Oleo e Gas Partcpacs e Recprc Jdcl : Update on Block BS-4 Consortium

Therefore, OGX celebrated, on the hereby date, a set of agreements including direct or indirect interested parties in the FPSO's charter, among them (a) Atlanta Field B.V. ("AFBV"); (b) QGEP Participações S.A. ("QGEP"); (c) Barra Energia do Brasil Petróleo e Gás Ltda. ("BE"); (d) OGX Netherlands Holding B.V. ("OGX NL"); and (e) Teekay Offshore Partners L.P. ("Teekay"). The agreements will become effective after the conclusion of certain procedures post-signing.

Among the main unfoldings of the renegotiation for OGX are the establishment of a negotiated solution for the partial amortization of the cash calls owed by OGX in approximately USD 14 million, and the replacement of the originally agreed guarantee with Teekay to cover the charter's obligations, which considered constant deposits in favor of Teekay, through the guarantee granted directly to QGEP and BE through the receivables related to 80% of OGX net result from the sale of oil which was produced in the Atlanta Field through the deposit in a linked account in order to end the assumed obligations of the consortium with Teekay.

The agreements of the renegotiation also establish the reduction of the rate for the FPSO's charter during the initial 18 months of production. After the first 18 months of production, the original daily rate will become effective, and will include a variable component linked to the oil prices, allowing the recovery of the difference by Teekay.

Lastly, as disclosed in previous opportunities, OGX holds a 40% participation in the Atlanta e Oliva Fields (BS-4 Block), in partnership with QGEP (30%) and BE (30%). The development project of the Atlanta Field

production is implementation stage, which the beginning of production is expected for the first quarter of 2018, as reported by QGEP, which is the BS-4 Consortium operator. OGX emphasizes that is employing efforts to sell its stake on BS-4 Block to potential interested parties.

The Companies will keep the shareholders and the market informed of the developments on this matter.

Rio de Janeiro, July 21st, 2017 Márcia Mainenti

Chief Financial and Investor Relations Officer

This document contains Company-related statements and information that reflect the current vision and/or expectations the Company and its management have regarding its business plan. These include, among others, all forward-looking statements that involve forecasts and projections, indicate or imply results, performance or future achievements, and may contain words such as "believe," "foresee," "expect," "consider," "is likely to result in" or other words or expressions of similar meaning. Such statements are subject to a series of expressive risks, uncertainty and premises. Please be advised that several important factors can cause the actual results to diverge materially from the plans, objectives, expectations, estimations, and intentions expressed in this document. In no event shall the Company or the members of its board, directors, assigns or employees be liable to any third party (including investors) for investment decisions or acts or business carried out based on the information and statements that appear in this presentation, or for indirect damage, lost profit or related issues. The Company does not intend to provide to potential shareholders with a revision of the statements or an analysis of the differences between the statements and the actual results. Each investor must conduct and rely on its own evaluation, including of the associated risks, in making an investment decision.

Márcia Mainenti Victor Rosenzvaig ri@ogpar.com.br

+55 21 3916-4545

Cibele Flores cibele.flores@ogpar.com.br

+55 21 3916-4505