Drilling Update

24 June 2013

Jubilant Energy NV

("Jubilant" or "the Company")

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

Jubilant is pleased to announce that KPL-3E-1, the fifth well of the six well Phase-III-Extension development drilling campaign in the oil producing Kharsang Field, was spudded on 23 June 2013.

KPL-3E-1, located in the southern part of the field, is being drilled as an infill development well between KSG#55 and KSG#53 with the S-00 reservoir sand layer as primary objective and Q-00 and T-00 sand layers as secondary objectives. The well is planned to be deviated by approximately 766 metres to the south-west from the existing plinth of the well KSG#34 and will be drilled to a target depth of approximately 1,666 metres Measured Depth ("MD") and 1,450 metres True Vertical Depth ("TVD").

The fourth development well of the current campaign, KSG#68 (previously referred to as KPL-3E-2), which was spudded on 17 May 2013, was successfully drilled to a revised target depth of 1,510 metres MD and 1,328 metres TVD on 13 June 2013. Based on the results of wire-line log interpretation, drill cuttings and formation pressure data from the Reservoir Dynamic Tester, total 74.3 metres of net pay have been identified, out of which 29.5 metres of pay is oil bearing. The company will be testing the sands and expects to put the deepest oil-bearing sand on production soon. A further release will follow regarding the actual tested rates. The KSG#68 well will be tested with the smaller capacity work-over rig, which has 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.