Award of Block PSC-I in Myanmar

28th May 2012

Jubilant Energy N.V.

("Jubilant" or "the Company")

Award of Block PSC-I in Myanmar

Jubilant is pleased to announce its entry into the Republic of The Union of Myanmarthrough the acquisition of block no. PSC-I awarded under the Myanmar Onshore Blocks Bidding Round in 2011.

The Production Sharing Contract (PSC) for the block was executed at Nay Pyi Taw on 28th May, 2012 between Jubilant, Parami Energy Development Company Limited (Parami) and Myanma Oil & Gas Enterprise (MOGE), an enterprise formed by the Government of the Republic of the Union of Myanmar.

Jubilant holds a 77.5% participating interest in this block through its subsidiary Jubilant Oil & Gas Private Limited, India and will be the Operator of the block. Parami Energy Development Company Limited holds the remaining 22.5% participating interest in this block.

The block covers an area of approximately 3600 sq km and is located about 125 kms North West of Yangon City.

The block falls in the Irrawaddy Delta Sub-basin and partly in the Pyay Embayment Sub-basin of the Central Burma Basin, which is believed to be the most prolific sedimentary basin in Myanmar, where giant fields such as Chauk-Lanywa and Yenangyaung are located. The awarded block is also located adjacent to the Myanaung and Shwepyitha producing fields

The Company's entry into Myanmar fulfils its strategic objectives of further expanding its portfolio in proven and prolific hydrocarbon basins especially given its expertise as operator of its four existing exploration blocks located in the North Eastern part of India, in close proximity to the Myanmar border.

The Company's discretionary work programme is expected to include the reprocessing of historical 2D seismic data, the acquisition of 2D / 3D seismic data and drilling operations. Any such expenditure will be attributed directly to the two partners' interests in the block.

Mr. Ajay Khandelwal, CEO commented:

"We are delighted to be the first company on the London Market to be awarded this highly prospective acreage in the Central Burma basin of Myanmar and further emphasises our commitment to build an exciting portfolio of assets in proven and prolific hydrocarbon basins.

Jubilant will utilise its in-house expertise as operator of our Tripura, Manipur and Assam blocks, which are geological andtectonically similar in setup to our newly awarded block.

The Central Burma basin of Myanmar is rich in oil and gas resources with discoveries and production dating back to1887 and the early 90's. We look forward to working with our partners in unlocking the potential in Myanmar."

A copy of this announcement and a map showing the block location shall shortly be available on the Company's website, www.jubilantenergy.com.

Enquiries:

Competent Person's - Consent for Release

Mr Ramesh Bhatia - Vice President (Exploration), holds a Master's of Science degree in Applied Petroleum Geology and has over 20 years of experience in the Oil and Gas Exploration, Development 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.

Notes to Editors

Parami is part of the diversified Parami Energy Group of Myanmar which was founded in 2004. The various business handled by the group includes providing offshore and onshore oil & gas field services, engineering services to cement and steel plants, project consulting, Infrastructure Development & Construction, Banking & Finance, Mining etc. The group has also taken up a social environmental initiative of planting 500,000 trees by year 2015 and has vision of supporting 30% of Monastery Education throughout Myanmar. In the year 2011, Parami Group generated income of more than USD 20 million.