1Q13 Results - MZ Brazil

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1Q13CONSOLIDATED CASHFLOW(in million R$)1,2001,0008001,052233414 2 829600400200-BeginningCash - 4Q12RecurringDisbursementsNon-RecurringDisbursementsInflow fromrevenuesWarrants &LoansFinal Cash -1Q13Below, it is presented the breakdown for disbursements performed in 2013, by project, and grouped asrecurring and non-recurring disbursements:BREAKDOWN Solimões Namíbia Corporate 1Q13Recurring 140 68 25 233Exploratory Campaign 125 49 174Seismic 15 19 34G&A, Taxes and Financial Exp. 25 25Non-Recurring 4 0 0 4Fixed Assets 4 4Exploration Rights 0Assets held for sale 0Total 144 68 25 237(in million of R$)In the first quarter of 2013, the Company disbursed R$233 million in recurring expenses which were:■ R$ 174 million for the exploratory campaign for activities including exploration, drilling, air, fluvial andground logistics, for both Solimões and Namibia.■ R$34 million for seismic, related to exploration activities in the Solimões and Namibia basins, involvinghiring services of seismic survey and seismic data processing; and■ R$25 million for G&A, taxes and financial expenses, referring to corporate expenses with personnel,administrative expenses and corporate insurance, which were not directly allocated to the exploratorycampaign, though existing for the development of the Group’s exploration activities.| Page 12 |
1Q13The chart below presents the variation of the average daily cash burn rate in the 1Q13, where a slightdecrease in the first quarter versus the previous quarter is noticeable. It is important to highlight that thepositive impact (net inflow) in the second quarter of 2012 was driven by receiving the first installment fromTNK for their acquisition of an interest in the Solimões blocks.Gross Daily Cash Burn Rate(BRL million)3.02.52.01.51.00.5-2.82.41.91.5 1.60.50.70.80.40.20.50.10.20.20.21Q12 2Q12 3Q12 4Q12 1Q133.02.52.01.51.00.5-2.30.10.71.51Q13 Forecasted2.60.20.81.61Q13 ActualsSolimões Namibia Corporate and othersSolimões Namibia Corporate| Page 13 |
Page 1 and 2: 1Q13Polvo A rigin the Polvo FieldMa
Page 3 and 4: 1Q13MANAGEMENT REPORTIn the First Q
Page 5 and 6: 1Q13HRT GROUP COMPANIES - 1Q13 HIGH
Page 7 and 8: 1Q13POLVOAt the beginning of May, a
Page 9: 1Q13Figure 5 - Wingat-1 well locati
Page 14 and 15: 1Q13ABOUT HRTHRT Participações ho
Page 16 and 17: 1Q13BALANCE SHEET(Thousands of R$)L
Page 18 and 19: 1Q13CASHFLOW STATEMENT(Thousands of

1Q13 Results - MZ Brazil

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