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GTU Process Plant View

SANTOS BASIN

In the quarter, we finished drilling the OGX-89D appraisal well of the Natal accumulation, where we discovered 7 meters of net pay in the Santonian section, proving the extension of the accumulation.

We also concluded the drilling of the OGX-85 well, where we have confirmed microbiolite limestone with presence of gas and light oil, identified in sandstone and volcanic rocks, as reported to the ANP. The Company is still analyzing the economic viability of this discovery.

Finally, we are currently drilling the OGX-94DA well, in the Curitiba accumulation, where we have already discovered 32 meters of net pay in the Santonian/Campanian section. The drilling is still in progress aiming for the Albian section and we expect to have more information in the coming weeks.

Going forward, OGX will go through the assessment of the full set of data from the Santos Basin to define the ring fence of potential fields and the development plan for the area.

In September, we returned the BM-S-29 exploratory block, in which OGX had a 100% stake, to the ANP. After the conclusion of the Discovery Evaluation Plan (PAD) period for this area, the Company decided not to continue its development.

OTHER BASINS

Espírito Santo Basin

Although we did not drill in this basin in 3Q12, we plan to resume our exploration campaign before the end of the exploration period in October 2014 with drilling in the southern blocks of the basin (BM-ES-39, BM-ES-40 and BM-ES-41), considered a new and promising area for oil and natural gas.

Also, in October, we returned the BM-ES-38 exploratory block, in which OGX had a 50% stake, to the ANP after having analyzed the results obtained in the block.

Colombia

This quarter, OGX finalized the acquisition of 2D and 3D seismic data in the Lower Magdalena Valley Basin (VIM-5 block), and plans to commence drilling the first exploration well in Colombia in 2013. Also, in October, we participated in Colombia’s 2012 ANH Round, and had the winning bid for another block in the Lower Magdalena Valley Basin, VIM-19, only waiting for ANH’s confirmation.

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