Drilling Update

20 May 2013

Jubilant Energy NV

("Jubilant" or "the Company")

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

Jubilant is pleased to announce that KPL-3E-2, the fourth well of the six well Phase-III-Extension development drilling campaign in the oil producing Kharsang Field, was spudded on 17 May 2013.

KPL-3E-2, located in the southern part of the field, located down-dip with respect to KSG#54 and KSG#55, is being drilled as an infill development well with the S-00 reservoir sand layer as primary objective and M-00, Q-00 and T-00 sand layers as secondary objectives. The well is planned to be deviated by approximately 589 metres to the south-east from well KSG#6 and will be drilled to a target depth of approximately 1,580 metres Measured Depth("MD") and 1,450 metres True Vertical Depth ("TVD").

The third development well of the current campaign, KSG#67 (previously referred to as KPL-3E-6), which was spudded on 20 April 2013, was successfully drilled to a revised target depth of 1,050 meters MD and 1,028 metres TVD on 2 May 2013. Based on the results of wire-line log interpretation, drill cuttings and formation pressure data from the Reservoir Dynamic Tester, four potentially hydrocarbon bearing sands have been encountered in the well with a total net pay of 19 metres, out of which three appear to be oil bearing with a total net pay of 16.4 metres. The company will be testing the sands and, assuming positive test results, expects to put the deepest oil-bearing sand on production soon. A further release will follow regarding the actual tested rates. The KSG#67 well will be tested with the smaller capacity work-over rig, which has already been 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 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.