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Significant progress was made in this basin, resulting in the Declarations of Commerciality of the Pipeline, Fuji and Illimani accumulations, for which the proposed names are Tubarão Tigre, Tubarão Gato and Tubarão Areia fields. OGX estimates a total volume of oil in place of 823 million barrels (P50) for the three fields. Following the submission of the Declaration of Commerciality, we will submit the fields’ Development Plans.

During the fourth quarter, the main focus of OGX’s exploratory campaign was drilling in the BM-C-37 and BM-C-38 blocks, once we received the environmental license in October 2012. With two rigs drilling wildcat wells simultaneously, we concluded the Viedma, Cozumel, Tulum and Cancun prospects. Important discoveries of oil in sandstone reservoirs were made in the Viedma and Tulum prospects, which motivated us to submit PADs to the ANP to continue the assessment of the area’s potential. However, we have not identified the presence of hydrocarbons in Cozumel or Cancun.

Furthermore, we have received from the ANP the approval of the PADs for the Vesuvio, Krakatoa and Honolulu areas, allowing OGX to extend the exploration period for these accumulations. In the meantime, we submitted PADs to the ANP for the Viedma, Tulum and Itacoatiara areas, and are now waiting for the approval for additional time.

For Viedma, we recently received the approval to drill the first appraisal well committed in the PAD and have just commenced drilling in the beginning of March (OGX-109).

PARNAÍBA BASIN

During 2012 we continued to advance our exploration campaign in the region as we pursued new areas. We have drilled 13 wells in this basin, nine of which were wildcat wells. We discovered gas in four new areas: Fazenda Axixá (OGX-77), Fazenda São Francisco (OGX-82), Basílios (OGX-97) and Esperantinópolis (OGX-102). We currently have two rigs focused on drilling exploratory wells.

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