Drilling of exploratory wells

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

Total Estimated

Recoverable Volume

(P Mean )
      Working Interest      

OGX Estimated

Recoverable Volume

(P Mean )
      Spud date
Cozumel       BM-C-37       209-270 mmboe       70%       146-189 mmboe       4Q12
Tulum BM-C-37 194-280 mmboe 70% 136-196 mmboe 4Q12
Cancun BM-C-37 184-294 mmboe 70% 129-206 mmboe 1Q13
Viedma BM-C-38 245-313 mmboe 70% 172-219 mmboe 1Q13
Cotopaxi       BM-C-38       30-40 mmboe       70%       21-28 mmboe       1Q13
Total       -       861-1,196 mm boe       70%       603-837 mm boe       -
 
  • Santos Basin: 1 well until the concession for exploration ends in March 2013
  • Parnaíba Basin: 10 wells
  • Espírito Santo Basin: 3 wells, together with Perenco, the operator of the blocks
  • Updated certification of estimated reserves and resources

Capex
  • 2013 Annual estimate: US$1.2 billion

With the end of the exploratory concession periods for the Campos and Santos Basins approaching, the Company is gradually downsizing its rig fleet to accommodate a transition from the exploration campaign to the production phase in these basins, resulting in a reduction of its capex for 2013.