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At the same time, although we have confirmed and reported to the ANP microbiolite limestone with presence of gas and light oil on the OGX-85 well (Fortaleza accumulation), the Company decided not to continue its development and returned the BM-S-57 block to the ANP. In September 2012, the Company also returned the BM-S-29 block to the ANP.

In November 2012, as part of our continuing process of portfolio management, we acquired Petrobras’ 40% participating interest in Block BS-4, located in the Santos Basin. The BS-4 block encompasses two post-salt oil fields known as Atlanta and Oliva, located 185 kilometers off the Brazilian coast at a water depth of approximately 1,500 meters, with oil quality from 14º to 16º API. The consortium is formed by Queiroz Galvão Exploração e Produção SA, which holds the operatorship and a 30% participating interest, and Barra Energia do Brasil Petróleo e Gás Ltda., which also holds a 30% participating interest. In January 2013, the consortium received ANP approval for its Development Plan for the Atlanta Field and the first production well is expected for the second half of 2013 using Ocean Star rig, from our current fleet.

ESPÍRITO SANTO BASIN

We plan to resume our exploratory campaign in the coming months together with Perenco, our partner and operator of the blocks. We will commence drilling one exploration well in each block, BM-ES-39 and BM-ES-40, both of which are considered new and promising areas for oil and natural gas.

In March 2013, OGX decided to return the BM-ES-37 block to the ANP, in which OGX had a 50% stake. In October 2012, the Company also returned the BM-ES-38 block to the ANP.

COLOMBIA

In 2012, OGX finalized the acquisition of 2D and 3D seismic data in the VIM-5 block and also initiated the 3D seismic processing. In October 2012, we participated in Colombia’s 2012 ANH Round, and submitted the winning bid for another block in the Lower Magdalena Valley Basin, VIM-19, approved by ANH.

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