Investor Presentation May/June 2012
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1 Investor Presentation May/June 2012
2 Queiroz Galvão Group Oil&Gas Experience QGEP Overview Asset Portfolio Financial Review 2
3 Queiroz Galvão Group Overview Segments Operations Highlights Exploration and production Largest private Brazilian Oil & Gas player in terms of production Drilling and Oil & Gas Services Largest privately-held provider of drilling and production services conglomerate in Brazil Infrastructure, hydroelectric power, sanitation, water & sewer, O&G platforms, highways, railroads, airports, subways and ports Fourth largest heavy construction builder Highway, energy, sanitation and subway Largest private water and sewage operator Steel, beef cattle, grapes and mango Exporter to Europe Landfill, mechanized collection, sweeping One of the largest environmental players in Brazil 3
4 Oil&Gas Chain of the Queiroz Galvão Group QG Group Sponsorship of the Queiroz Galvão Group, one of the largest conglomerates in Brazil with an extensive footprint of 30 years across the Oil & Gas industry Consolidated Group Net Revenues of around R$6 billion in 2011 Arms length transaction between the Group s companies QG Group Strong Footprint in the O&G Are ena Prime Petrobras Driller with top notch efficiency performance Largest shipyard of the Americas Largest private sector E&P company based on annualized daily production of boe One of the first companies to acquire blocks in the exclusive pre salt areas One of the leading EPC providers in Brazil SBM partnership, leader in FPSO s One of the largest engineering companies in Brazil with a historical track record 4
5 Queiroz Galvão Group Oil&Gas Experience QGEP Overview Asset Portfolio Financial Review 5
6 Longest Oil & Gas Track Record in Brazil First gas in the Manati Field Creation of QGEP First Oil in Coral Field Queiroz Galvão Perfurações S.A. founded in April 1980 during the world oil crisis Launched offshore rig operations Awarded the first E&P concession blocks Discovery of Manati field Changed name to Queiroz Galvão Óleo e Gás S.A. QGEP IPO raised R$1.5 billion Two farm-ins in the exclusive area of the presalt Launched onshore rig operations Initiated E&P business 6
7 Queiroz Galvão Group Oil&Gas Experience QGEP Overview Asset Portfolio Financial Review 7
8 Largest Independent Oil & Gas Company in Brazil Based on boe Daily Production Strong Financial Position Strong Operating Cash Flow Net Cash Position of R$891.5 million at March 2012 Room for leaverage Balanced Portfolio Producing Field (Manati) Diversified Exploratory Portfolio 3 Fields (Under Development) 3 Discoveries and 1 Potential Discovery Extension 7 Exploratory Blocks Major Producing Asset Largest Shareholder in the Manati Field (45% stake) Expected Average Capacity of 6.0 MM m3/day of Gas, Up From 4.1 MM m3/day in 2011 High EBITDAX Margins of > 70% Type A Operator Only Independent Brazilian Company with Type A Status Ability to Explore and Produce from Shallow to Ultra-deep Water BS-4 Operatorship (Ultra-deep Water) 8
9 Queiroz Galvão Group Oil&Gas Experience QGEP Overview Asset Portfolio Financial Review 9
10 QGEP s Assets Close to Brazil s Hot Spots Offshore Southeast Offshore Bahia Iara Libra Franco Tupi (Lula) Guará Carioca Pre-salt discoveries trend BM-S-8 and BS-4 farm ins enhanced QGEP s portfolio increasing the potential volumes to be discovered 10
11 Manati: One of Brazil s Largest Producing Non-Associated Gas Fields Long-term take-or-pay contract with Petrobras, providing strong and predictable cash flow Highlights Working interest : 45% Partners: Petrobras-35% (Operator); Panoro-10%; Brasoil-10% 3P Reserves : 70.2 million boe Location Manati Field Gas Treatment Plant 6 producing wells Expected Average Capacity of 6.0 MM m 3 /day 11
12 BM-S-12: Ongoing Drilling Targeting Pre-salt Reservoirs Santos Basin Location Consortium: - QGEP (30%) - Petrobras (70%) - Operator; Prospects Santos #4: 40% of GCOS Mean Risked Prospective Resources (MM boe) Santos #2 Santos #4 117 mm boe TBD 87.9 (Blended Case) Júpiter Tupi (Lula) Guará Carioca Pre-salt discoveries trend 59 mm boe Short-Term Schedule If Gas Prone If Oil Prone Total depth: Approx. 6,400 meters Santos #4 pre-salt prospect expected to be reached by the end of 2Q12 Ocean Baroness rig 12
13 BM-S-8: Promising Area with Several Discoveries Nearby Santos Basin Contingent and Prospective Resources Partners: - Petrobras (66%) - Operator; - Petrogal (14%) - QGEP (10%) - Barra Energia (10%) Santos 01 Santos 03 Transaction Value: US$ 175 MM Biguá prospect: results have indicated oil presence and the collected data is still under analysis Presence of high quality oil already identified at Carcará (31º API) with 2 notifications filed to the ANP Short-Term Schedule Drilling started in December 2011 at Carcará prospect with Sevan Driller Rig (SS-74) Final results expected by 3Q12 Final depth: Approx. 6,900 meters 13
14 BM-J-2: Pre-salt Targets 2 Prospects Alto de Canavieiras: 29% of GCOS Alto Externo: 24% of GCOS Lithology Forecast Working Interest: 100% QGEP Operator Restart Alto de Canavieiras: planned for 2Q13 Risked Prospective Resources BM-J-2 99 mm boe 89 mm boe 94.2 (Blended Case) Drilling interrupted at 2,540 m If Gas Prone If Oil Prone 14
15 BS-4: Operator in a Deep Water Block Santos Basin Privileged Location Atlanta and Oliva fields Oil in Place: 2.1 billion bbl Exploratory potential in the pre-salt Partners: - QGEP (30%) - Operator - Petrobras (40%) - Barra Energia (30%) Transaction Value: US$ MM Water Depth: 1,550 meters Distance to shore: 180 Km Atlanta s phase one of the development plan: Horizontal well to be drilled in 2013 to perform an extended well test (EWT) First oil estimated in 2014 Pre-salt prospect, Piapara, is expected to be drilled in
16 Queiroz Galvão Group Oil&Gas Experience QGEP Overview Asset Portfolio Financial Review 16
17 1Q12 Financial Highlights Gas production (Millions of m 3 ) -33.7% 1, % Net Revenue (R$ million) -25.4% % Q11 1Q % EBITDAX (R$ million) % 39% Q11 1Q12 67% 150.0% 100.0% 50.0% 0.0% Q11 1Q % Net Income (R$ million) % 19% % Q11 1Q % 100.0% 50.0% 0.0% EBITDAX EBITDAX Margin Net Income Net Margin 17
18 Net Cash Position (R$ million) March 31, 2012 Total CAPEX (US$ MM) R$ 964,9 R$ 891, % of the full payment of Block BS Cash Debt Net Cash* -R$ 73, Investments Exclusive funds and fixed income assets Daily liquidity Average yield of the portfolio: 102.6% of the CDI rate in 1Q12 Caixa Econômica 9% BTG Pactual 2% Votorantim 5% BNB 7% Itaú 13% Safra 2% Alfa 2% BV Mercantil 1% Government Securities 17% HSBC 12% Bradesco 17% Banco do Brasil 12% * Including marketable securities 18
19 2012: A Year of Progress 100% capacity at Manati Field Three exploratory wells underway Development of Block BS-4 Farm-in opportunities and future ANP bidding rounds 19
20 For additional information: Investor Relations QGEP Participações S.A. Av. Almirante Barroso, nº 52, sala 1301, Centro Rio de Janeiro, RJ CEP: Phone - IR: Fax: ri@qgep.com.br 20
21 Disclaimer This document contains some statements and information about the Company that reflect the current views and/or expectations of the Company and its managers with regard to its activities. These include all statements containing forecasts and projections or that indicate or imply future results, performance or achievements, which may include such words as "believe", "predict", "expect", "contemplate", "will probably result", or any other words or expressions of similar meaning. Such statements are subject to a series of expressive risks, uncertainties and assumptions. Readers are warned that several important factors may lead actual results to significantly diverge from the plans, targets, expectations, estimates and intentions expressed herein, there can be no assurance that the Company will achieve or is likely to achieve the future results or projections contained herein. Under no circumstances shall the Company or its directors, officers, representatives or employees be liable to any third parties (including investors) should they make decisions, investments or business acts based on information and statements presented herein, nor shall the Company be liable for any indirect damages, loss of profit, or similar consequences thereof. The Company does not intend to provide shareholders with any revised versions of the statements or analysis of differences between the statements and actual results. This presentation does not contain all the necessary information for a complete investment assessment on the Company. Investors must produce their own assessments, including the associated risks, before making an investment decision. 21
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