Extension of contract area

27th April, 2011

Jubilant Energy N.V.

("Jubilant" or the "Company")

Extension of contract area in Krishna Godavari Block (KG-OSN-2001/3)

Jubilant is pleased to announce that the Management Committee for the Krishna Godavari Block (KG-OSN-2001/3), which consists of two nominees from Government of India (Ministry of Petroleum and Natural Gas and Directorate General of Hydrocarbons) has recommended the grant of an extension to the existing contract area by 20.5 km2. The extension area's coordinates are as follows-

The Field Development Plan ("FDP") for Deen Dayal West area ("DDW") in Krishna Godavari block, which includes wells KG-8, KG-15, KG-17 and KG-28, was approved by Government of India in November, 2009.

The hydrocarbon plays encountered in discovery wells KG-8 and KG-15 extend towards South/South West of the original block boundary. As per the Production Sharing Contract ("PSC"), the Management Committee has recommended the enlargement of the DDW development area in this direction. The previously approved development area for DDW is 17 km2.

As disclosed in CPR at time of the Company's IPO, this extended area of 20.5 km2 will increase the existing 2P reserves and 2C resources for KG block. A further reserves and resources update will be announced to the market in due course after necessary approvals.

Jubilant holds a 10% participating interest in this block through its subsidiary Jubilant Offshore Drilling Private Limited in India. Gujarat State Petroleum Corporation Limited, with an 80% participating interest, is the Operator for the block.

A copy of this announcement, including co-ordinates and the map showing the extended area, shall shortly be made available on the Company's website, www.jubilantenergy.com.

For further information please contact:

Qualified Person:

Max Birley, BSc in Geological Geophysics, the Company's Chief Operating Officer, has 29 years' experience in the international exploration 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.

About Jubilant

Jubilant Energy N.V. is a holding company for a group of companies engaged in the upstream oil and gas exploration and production sector with a portfolio of interests in exploration, development and production assets. The group holds interests in nine blocks in India, one of which is a producing field, one of which is under appraisal and development and the rest of the blocks are in various stages of appraisal and exploration. The group has sole operator responsibilities in six of these blocks.

Jubilant's principal strategy is to create sustainable shareholder value by building and exploiting its diverse portfolio of exploration, development and producing oil and gas assets focusing primarily on India. In particular, Jubilant will seek to monetise the value of its reserves and convert its resources to reserves through focused and economical appraisal and development. The Company intends to seek to maintain a balanced portfolio of production, development and exploration assets, with diversity across fields and basins, hydrocarbon-type, as well as a diverse set of risk/reward profiles.

The Company listed on AIM on 24th November 2010 and is part of the Jubilant Bhartia Group, a prominent diversified Indian business group founded by Shyam Bhartia and Hari Bhartia with a presence in over 65 countries and revenues of around US$1 billion for FY 2010