Drilling Update

22 April 2013

Jubilant Energy NV

("Jubilant" or "the Company")

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

Jubilant is pleased to announce that KPL-3E-6, the third well of the six wells Phase-III-Extension development drilling campaign in the oil producing Kharsang Field, Arunachal Pradesh, was spud on 20 April 2013.

KPL-3E-6 is located in the central part of the field and is planned to exploit the untapped hydrocarbons in the infill area between wells KSG#11 and KSG#25, with the H-00 layer as the primary objective and the G-00 and I-00 layers as secondary objectives. The well is planned to be deviated by approximately 140 metres towards the southeast from the existing drilling pad of KSG#11 and will be drilled to a target depth of approximately 1,021 metres Measured Depth ("MD") and 1,000 metres True Vertical Depth ("TVD"). The well is expected to take approximately three weeks to drill.

The second development well of the current campaign, KSG#66 (previously referred to as KPL-3E-4), which was spudded on 23 March 2013, was successfully drilled to a revised target depth of 1,128 meters MD and 1,047 metres TVD on 8 April 2013. Based on the results of wire-line log interpretation, drill cuttings and formation pressure data from the Reservoir Dynamic Tester, twelve potentially hydrocarbon bearing sands have been encountered in the well with a total net pay of 50.31 metres, out of which seven appear to be oil bearing with a total net pay of 30.33 metres. The company will be testing the sands and, assuming positive test results, expects to put the deepest oil-bearing sand on production within two weeks. A further release will follow regarding the actual tested rates. The KSG#66 well will be tested with the smaller capacity work-over rig, which is currently being mobilized to the site.

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 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.