Declaration of Commerciality of 6 Discoveries

24 February 2014

Jubilant Energy NV

("Jubilant" or "the Company")

Declaration of Commerciality of 6 Discoveries in Block KG-OSN-2001/3

Jubilant is pleased to declare commerciality of six discoveries (KG-16, KG-22, KG-31, KG-21, KG-19 and KG-20SS) in Block KG-OSN-2001/3. GSPC, the Operator of the block, had submitted a commerciality analysis report on the six discoveries to the Ministry of Petroleum & Natural Gas on 14th February 2013 and the same has been reviewed by the Management Committee as required under the terms of the Production Sharing Contract.

The Declaration of Commerciality ("DOC") of the six discoveries has been examined with the following parameters and reviewed by the Directorate General of Hydrocarbons, India ("DGH"):

The Operator has prepared a long term phased resource maturation plan for the development of total available resources in the discovery area. As part of this phased development, the approved DOC considers recoverable gas of 1.015 TCF for initial development out of 2C recoverable gas resources of 4.708 TCF on gross basis (corresponding GIIP 8.392 TCF). GCA had estimated 2C recoverable resources of 4.888 TCF (corresponding GIIP 9.178 TCF), as was announced on 6 September 2012.

The above discoveries exclude the DeenDayal West ("DDW") and DDW Extension areas.

Reconciliation between the Contingent Resource estimates as considered in the DOC compared to the GCA estimates announced on 6 September is detailed in the table below:

Jubilant holds a 10% participating interest in this block through its subsidiary, Jubilant Offshore Drilling Private Limited in India. GSPC holds an 80% participating interest and is the Operator for the block. GeoGlobal Resources Inc. holds 10%.

Competent Person's - Consent for Release

Mr. Ramesh Bhatia- Chief Operating Officer, 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 and Glossary of abbreviations

The above resource figures have been estimated using the Petroleum Resources Management System published by the Society of Petroleum Engineers/ World Petroleum Council American Association of Petroleum Geologists/ Society of Petroleum Evaluation Engineers (SPE/WPC/AAPG/SPEE) in March 2007 ("SPE PRMS").