the arithmetic summation of our potential portfolio based on the assumption that most of these resources will be converted to 2C and 1C resources and that they should be converted into reserves after the removal of contingencies (3) We consider the high estimate and not Pg-adjusted delineation area prospective resources as we believe the delineation area is part of the 3C area (4) Prospective resources mean estimates Pg-adjusted. Colombia considered two Colombian basins, the Lower and Middle Magdalena Valleys Basins (5) Includes petroleum potential quantities in one Colombian basin, the Cesar-Ranchera Basin (6) OGX net interests in the table are not the same as OGX net interests contained in the DeGolyer and MacNaughton September 2009 report due to the fact that OGX now holds 100% of the interests in the concessions included in that report 12 (7) Gas volumes were converted by OGX to barrels of oil, using a conversion rate of 5,615 ft of natural gas to one boe
CAMPOS BASIN
5.7 bn bbl of net 3C, net delineation and net mean risked prospective resources, evaluated by D&M (pre-salt not included) 7 blocks operated by OGX Total area of 1,177 km2 Average water depth of ~120m 61 wells drilled Up to 90% of success rate
OGXs Discovered Accumulations Confirm a New Hydrocarbon Province in the Southern Campos Basin
13
CAMPOS BASIN
Wildcat Wells
2009 OGX-1 OGX-2A OGX-3 2010 OGX-4 OGX-5 OGX-6 OGX-7A OGX-8 OGX-10 OGX-14 OGX-15 OGX-18 OGX-20 MRK-3/4P 2011 OGX-25/27 OGX-28D OGX-29/32 OGX-31 MRK-5 OGX-33 OGX-37 OGX-52 OGX-58DP
2011 - Drilling Area 3C OGX-35D OGX-36D/OGX-39HP OGX-42D OGX-48 OGX-56D OGX-61 OGX-62 OGX-64DP OGX-67 OGX-69 OGX-70 3C Albian 80m 3C Albian 60m 3C Albian 82m 3C Albian 12m 3C Albian 60m 3C - Albian 9m 3C Santonian 26m Albian 20m 3C Santonian 23m 3C -
3C - Albian 38m 3C -
Blocks that OGX acquired 20% from Maersk (OGX now owns 70%)
2011 - Drilling Area Delineation OGX-43D OGX-45D OGX-54 Delineation Albian 50m Delineation Maastric. 5m Delineation Albian 24m
28 Wildcat Wells and 33 Appraisal Wells Drilled and Results Which Support Expectations
Note: Drilling area as per D&Ms Dec/10 reports and net pay indicated in meters
14
CAMPOS BASIN
WAIKIKI OGX-44HP
Production capacity of up to 20,000 bbl/day Oil Quality of 23o API Tested in Jun/2011
PIPELINE OGX-39HP
Production capacity of around 10,000 bbl/day Oil Quality of 19o API Tested in Jul/2011
High Productivity Confirmed Through Drill-stem Tests Performed in Several Horizontal Wells
15
CAMPOS BASIN
Main characteristics:
OSX-1
Flexible lines
16
CAMPOS BASIN
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
17
CAMPOS BASIN
80%
60%
40%
Processing plant and FPSO OSX-1 operating with ~95% operational efficiency, an outstanding achievement for the first month
20%
0% 1-Feb 6-Feb 11-Feb 16-Feb 21-Feb 26-Feb 2-Mar 7-Mar 12-Mar 17-Mar
Tested production levels between 10 and 18 kbpd since production began Average flow rate of 11.1 kbpd in Feb 2012 Flow rate estimated to stabilize at between 10 and 13 kbpd for the coming few months (before water injection)
18
CAMPOS BASIN
OSX-2/OSX-3
WHP-1/WHP-2
Flexible lines
19 19
CAMPOS BASIN
OSX-2 Overview
1st oil expected for 2H13 EPC: Single Buoy Moorings Inc (SBM) Shipyard: Keppel Fels - 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)
Two sister VLCCs (Very Large Crude Oil Carriers) purchased on November, 2010 by OSX to be converted into FPSOs
WHP-2:
Capacity to drill up to 30 wells Equipment on-stream by 1H14 Detailed engineering ongoing (EPC awarded to Techint by OSX)
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
21 21
CAMPOS BASIN
150
40-50
2012
Equipment Used Accumulation Total # of Horizontal Wells Production Capacity
Note: 1 To be reached through the end of the period
2013
OSX-1 OSX-2 OSX-3 Waimea Waikiki 11+ 1 Potential additional well to be connected to OSX-1 260 Kbpd
22 22
SANTOS BASIN
High Potential
Santos Basin
1.8 bn boe of net risked prospective resources (POS of 27%), evaluated by D&M 5 blocks operated by OGX (100% owned) Total area of 769 km Average water depth of ~150 m 11 wells drilled Recent significant pre-salt discovery in shallow waters (OGX63) Up to 70% success rate
Santos Basin is One of The Most Promising Exploratory Areas in Brazil, With Significant Potential For Gas and Light Oil
23
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
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
24
SANTOS BASIN
Highlights
Albian reservoir
Approximately 1,000 meters of column and 110 meters of net pay Good permoporosity and fractures Shallow waters Pre-salt (Aptian reservoir) Drilled up to 6,135 meters and thus far identified column of 150 meters 1st microbiolite Pre-salt discovery in shallow waters in Brazil Same reservoir rock in pre-salt as only seen so far in deep and ultra-deep waters in the Santos and Campos Basins Strong kick in the last drilled layer of the reservoir with shows of hydrocarbons Pore
APTIAN INTERVAL
Oil Dolomitized microbial Connected vugular porosity Light oil/condensate shows
25
PARNABA BASIN
Major Gas Province
Parnaba Basin
1.0 bn boe of net risked mean prospective resources POS (17%) and net 3C, evaluated by D&M 8 blocks operated by OGX Maranho Total area of 24,500 km Monetization of gas through thermoelectric plants to be developed by MPX/Petra (3,722 MW already licensed) 70% success rate (11 wells drilled) Commerciality declared for 2 accumulations
26
PARNABA BASIN
Business Plan
Project 1 1st gas: 2H12
Parnaba Complex
More than 20 prospects identified Declaration of commerciality of two fields (Gavio Real & Gavio Azul) already submitted to ANP Initial production expected in 2H12 Production of 5.7 M mper day in 2013 (2.7 M mper day net to OGX S.A. or ~15 kboepd) Gas to be sold to MPX Power Plants MPX has obtained installation license of 3,722 MW 3 seismic crews working on the site
Gavio Real
Gavio Azul
27
PARNABA BASIN
Project Development
Gas Thermal Power Plant Development
MPX + Petra
Production wells
Manifold
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
28 28
PARNABA BASIN
Execution Highlights
Project Development
Thermal Power Plant
GE TURBINES CONTRACTED BY MPX
Environmental permits already granted (LP+LI) 6 producing wells already drilled and 2 well in progress 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 Beginning of the civil works on the site in Feb 2012 Clearing the rights-of-way for the pipeline Gas treatment facility construction First gas schedule for the second half of 2012
E&P
29
817 mn boe of net mean risked prospective resources (PoS of 33%), evaluated by D&M 5 blocks operated by Perenco (50% owned) Total area of 3,620 km Average water depth of ~1,000 m 1st well drilled in 4Q11 (Moriche) 2nd well drilled in 1Q12 (Guarapari)
The New Frontier of Esprito Santo Has Proven to be a Very Active Petrolific System With Recent Important Discoveries in Neighboring Blocks
30
447 mn boe of net mean risked prospective resources (PoS of 21%), evaluated by D&M 5 blocks operated by OGX (100% owned) Total area of 960 km Average water depth of ~60m 1st well to be drilled in 2012
New Frontier With Geological Model Similar to West Africa, Where Significant Discoveries Were Made Recently
31
COLOMBIA
1.1 bn boe of net prospective resources and net potential petroleum quantities, evaluated by D&M 5 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 First well to be drilled in 2012
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
32
PRODUCTION TARGETS
OGX Production Targets
In kboepd
1,380
40 -50
24 units 11 units for Campos Basin discoveries 5 units expected to be used in the Esprito Santo Basin (the only deep water blocks in OGXs portfolio)
2012
2013
2015
2019 TLWP
boepd of
Portfolio potential of 10.8 bn of recoverable boe: >10 years of production growth Current discoveries can support 730,000 production level
WHP
Expected demand of 48 offshore units Total of 23 units estimated for OGXs Campos Basin discoveries (12 FPSOs and 11 WHPs) Strategy to expedite development with production equipment contracted 2-3 years in advance
Additional potential resources would allow OGX to reach and sustain a plateau of 1.4 million boepd from 2019 and beyond
33
OGX OPERATIONS
BCH-05E (BCH):
Daily Rate: US$ 32k Max. well depth: 11,500 ft Contract Expires: May 2012
Daily Rate: US$ 33k Max. well depth: 13,800 ft Contract Expires: March 2015 (+ one optional year)
WILDCAT+APPRAISAL WELLS Campos Santos Esprito Santo Par-Maranho Parnaba Colombia Total
2009 5 1 0 0 0 0 6
2010 18 6 0 0 2 0 26
2011 31 3 2 0 8 0 44
2012 12 4 1 2 6 1 26
2013 2 1 2 3 8 3 19
TOTAL 68 15 5 5 24 4 121
35
OGX Team: ~300 employees Over 6,000 people dedicated 3D Room / IOSC
36
FINANCIAL OVERVIEW
Cash Allocation
US$ billion
8. 0
CS 4% Votorantim 8%
Others 9%
6. 0
R$ 600 M
6. 0
4. 0
4. 0
Bradesco 30%
2. 0
2. 0
0. 0 3Q 11 O CT
C as h in R $
0. 0 NO V
OG X Maranho
BTG Pactual 7%
DEC
B ond
M AR
C as h in US$
Solid cash position of R$ 8.0 billion, or US$ 4.4 billion (proforma as of March 27, 2012), to support exploration commitments, development and initial production: ~62% of total cash protected against FX variations US$ 2.7 billion (pro-forma) invested in offshore deposits Operating cash flow after net financial results of US$ 450 850 million until year end 2013 Capex of US$ 3.5 4.2 billion through 2013
Note: Pro-forma figures do not contemplate cash disbursement in 1Q12
Cash allocation in R$: Average cumulative gross return equivalent to 103.5% of the Interbank Deposit Rate (CDI), or 12% p.a. Cash Allocation in US$: Average cumulative gross return equivalent to 2.3% p.a. Cash position in fixed income instruments allocated to Brazils most solid financial institutions
38
Summary of Terms
Issuer Guarantors Offering Distribution Ratings Size Maturity Optional redemption Coupon Price Yield to Maturity
OGX Austria GMBH OGX Petrleo e Gs Participaes S.A.; OGX Petrleo e Gs Ltda.; OGX Campos Petrleo e Gs S.A. Senior Unsecured Notes 144A / Reg-S B1 / B+ / B (stable) by Moodys, Fitch and S&P respectively US$1.063 billion 10 year 10 year NC5 8.375% p.y. $100.00 8.375% p.y.
Europe 19%
USA 70%
39
APPENDIX
ONGOING ACTIVITIES
Well BW BY CA CB CC CD CE CF OGX-74 OGX-75 OGX-76 OGX-77 OGX-78 GVR-8D OGX-79 GVR-7D Block BM-S-59 BM-C-41 BM-C-40 PN-T-85 BM-C-43 PN-T-68 BM-C-39 PN-T-68 Accumulation Natal 1 Tambora 3 Per - 1 Fazenda Axix Honolulu Gavio Real Itacoatiara Gavio Real Rig Ocean Quest Ocean Ambassador Ocean Lexington BCH-05 ENSCO 5002 BCH-12 ENSCO 5004 QG-1 Coast Distance 115 km 86 km 96 km Water Depth 196m 130m 103m Status In progress since 02/09/12 In progress since 02/24/12 In progress since 03/10/12 In progress since 03/16/12 In progress since 03/25/12 In progress since 03/27/12 In progress since 04/04/12 In progress since 13/04/12 Albian: 49m Net Pay
Onshore Block
CAMPOS BASIN
PARNABA BASIN
SANTOS BASIN
1OGX Maranho
OGX Blocks
41
CONCLUDED WELLS (1 OF 5)
Well A B J N 1- MRK - 2B OGX-1 OGX-9D OGX-13 Block BM-S-29 BM-C-43 BM-C-41 BM-C-41 Accumulation Abacate Vesvio Vesvio Direcional Vesvio Vertical Rig Sovereign Explorer Ocean Ambassador Ocean Ambassador Ocean Lexington Coast Distance 130 km 85 km 87 km 87 Km Water Depth 100 m 140 m 142 m 138m Net Pay Oil &Gas shows Eocene: 57m Eocene: 60m Eocene: 10m Eocene: Shows Cretac.: Shows Albian: 100m Aptian: 50m Barremian: 15m Albian: 74m Aptian: 17m Albian: 80m Apt./Barrem: 50m Albian: 43m Aptian: 44m Eocene: 17m Maastric.: Shows Albian: 30m Aptian: 20m Albian: >17m Aptian: 35m Cenomanian: 11m Albian: >13m Aptian: 40m Santonian: 75m Albian: 35m & 27m Albian: 32m Aptian: 31m
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 O P
Sea Explorer Ocean Quest Ocean Star Ocean Lexington Ocean Ambassador
79 km 84 km 95 Km 96 Km 78km
42
CONCLUDED WELLS (2 OF 5)
Well Q R S T U V W X Y Z OGX-16 OGX-17 OGX-18 OGX-19 OGX-20 OGX-21D OGX-22 OGX-23 OGX-24 MRK-3/ 4P Block PN-T-681 BM-S-56 BM-C-40 BM-S-58 BM-C-41 BM-C-41 PN-T-681 BM-S-58 BM-S-56 BM-C-372 Accumulation California Belm Ing Aracaju Tupungato Waimea Direcional Fazenda So Jos Ilhus Itagi Carambola A Rig QG-1 Ocean Star Ocean Lexington Ocean Quest Ocean Ambassador Sea Explorer QG-1 Ocean Quest Ocean Star Blackford Dolphin 85 Km 95 Km 112 Km 84 Km 84 Km Onshore Block 107 Km 94 Km 74 Km 152m 140m 134m 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 Coast Distance Water Depth Net Pay Devonian: Gas shows, 23m & 25m (column) 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 Onshore Block
AA V AB AC AE
Pride Venezuela Sea Explorer Ocean Star Ocean Lexington Ocean Ambassador
94 Km 84 Km 80 Km 86 Km 79 Km
43 43
CONCLUDED WELLS (3 OF 5)
Well AJ AH AG AF AK AO AN AD AI AQ AO AL AS AU AP AW OGX-36D OGX-35D 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 Maranho has 70% W.I. Block BM-C-41 BM-C-39 BM-C-37
2
Accumulation Pipeline D Waikiki Direcional 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
Rig Ocean Star Ocean Lexington 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
Water Depth 128m 104m 130m 127m 140m 110m 130m 151m Albian: 60m
Net Pay
Albian-Cenomanian: 80m Albian: 17m Albian: 42m Oil Shows Albian: 92m Albian: 107m Albian: 50m Devonian: 23m
Onshore Block 80 km 90 Km Onshore Block Onshore Block 75 Km 78 km 84 Km 128m 120m 131m 140 m 110m
Albian: 50m Albian-Cenomanian: 1,063m (horizontal section) Devonian: 43m Devonian: 15m Albian: 12m Eocene: 6m Albian: 82m Santonian: 1.7m Albian: 52m
44
CONCLUDED WELLS (4 OF 5)
Well AR AM AX AS AV AY BB AT AZ BC BA BD BG AW BE BF OGX-45D OGX-39HP OGX-52 OGX-51DP OGX-49 OGX-53D OGX-57 OGX-47 OGX-54 OGX-58DP OGX-56D OGX-59 OGX-62 OGX-55HP GVR-1D OGX-61 Block BM-C-40 BM-C-41 BM-C-41 PN-T-68 PN-T-68 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 BM-C-41 Accumulation Waikiki 3D Pipeline Horizontal Tambora Califrnia - 2DP Fazenda So Jos Waimea 2D Fazenda So Jos - 2 Macei Fuji - 2 Tambora Fuji 1D Fazenda Torro Ing - 1 Waimea 3HP Gavio Real Illimani 2 Rig Ocean Lexington Ocean Star Ocean Ambassador QG-1 BCH-05 Pride Venezuela QG-1 Ocean Quest Ocean Lexington Ocean Ambassador Ocean Star BCH-05 Ocean Lexington Sea Explorer QG-1 Ocean Ambassador 87 Km 93Km 84Km Onshore Block 124m 110Km 81Km 93Km 77Km Onshore Block 105m 131m 84 Km Onshore Block 185m 136m 128m 128m Albian: 60m Devonian: 9m Albian-Cenomanian: 20m Santonian: 26m Albian: >1,000m (horizontal section) Development well Albian: 9m Santonian: 51m Albian: 24 Coast Distance 96 Km 77 Km 93 Km Onshore Block Onshore Block 132m Albian: 71m Water Depth 109m 128m 128m Net Pay Maastrichtian: 5m Albian: 1,000m (horizontal section) Santonian: 5m Albian: 96m Devonian: 8m -
45
CONCLUDED WELLS (5 OF 5)
Well BJ BI BG BM BP BN BO BQ AY BH BL BS BX BT BR BU BV BZ BI OGX-66 OGX-65D OGX-64DP PERN-1 OGX-69 GVR-3D GVR-2D OGX-70 OGX-60HP OGX-63 OGX-67 OGX-71 OGX-73 GVR-4D PERN-2 GVR-5D OGX-72 GVR-6D OGX-68HP Block PN-T-67 BM-C-41 BM-C-40 BM-ES-37 BM-C-41 PN-T-68 PN-T-68 BM-C-41 BM-C-41 BM-S-57 BM-C-40 BM-C-40 BM-C-41 PN-T-68
1 4
Accumulation Angical Waimea 4D Ing 1DP Moriche Fuji - 4 Gavio Real Gavio Real Pipeline - 5 Waimea 2D Fortaleza Ing - 2 Ing - 3 Osorno 1 Gavio Real Guarapari Gavio Real Pipeline 7 Gavio Real Waimea 4HP
Rig BCH-05 ENSCO 5002 Ocean Lexington Ocean Star ENSCO 5002 QG-1 BCH-05 Ocean Lexington ENSCO 5004 Ocean Quest Ocean Ambassador Ocean Ambassador Ocean Ambassador QG-1 Ocean Star BCH-05 Ocean Lexington QG-1 ENSCO 5004
4OGX
Coast Distance
Water Depth 135m 105m 1,148m 125m Albian: 38m Albian: 97m
Net Pay
Onshore Block 83 km 93 km 52 km 81 km Onshore Block Onshore Block 80 km 84 km 102 km 93 km 93 km 78 km Onshore Block 110 km Onshore Block 78 km Onshore Block 83 km 135m 130m 823m 123m 132m 155m 111m 112m 130m
Santonian: 23m -
Development well Development well Albian: >1,000m (horizontal section) Albian: 110m Aptian: 150m (column) Albian: 37m Development well Development well Albian: 129m Development well Albian: > 1,000m (horizontal section)
BM-ES-384 PN-T-68
1
OGX has 50% W.I. and Maersk is the operator Waiting for a new rig
46
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)
$ Fixed revenue (gas plant rental) $ Variable revenue (varies according to plants dispatch)
TPPs
Gas Producers
Future Projects
Gas producers should receive remaining revenue, guaranteeing extraordinary margins (net back)
47