Drilling Update

19 February, 2013

Jubilant Energy NV

("Jubilant" or "the Company")

Spudding of the first well of Phase-III-Extension development drilling campaign in oil producing Kharsang Field

Jubilant is pleased to announce the spudding of well KPL-3E-7 on 18 February 2013. This is the first of the planned six well Phase-III-Extension development drilling campaign in the oil producing Kharsang Field, Arunachal Pradesh. The Phase-III-Extension campaign was approved by the Management Committee of the Kharsang Field in January, 2013 after the conclusion of a successful seven well Phase-III drilling campaign undertaken between July, 2011 and August, 2012. Six of the seven wells in the Phase-III campaign have been put into production and currently contribute approximately 700 barrels of oil per day. One further well tested positively for gas and has been held for future gas production, as it is commercially viable.

KPL-3E-7, located in the north-western area of the field, to the west of well KSG#61 and south-east of well KSG#16, is being drilled as an infill development well, with the H-00 reservoir sand layer as the primary objective and G-00 and D-00 sand layers as secondary objectives. The well will be deviated by approximately 188 metres to the south-east from the existing plinth of well KSG#16 and will be drilled to a target depth of approximately 1,032 metres Measured Depth ("MD") and 1,000 metres True Vertical Depth ("TVD"). The well is expected to take approximately three weeks to drill.

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.