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Investor Presentaiton

BS-4: OPERATORSHIP IN DEEP WATERS 9queiroz galvão EXPLORAÇÃO E PRODUÇÃO Atlanta and Oliva post-salt Fields 80% of the recoverable oil in Atlanta QGEP: Operator and 30% stake ATLANTA FIELD 14° API heavy oil with certified GCA reserves of1P reserves of 147 MM bbl, 2P of 191 MM bbl and 3P of 269 MM bbl Tests at first two horizontal wells of Atlanta's EPS indicated production capacities close to 12Kbbl/d per well Petrojarl I FPSO chartered from Teekay Offshore Partners L.P. for the Early Production System (EPS): The vessel is being customized to the Field's specifications The unit is to arrive on site during 1H16 First oil in Atlanta is expected in the beginning of 3Q16 INVESTOR PRESENTATION 239 LIBRA Atlanta Oliva S-M-330 20 10 0 20 KM S-M-172 2000 P. 15
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