Declaration of Commerciality in Tripura

31 December 2012

Jubilant Energy NV

("Jubilant" or "the Company")

Submission of Declaration of Commerciality in Tripura Block for Kathalchari Discovery

Jubilant is pleased to announce that on 28th December 2012 the Company submitted a Declaration of Commerciality for the Kathalchari discovery in the Tripura block to the Directorate General of Hydrocarbons for approval.

Following receipt of the necessary Government approval of the Declaration of Commerciality, the operator will submit a field development plan to the Government.

The above gas discovery was originally made in the Tripura block in late 2009 with the Phase-I exploration well Kathalchari-1("KL-1"). The appraisal plan for the Kathalchari discovery was approved in February 2011, which was followed by the acquisition, processing and interpretation of 252.5 line kilometres of 2D seismic data within the appraisal area. In addition to the discovery well KL-1, two appraisal wells and one Phase-II exploration well have been drilled to evaluate the discovery.

Jubilant holds a 20% participating interest in this block through its subsidiary Jubilant Oil & Gas Private Limited, India, which is also the operator for the block. GAIL India Limited holds the remaining 80% participating interest.

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.