OGX 2012 Third Quarter Results

Campos Basin: 5-6 wells in the BM-C-37 and BM-C-38 blocks (1-2 wells to be initiated in 2012)

Cash Spending-Accrual Basis (US$ million)(1) Note: (1) Considers average exchange rate equivalent to: BRL 1.77/USD (1Q12); BRL 1.96/USD (2Q12); BRL 2.03/USD (3Q12)----(2) Final stage of GTU assembly and two additional onshore rigs

Cash Flow (US$ million)(1),(2) Notes: (1) Considers average exchange rate equivalent to: BRL 1.77/USD (1Q12); BRL 1.96/USD (2Q12); BRL 2.03/USD (3Q12)----(2) Considers end of period exchange rate equivalent to: BRL 1.88/USD (4Q11); BRL1.82/USD (1Q12); BRL 2.02/USD (2Q12); BRL 2.03/USD (3Q12)

Note: (1) Considers the total volume produced divided by the effective days of production

GTU Gas Tanks

GTU Process Plant View

Cluster Installation