Appraisal well spudded

13th February, 2012

Jubilant Energy NV

("Jubilant" or the "Company")

Appraisal well spudded in DeenDayal East area of Krishna Godavari Block (KG-OSN-2001/3)

Jubilant is pleased to announce that the appraisal well DDE-A-2 was spud on 9 February 2012. DDE-A-2 is being drilled in a water depth of 99 metres utilising the Deep Driller-1 rig from Aban Offshore Limited.

This is the third appraisal well in the Deen Dayal East ("DDE") area of the KG-OSN-2001/3 block. The target depth of the well is 5,300 metres true vertical depth with the objective of appraising the lower Cretaceous Early Rift fill sands that were shown to be hydrocarbon bearing by the KG-16 discovery well.

This is the eighteenth well to be drilled by the consortium in the block. The last 13 wells drilled all flowed gas and condensates. Of these wells, four were drilled in Deen Dayal West, three in Deen Dayal East (including two appraisals wells), two in Deen Dayal North, two in Deen Dayal North East-BRU and two in Deen Dayal Downthrown.

Jubilant holds a 10% participating interest in this block through its subsidiary Jubilant Offshore Drilling Private Limited in India. Gujarat State Petroleum Corporation Limited, with an 80% participating interest, is the Operator of the block.

For further information Please contact:

Competent Person's - Consent for Release

Maxwell Birley, BSc in Geological Geophysics, the Company's Chief Operating Officer, has 30 years of international experience in the exploration and production industry. He has reviewed and approved the technical information contained in this announcement pursuant to the AIM guidance note for mining and oil and gas companies.