Drilling Update

5 August 2013

 Jubilant Energy NV

("Jubilant" or "the Company")

Spudding of the Sixth Well of Phase-III-Extension Development Drilling Campaign in the Oil Producing Kharsang Field

Jubilant is pleased to announce that KPL-3E-5, the sixth and last well of the Phase-III-Extension development drilling campaign in the oil producing Kharsang Field, was spudded on 2 August 2013.

KPL-3E-5, located in the northern part of the field, is being drilled as an infill development well between KSG#22 and KSG#42, with the D-00 reservoir sand layer as primary objective, and the G-00 sand layers as secondary objectives. The well is planned to deviate by approximately 318.5 metres to the west from the existing plinth of the well KSG#42, and will be drilled to a target depth of approximately 1,015 metres Measured Depth("MD"), and 950 metres True Vertical Depth ("TVD").

The fifth development well of the current campaign, KSG#69 (previously referred to as KPL-3E-1), which was spudded on 24 June 2013, was successfully drilled to a revised target depth of 1,563.6 metres MD, and 1,358.4 metres TVD. Formation evaluation is in progress for this well, using the results of wire-line logs, drill cuttings and formation pressure data from the Reservoir Dynamic Tester. The consortium will be testing the hydrocarbon bearing sands and expects to put the deepest oil-bearing sand in production soon. The KSG#69 well will be tested with a smaller capacity work-over rig, which will be mobilized to the site shortly. A further release will follow regarding the actual test results.

GeoEnpro Petroleum Ltd., a joint venture between GeoPetrol and Jubilant Enpro (a member of the wider Jubilant Bhartia Group), is the operator of the Kharsang Field. Jubilant holds a 25 percent interest in the block through its subsidiary, Jubilant Energy (Kharsang) Pvt. Ltd. The other members of the consortium are Oil India Ltd. and GeoPetrol.

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.