Final Results

2 July 2012

Jubilant Energy N.V.

("Jubilant" or "the Company")

Audited results for the year ended 31 March 2012

Jubilant Energy N.V., the upstream oil and gas company with assets in major proven and prolific hydrocarbon basins in India and a recently acquired block in Myanmar, is pleased to announce its audited consolidated results for the year ended 31 March 2012.

Financial/ Corporate Highlights

·; Revenues of USD 19.1 million, an increase of 40% over the previous financial year

·; Average oil price realised over the year was USD 115.6 per barrel (premium to Brent), 36% higher compared to previous year

·; Loss for the year of USD 12.8 million, against a loss of USD 48.1 million in the previous financial year. This is mainly due to higher revenues, lower personnel cost and nil impairment in the current year

·; Capital expenditure of over USD 66 million during the year as against USD 30 million in the previous financial year

·; Strong cash position of USD 81.2 million and a net debt of USD 273 million on 31 March 2012. The Company is in the process of raising an additional loan of USD 135 million for the KG development

·; Appointed Jefferies International to advise on a range of strategic options for the business and its medium to long term funding

·; Strategic entry into Myanmar through the acquisition of block PSC-I in May 2012, with a 77.5% PI

OPERATIONAL HIGHLIGHTS

Producing Asset- Kharsang

·; Average gross production of 1,771 bopd in FY 2011-12, equating to 443 bopd net to Jubilant

·; Phase-III drilling programme of seven development wells in progress; six wells drilled of which five wells put on production; sixth well under testing and seventh well currently drilling

·; Additional six development wells planned in the Phase III drilling extension programme

·; Exploration well for deep objectives drilled; testing in 2012

·; 3D seismic survey of 87 sq km commenced and expected to be acquired by the end of the financial year 2012-13

·; Various production enhancement schemes being piloted for increasing production and recovery factor

Deen Dayal Field in Krishna Godavari

·; Batch drilling of four development wells in Deen Dayal West area (DDW) partly completed from the installed Well Head Platform (WHP) with the Jack-up rig. Modular rig operational since March 2012 for balance drilling and testing

·; Facilities development progressing on schedule and the current status is as under:

o WHP installed and used for drilling; mechanical completion by March 2013

o Onshore gas terminal (OGT) 67% complete; expected commissioning by June 2013

o Production Living Quarter Platform (PLQP) 50% complete

o Submarine Pipeline 30% complete , expected commissioning by April 2013

·; The Government has approved the extension to the existing DDW development area by 20.5 square kms thereby increasing the total development area to 37.5 square kms. This will further increase the 2C resources.

·; Second appraisal well drilled to appraise Deen Dayal East area, currently under testing

Tripura

·; Approval of Phase II exploration by the Government. Exploration seismic of 125 lkm commenced and the first of the two exploration wells currently under drilling

·; Completion of appraisal seismic acquisition of over 250 lkms

·; Srikantabari well in Tripura spudded in July 2011 and was drilled with the primary objective of evaluating the Middle Bhuban reservoir sands. Plan to test five zones in a sequential manner with the work-over rig

·; Appraisal well Kathalchari NE spudded in Tripura in February 2012, drilling is completed. Testing is planned with the work-over rig

Manipur

·; Airborne Full Tensor Gradiometry survey across two Manipur blocks completed in November 2011 with acquisition of 5,273 lkm. Processing and interpretation of data completed

·; 2D seismic acquisition of 540 lkm in the two Manipur blocks awarded, seismic acquisition commenced

Myanmar

·; Entered Myanmar through acquisition of a new acreage; PSC signed in May 2012 becoming the first LSE listed company to enter Myanmar in the oil & gas space

·; Situated in the Central Burma basin, rich in oil and gas resources

·; Geologically and tectonically similar in setup to Tripura, Manipur and Assam blocks where Jubilant is the operator

The Annual General Meeting has been convened on 31st August, 2012 in Amsterdam. The full version of the annual report for the year ended 31 March 2012 and the notice of the AGM will be posted to the shareholders and will be available on the Company's website at www.jubilantenergy.com on 1 August 2012.

Shyam Bhartia, Chairman and Hari Bhartia, Co-Chairman of the Company commented:

"This has been an exciting year for the Company from an operational point of view with considerable progress being made on the work programme we set out to achieve. Jubilant has a clear and focussed strategy to maximise the opportunities that the Indian macroeconomic environment offers. The diverse and balanced portfolio of assets provides huge growth opportunities. 2012-13 promises to be a year where we consolidate and grow to achieve the vision of Jubilant to be an independent E&P Company of Choice focussing on India's Energy demand."

Enquiries:

Competent Person's - Consent for Release

Mr. Ramesh Bhatia - Vice President (Exploration), 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.

Chairman and Co-Chairman's Statement

Introduction

The last year has seen Jubilant Energy continue to make significant progress maximising the opportunities that make India an attractive region for oil and gas companies. Whilst many issues have been inherent in international markets, the Indian macroeconomics have provided us with opportunities and allowed Jubilant's strategy to continue to flourish. Jubilant remains well positioned to benefit from the growth potential of the Indian market where energy demand is constantly increasing with indigenous supplies falling well short of this demand.

The Company has an exciting and diverse portfolio of assets in the main proven and prolific basins of India. Considerable progress has been made in the last year across all aspects of our portfolio; increasing production at Kharsang, further progressing our development in the KG Basin, moving ahead on our high impact exploration programmes in Tripura and Manipur. The Company has also entered Myanmar through the acquisition of new acreage in the Central Burma Basin. All of these demonstrate very significant achievements across our entire portfolio.

These achievements are a testament to the exceptional team that we have at Jubilant; a team that is dedicated to driving the Company forward, playing to its strengths as we look to continue to create and deliver sustainable shareholder value by maximizing the opportunities.

India macro environment

India is among the world's largest and fastest growing economies with an estimated GDP of 4.46 trillion in 2011(on a PPP basis), which makes it the fourth largest economy in the world. Even in a difficult year, the Indian economy grew at 6.9%. Coming on the heels of a 7.4% year-on-year growth since the turn of the millennium, exceeding 8% in most of this period, this may appear low, but in the context of a slowdown in the world economy, particularly the Eurozone crisis, the Indian growth numbers are indeed impressive. While India, or for that matter the other major emerging economies, will not be entirely immune to the international financial crisis, the strong economic fundamentals provide hope and optimism. There is a need, however, for more proactive and investor friendly policy initiatives and prudent fiscal management.

The primary energy consumption reached 559 mmtoe per year in 2011 and the long term prospects for energy consumption in India are very positive. With India expected to have the world's second highest rate of GDP CAGR from 2010-2016, just behind that of China, India's primary energy consumption is expected to continue to increase dramatically over the coming decades. A large population of 1.2 billion and favourable demographics certainly point towards a continuation of India's energy growth story.

Historically, gas has provided a relatively small proportion of India's primary energy consumption though that is changing with natural gas consumption as a percentage of total domestic energy consumption increasing from 8.5% in 2005 to 9.8% in 2011, and this is expected to be around 20% by 2025. Given the cleaner characteristics of gas, its consumption is expected to grow due to heightened environmental concerns and India's commitment to reduce its carbon emissions per unit of GDP by 2020 through policy interventions. Natural gas is therefore expected to take a higher proportion of a markedly increasing demand for energy in India, leading to a dramatic increase in the demand for gas. Despite recent increases in production, the consumption of natural gas has outstripped supply and the resultant demand-supply imbalance has meant that India has been a net importer of natural gas and LNG since 2004 and this imbalance is expected to worsen.

The increasing demand-supply imbalance means that over both the short and long term, India's import requirements are expected to increase. This will have profound implications on the structure of the gas market and gas pricing and will create a very favourable market for new uncontracted domestic sources of gas supply. With Jubilant's substantial gas reserves and resources and notable prospect and lead inventory in gas prone areas, the company is well placed to benefit from these favourable macroeconomic trends which look set to continue for many years to come.

Year under review

From an operational point of view, the period under review was extremely significant for Jubilant. Good progress was made across all the key assets where our operations are focused on, viz., KG Deen Dayal structural complex, Kharsang, Tripura and the two Manipur blocks. The major development from a portfolio perspective was the strategic entry into the Republic of The Union of Myanmar through the acquisition of block no. PSC-I awarded under the Myanmar Onshore Blocks Bidding Round in 2011. The Company's entry into Myanmar fulfils its strategic objectives of further expanding its portfolio in proven and prolific hydrocarbon basins especially given its expertise as operator of its four existing exploration blocks located in the North Eastern part of India, in close proximity to the Myanmar border.

Jubilant's only producing block in Kharsang witnessed a marginal decline from 1,809 bopd in the previous financial year to 1,771 bopd in the year under review, equating to 443 bopd net to Jubilant. This was mainly due to workover activities designed to increase production as well as faster depletion of producing wells than was earlier anticipated. The production increased to 1,837 bopd in March 2012 and is currently producing in excess of 1,900 bopd. The seven well phase III development drilling campaign has had a successful run with five of the wells already being put on production in 2011-12. The sixth well has been drilled and is under testing and the seventh well is currently drilling. An exploratory well was also drilled under the phase III programme to explore deeper prospectivity. The testing of this well is scheduled in 2012. Various projects for enhanced oil recovery were piloted during the year and more are planned in 2012-13.

The development of the Deen Dayal West Field in KG is also progressing on schedule to deliver first gas in H2 2013. The setting up of onshore and offshore facilities is on target. The Well Head Platform has already been set up and four development wells are under batch drilling from this platform. In a significant development, the Government approved the extension to the existing development area by 20.5 square kms increasing the total development area to 37.5 square kms. This extended area will increase the existing 2C resources for the KG block. The assessment of increment reserves and resources post DDW Extension approval remains ongoing.

On the exploration and appraisal side, Jubilant has made considerable progress in its major prospects in the North East. In Tripura, two wells were drilled as an appraisal well to Katalchari-1 well, with the primary objective of evaluating the Middle Bhuban reservoir sands. The Srikantabari well was spudded in July 2011, while Kathalchari NE was spudded in February 2012 and the testing of these two wells are planned in 2012-13. The Government approved the Phase II exploration programme in Tripura in January 2012. Two large anticlines with multi tcf resources and high possibility of success are planned to be drilled during Phase II, the first of which was spudded in May 2012. An exploration seismic of 125 lkm, already underway, is also part of the Phase II programme.

An Airborne Full Tensor Gradiometry survey was completed across the two Manipur blocks in November 2011, a first such survey to be done in India, with acquisition of 5,273 lkm. Processing and interpretation of the data has also been completed. The acquisition of 2D seismic of approximately 400 lkm in the two Manipur blocks for the second season has commenced.

Finance overview

In the year under review, the Company's revenue grew approximately 40% over the previous year to USD 19.1 million mainly on the back of higher international oil prices.

Jubilant is well funded to carry out its immediate work programme in the coming year with available cash and other funding options which are currently under discussion. The Company is also in the process of raising an additional debt of USD 135 million for KG. However, given the ambitious work programme over the next few years, Jubilant has appointed Jefferies International for advising it on a range of strategic options for the business and its medium to long term funding.

Further, the Company appointed Deutsche Bank as its Joint Broker in October 2011 and Panmure Gordon as its Nominated Advisor and Joint Broker in April 2012.

Corporate

We would like to take this opportunity to thank our exceptional Board who have continued to work with the Company's executive team providing invaluable support and guidance throughout the last year.

Mr Maxwell Birley, COO, decided to move on in his career from Jubilant at the completion of the primary term of his employment contract and accordingly was released on 6 June, 2012. We want to place on record our appreciation of his contributions to the Company.

We would again like to take the opportunity to thank all the people involved in making 2011-12 a memorable year for Jubilant - their time, energy, patience and hard work has been greatly appreciated and we cannot thank them enough.

Outlook

Jubilant has a clear and focussed strategy; we have a strong portfolio of assets, the expertise and also the funding to deliver this. India has exceptional opportunities for oil and gas companies and Jubilant is uniquely and ideally positioned to take advantage of these opportunities. The next year promises to be an exciting one for the Company as we look to further explore our Manipur and Tripura assets as well as commencing work in our Myanmar block, after entering the country post year end.

CEO's Statement

Jubilant has continued to make excellent progress in the last year. The Company remains committed to deliver its strategy of exploring opportunities across the E&P value chain; moving our 2C resources up to 2P reserves and adding new resources. Our focus continues to be the development of the KG block and the North East region of India, and post year end, now also includes the adjoining Myanmar, where the Company is looking to maximising opportunities.

The development of the KG block remains on track with the first gas expected next year and Kharsang has continued to move forward increasing the daily production. Our exploration programmes at Manipur and Tripura have further advanced during the year and the Company is also particularly excited about commencing our work on our newly awarded block, PSC-I, in Myanmar.

This is a very exciting time for the Company with considerable opportunities ahead. The Company have an extensive programme across its assets for 2012-13 as Jubilant look to maximise the opportunities of its portfolio.

India Energy Story

Jubilant is emerging as an important player in the oil & gas space in India and through the recently acquired block in Myanmar. It has presence in proven and prolific hydrocarbon basins with a portfolio of assets at various stages of high impact exploration, appraisal, development and production. The Company is well positioned to realise its vision to be an independent E&P Company of Choice with focus on India's Energy demand and to enhance value by leveraging opportunities for replacing high cost alternate fuels.

India's growth story remains largely intact, particularly on the energy growth front. India's large population of 1.2 billion and with an estimated GDP of USD 4.46 trillion in 2011-12 makes it the fourth largest economy in the world after the United States, China and Japan, in purchasing power parity ("PPP") terms. India is also one of the fastest growing economies in the world with its GDP expected to grow at 9.3% per annum on a PPP basis from 2010-2016. The correlation between energy consumption and GDP growth has meant that India's long term economic growth has led to increasing primary energy consumption with recent growth of 8.3% CAGR from 2006 to 2010. In 2009, India surpassed Japan to become the world's fourth largest consumer of energy, behind the United States, China and Russia with a consumption of 3,518 mmboe per year. Primary energy consumption reached 4,098 mmboe per year in 2011. However, India's per capita energy consumption of 3.4 boe per year is still considerably less than the world's per capita energy consumption of 12.9 boe per year. To put it into perspective, China's energy consumption per capita is four times that of India's.

The long term prospects for energy consumption in India are very positive. With India expected to have the world's second highest rate of GDP CAGR of 5.5% during 2008-2035, just behind that of China, India's primary energy consumption is expected to continue to increase dramatically over the coming decades.

Coal currently forms the major source of India's primary energy mix, followed by oil and then gas. Although, coal constitutes 53% of India's primary energy consumption, India has made little recent investment in coal. Oil and gas contributed a little under 39% of India's total energy consumption in 2010 which is relatively low compared to global standards; oil and gas contributed approximately 57% of the total global energy consumption.

In particular, whilst globally natural gas plays a major role as a primary energy fuel, it has historically provided a relatively small proportion of India's primary energy consumption. On the back of India's recent economic development, India's natural gas consumption as a percentage of total domestic energy consumption increased from 8.5% in 2005 to 9.8% in 2011, however this proportion still remains well below the world average of 23.7% in 2011.

Natural gas is therefore expected to take a higher proportion of a dramatically increasing demand for energy in India, leading to a significant increase in the demand for gas. The demand supply gap is currently estimated to be in the range of 113 mmscmd. As per the estimates of MoPNG, India's gas demand would grow to around 606 mmscmd while the supply from domestic sources would be in the range of 243 mmscmd by 2021-22. The size of imported LNG is expected to rise five folds to around 280 mmscmd in 2021-22, demonstrating India's continued reliance on imports to meet its energy demand, particularly with respect to gas.

Currently, gas is sold in India at different prices and there is a wide gap between the price of administered gas supplies and the prevailing market rate.

Based on the source of gas and end-consumer, the gas price varies accordingly.

·; APM gas for fertilizer, power, transportation and small industrial units, currently fixed at US$4.2 / mmBtu (APM is only applicable to specific nominated blocks of ONGC and OIL, and are not applicable for any block of Jubilant)

·; Panna - Mukta and Tapti ("PMT") gas, currently sold at USD 5.7 / mmbtu

·; KG basin, currently at USD 4.2 / mmbtu (up for revision every five years with next due in 2014)

·; Spot imported Regassified-LNG, traded at spot prices prevailing in the international market - USD 16-18/ mmBtu

·; Ras Gas PLL Contract will get directly indexed to JCC at 12.67% from 2013 onwards resulting in a landed price of ~$14/mmbtu

·; Gorgon LNG contract at FOB 14% JCC indexation resulting in landed price of ~$16/mmbtu

·; India will pay close to $13/mmbtu for natural gas it will buy from Turkmenistan through a pipeline passing through Afghanistan and Pakistan

The existing and projected demand-supply imbalance for gas is expected to provide an upward pressure on both LNG and the domestic gas prices. With the LNG share of India's total natural gas consumption increasing, it is expected that domestic gas prices would increase to market determined pricing with an increased pegging to imported LNG prices, which are referenced to rising crude petroleum prices.

Operational Overview of Key Assets

The Company's portfolio consists of eight oil and gas assets at various stages of exploration, appraisal, development and production in India and one newly acquired block in Myanmar post the year end. During the last year, Jubilant has continued to focus on the key five blocks in its portfolio. These are the assets that the Company believes offer the most upside and most immediate growth prospects for the group as well as delivering future shareholder value.

Production and near term production upside - Kharsang Field (WI 25%)

Jubilant holds a 25% working interest in the Kharsang Field, its oldest and only producing asset. The block is operated by Geo Enpro Petroleum Ltd. Located in the prolific Upper Assam basin in the north-eastern region of India, the Kharsang Field is surrounded by some of the oldest oil fields in the country. The field has 62 wells, of which 35 wells were in production as at 31st March 2012. Production for the period averaged 1,771 bopd, with net production of 443 bopd to Jubilant, compared with the previous year which stood at 1,809 bopd and 453 bopd respectively. This decline is partly on account of workover activities carried out in order to achieve an increased production and recovery factor in the future, and also on account of the faster than anticipated depletion of producing wells. The workover activities and drilling of new development wells have already started showing results with the current levels of production consistently well over 1,900 bopd, even crossing 2,000 bopd on some days.

Among the major initiatives in Kharsang, the consortium undertook a Phase III drilling programme consisting of seven development wells and an exploratory well to explore deeper prospects. The development drilling programme has been highly successful with five of the seven wells already being put on production, yielding between 30 and 120 bopd. The sixth well has been drilled and is currently being tested, while the seventh was spudded in May 2012 and is currently drilling. The next initiative on this front is a six well Phase-III extension development drilling programme planned in 2012-13.

Jubilant spudded an exploratory well targeting the hydrocarbon potential of the lower Girujan and deeper reservoirs. The lower Girujan formation underlies the producing upper Girujan reservoirs and the deeper reservoirs have proven to be prolific producers in nearby acreages. The well encountered 16 sand intervals with gross thickness ranging from 5 to 25 metres, which have been identified as potential hydrocarbon bearing zones. The well observed down-hole complications during drilling and at 1,609 metres MD, an extremely high pressured gas (or water) sand was encountered. Various options around re-entry or re-testing are being considered and a proposal will be submitted to Directorate General of Hydrocarbons (DGH) in 2012-13.

Work on 3D seismic survey of 87 sq km commenced in November 2011 and is expected to be completed by the end of financial year 2012-13.

Various production enhancement schemes are being piloted in the Kharsang field for increasing production and recovery factor. The pilot project for sand control, using a combination of sand screens &SandAid, is scheduled for commissioning by December 2012. This production enhancement scheme would also be used for heavy oil development in A & B sands. The pilot project planned for wax control through down-hole tubing heater arrangement is expected to be commissioned in October 2012 while that for Multi-Zone Single String and Dual String Completion, together with down-hole chemical injection for wax inhibition is expected to be commissioned by August 2012.

An updated reserve estimates and new production profile of the Kharsang field are expected to be announced in 2012.

Development Programme - Deen Dayal Field in the KG Basin (WI 10%)

The development of KG Deen Dayal West is on track to produce first gas in 2013. Batch drilling of four development wells commenced in September 2011 from the newly installed Well Head Platform (WHP). The wells were drilled partly by a Deep Sea Jack-up driller which was replaced by a lower cost modular rig in March 2012 to complete the development drilling and testing. In addition, three more re-completions of the old wells are planned during 2012-13. The setting up of both onshore and offshore gathering and production facilities are progressing as planned. As already mentioned earlier, the WHP is already installed and operational. By the middle of May 2012, the Onshore Gas Terminal (OGT) was 67% complete and is expected to be commissioned by June 2013 well in time for the first gas. The Production Living Quarter Platform (PLQP) was 50% completed in mid- May 2012, while the Submarine Pipeline was 30% complete with expected commissioning in April 2013.

Jubilant is extremely happy to report that the Government has approved the extension to the existing development area by 20.5 square kms increasing total development area to 37.5 square kms. This extended area is expected to increase the existing 2C resources for the KG block. Assessment of increment reserves and resources post DDW Extension is underway.

The Deen Dayal East appraisal well DDE-A-2, was spudded in February 2012 and is currently being tested.

Exploration and Appraisal Upside-Tripura (WI 20%)

Jubilant is the operator on this block with a 20% participating interest. The Director General of Hydrocarbons approved the appraisal programme of Kathalchari-1 (K-1) on 28 February 2011. The plan included the re-testing of the K-1 well and the acquisition of 130 lkms of 2D seismic data, subsequently increased to 180 lkms by the consortium. Jubilant has completed the seismic acquisition of 188.5 lkms against the planned 180 lkms and an additional 64 lkm of 2D seismic subsequently. The Srikantabari-1 ("SK-1") well was drilled as the first appraisal well to the K-1 discovery well with the primary objective of evaluating the Middle Bhuban reservoir sands tested in K-1. The well was drilled to a depth of 2,973 metres Measured Depth ("MD"). A gas kick was witnessed at 2,972 metres MD, while drilling which recorded a maximum gas of 48.9%, at 2,781 metres MD. Based on the interpretation of the sub-surface data including mudlogs, Dipole Shear Sonic Imager (DSI) log, Logging While Drilling (LWD) logs and Wireline logs, five zones of interest have been identified for testing within the Middle Bhuban formation. Gross thickness of the five identified zones for testing is approximately 92.5 metres, with testing scheduled in 2012-13. A second well to appraise K-1, KL-NE was spudded in February 2012 and the drilling was completed in May 2012. The testing of KL-NE, is also scheduled in 2012-13.

The consortium received the approval of the Phase II exploration in Tripura in February 2012 and the first exploratory well, Matabari-1, was spudded in May 2012. Matabari-1 is proposed to explore the hydrocarbon potential of the Lower Miocene Lower Bhuban and Late Oligocene Renji sands as primary objectives and the Middle Bhuban sands as a secondary objective. This will be the first exploratory well in the Block targeting deeper objectives beyond the Middle Bhuban. One more exploratory well is planned to drilled in 2012-13 under Phase-II, while the acquisition of exploration seismic of 125 lkm has already commenced.

Manipur (WI 100%)

The two Manipur Blocks, AA-ONN-2009/1 & 2, are located in the eastern extension of the Burma-Assam-Abakan fold thrust belt which covers almost 4,000 sqkms. Best estimate prospective resources have been assessed at 4.77 tcf on an unrisked basis. With Jubilant holding 100% Participating Interest, the blocks provide a significant long term upside potential. Jubilant contracted Bell Industries to undertake an airborne gradiometer survey, the first such survey in India. The survey was completed in November 2011 and 5,273 lkms of data was acquired. Processing and interpretation of the resultant data was completed in April 2012. Jubilant has contracted Asian Oilfields and Alpha Geo respectively for seismic acquisition of 300 lkms in the Southern Block and 240 lkms in the Northern Block. The work on the seismic acquisition has already commenced with a target to complete 180-200 lkms before the onset of the rainy season. A detailed assessment of the drilling plan is currently underway and Jubilant is aiming to drill the first well in the first half of 2013.

Myanmar (WI 77.5%)

Jubilant acquired block PSC-I awarded under the Myanmar Onshore Blocks Bidding Round in 2011, complementing its already existing portfolio in the nearby North Eastern India. The Central Burma basin of Myanmar is rich in oil and gas resources with discoveries and production dating back to 1887 and the early 1990's. Jubilant will utilise its in-house expertise as operator of Tripura, Manipur and Assam blocks, which are geological and tectonically similar in setup to this newly awarded block.

The Production Sharing Contract (PSC) for the block was executed at Nay Pyi Taw in May, 2012 between Jubilant, Parami Energy Development Company Limited (Parami) and Myanma Oil & Gas Enterprise (MOGE), an enterprise formed by the Government of the Republic of the Union of Myanmar. Jubilant holds a 77.5% participating interest in this block and will be the Operator, while Parami holds the remaining 22.5% participating interest in this block.

The block covers an area of approximately 3,600 sq km and is located about 125 kms North West of Yangon City. The block falls in the Irrawaddy Delta Sub-basin and partly in the Pyay Embayment Sub-basin of the Central Burma Basin, which is believed to be the most prolific sedimentary basin in Myanmar, where giant fields such as Chauk-Lanywa and Yenangyaung are located. The awarded block is also located adjacent to the Myanaung and Shwepyitha producing fields.

The Company's discretionary work programme is expected to include the reprocessing of historical 2D seismic data, the acquisition of 2D / 3D seismic data and drilling operations. Any such expenditure will be attributed directly to the two partners' interests in the block.

Health & Safety

Jubilant's commitment to ensure the health and safety of all who work with Jubilant resulted in zero Loss Time Injury (LTI) for the year under review, a remarkable achievement considering a 3.46 million man-hours during the period. Jubilant is committed to achieve excellent health, safety and environment standards, to reduce accidents and ill health within the workplace and to minimise the impact of the Company's operations on the environment. A major HSE initiative taken during the previous year was establishing the best in class medical evacuation (Medevac) system, both by air and road.

The Company insists that all contractors should maintain the same high standards. Jubilant liaises closely with government departments, partners and other interest groups to comply with local laws and regulations and to minimise any disruption to the environment.

Jubilant seek to continuously improve the ways in which the Company contribute directly or indirectly to the economy and the well-being of the communities where Jubilant operates. Understanding and respecting local communities is essential to ensure the Company's continued presence in the locations where it works. The Company maintains a continual dialogue with local communities and authorities through its local staff and senior management when visiting the operational locations.

Transfer of Assets

The transfer of a 35% interest in the Golaghat block and a 20% interest in the Ankleshwar block from the wider Jubilant Bhartia Group is pending subject to obtaining the Government's approval.

The decision on the transfer of an additional 5% effective interest in the Kharsang field and the interest in the Yemen block has, for the time being, been deferred by the Board.

Outlook

Jubilant is well positioned and the year ahead promises to be another exciting one as the Company looks to build on what has been achieved during this period. The Phase III drilling on Kharsang is now nearing completion and the Company are now entering a six well Phase III-extension drilling programme as well as commencing the next very exciting stages of the Tripura and Manipur programmes which the Company look forward to updating further on as we progress over the year.

Our focus remains on North East India and our entry into Myanmar is a further extension of this strategy as the Company looks to build upon its core strengths and in-house expertise that are already in place for this region. Myanmar is a prolific hydrocarbon region and is an exciting move for us. The Company look forward to working with our partners in exploring these assets further.

The Company has an excellent portfolio of potentially company making assets, a team with the expertise to exploit them fully and an extensive work programme across them all. This is an exciting time for the Company as it embarks upon the next stages of its work programmes with a view to proving up the inherent value that the Company believe is across its portfolio.

CFO's Statement

Overview

2011-12 has proved to be a year where Jubilant has continued to maximise opportunities in an exciting energy market. Following a successful listing on AIM in November 2010, the Company has moved ahead on its journey as an independent and well funded organisation.

Production and Revenues

The average gross production during the year was 1,771 bopd and net production was 443 bopd. In the previous year, gross production was 1,809 bopd and net production was 452 bopd. The marginal decline in the current period is owing to work over activities and faster depletion of producing wells. Revenues totaled USD 19.1 million during the year, which was approximately 40% higher than the previous year. This includes operating revenues of USD 17.4 million on an entitlement interest basis, representing an increase of 41% against the previous year.

The average oil price realised was USD 115.6/Bbl (premium to Brent) and for the previous year it was USD 84.9/Bbl, an increase of 36.2%.

Income statement

During the year ended 31 March 2012, the Group incurred a loss of USD 12.8 million as compared to a loss of USD 48.1 million during the year ended 31 March 2011. The decrease in loss is mainly attributable to

a) an increase in operating revenues from USD 12.3 million in the previous year to USD 17.4 million in the current year

b) a decrease in personnel costs mainly due to a lower stock option expense

c) nil impairment in the current year

Cash flow

Closing cash (including short term investments) was USD 81.2 million (March 2011: USD 34.8 million). During the year, the Company had cash inflows of USD 6.5 million (2011: outflows of USD 3.9 million) from operating activities and outflows of USD 82.1 million (2011: USD 24.2 million) from investing activities, which were mainly funded by additional loans. The inflows from operating activities were primarily on account of an increase in revenues (USD 5.1 million). The outflows on investing activities encompass the investment in exploration and tangible assets to the tune of USD 56.1 million and investment of surplus funds in liquid, AAA rated securities.

The Group has aggressive plans for investment in exploration and development activities for next financial year with a budgeted spend around USD 120 million. The investment will be funded by available cash and debt facilities.

Financing

The documentation and disbursement of USD 50 million loan from EXIM Bank was completed during the year. This loan was availed to fund capital expenditure across the blocks. The Company is also in the process of raising an additional loan of approximately USD 135 million for the KG development.

Jubilant had a net debt of USD 273 million as on 31 March 2012. A strong cash position of USD 81.2 million, coupled with the additional proposed debt facility as mentioned above, will adequately fund the Company's capital expenditure in the coming year. The Company has further appointed Jefferies for advising it on a range of strategic options for the business and its medium to long term funding.

Financial Strategy & Outlook

Jubilant is looking at a multi pronged strategy of improving cash flows through increased revenues from Kharsang and forthcoming revenues from KG, reducing finance costs and achieving operational efficiencies. With its immediate cash requirements tied up, the Company is focussed on its medium to long term funding needs. The other focus of the Group this year is to rationalise and simplify the corporate structure to achieve overall operational, administrative and tax efficiencies.

Consolidated Statement of Comprehensive Income for the year ended 31 March 2012

Consolidated Statement of Financial Position as at 31 March 2012

Consolidated Statement of Cash Flows for the year ended 31 March 2012

Consolidated Statement of Cash Flows for the year ended 31 March 2012 (contd.)

Consolidated Statement of Changes in Equity for the year ended 31 March 2012

Consolidated Statement of Changes in Equity for the year ended 31 March 2012 (contd.)

Notes to the accounts

1. General and principal activities

Jubilant Energy NV ('the Company' or 'JENV') was incorporated on 12 June 2007, in Amsterdam, the Netherlands, as a company with limited liability. The registered office of the Company is Orlyplein 10, Floor 24, 1043 DP Amsterdam, the Netherlands. The Company is a subsidiary of Jubilant Energy (Holdings) B.V. (JEHBV), a Netherlands company, which in turn is a wholly-owned subsidiary of Jubilant Enpro Private Limited ('Jubilant Enpro'), a company incorporated under the laws of India. On 24 November 2010, the Company commenced trading on Alternative Investment Market (AIM), London.

The abbreviated consolidated financial information as at and for the year ended 31 March 2012 comprises the Company and its subsidiaries (together referred to as the 'Group' and individually as 'Group entity') and the Group's proportionate interest in jointly controlled assets in unincorporated joint ventures.

The Group is engaged in the exploration for and development and production of oil and natural gas. It conducts many of its activities jointly with others. The abbreviated consolidated financial information reflects only the Group's proportionate interest in such activities.

2. Summary of significant accounting policies

The abbreviated consolidated financial information has been derived from the Company's Consolidated Financial Statements for the year ended 31 March 2012 and the Company's Consolidated Financial Statements for the year ended 31 March 2011 which has been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. These standards have been consistently applied throughout the Group and in previous year. The Company's Consolidated Financial Statements for the year ended 31 March 2012 and the Company's Consolidated Financial Statements for the year ended 31 March 2011 were authorised for issue by the Board of Directors on 29 June 2012 and on 29 June 2011 respectively.

Basis of preparation

The abbreviated consolidated financial information, which comprise the abbreviated statement of financial position as at 31 March 2012, the abbreviated statement of comprehensive income, statement of changes in equity and cash flow statement for the year then ended, and related notes, have been derived from the Company's Consolidated Financial Statements for the year ended 31 March 2012, and the Company's Consolidated Financial Statements for the year ended 31 March 2011, on which the Company's audit firm KPMG Accountants N.V. ("KPMG") provided an unqualified audit opinion dated 29 June 2012 and on 29 June 2011 respectively.

For a better understanding of the Company's financial position and results, we emphasize that the abbreviated consolidated financial information should be read in conjunction with the Company's Consolidated Financial Statements as of 31 March 2012 and for the year then ended and the Company's Consolidated Financial Statements as of and for the year ended 31 March 2011, from which the abbreviated consolidated financial information was derived.

3. Trade and other receivables - current

Footnotes:

a) Represents amounts due from co-venturers on account of non-payment of cash calls raised by the Group in respect of operated blocks and /or advance payments made by the Group in respect of non-operated blocks.

b) Restricted cash - margin money represents margin money against guarantees and letters of credit. Restrictions on margin money deposits are released on the expiry of the terms of guarantees and letters of credit.

4. Loans and borrowings (including accrued interest)

5. Share capital

Issued and paid-up share capital

Share premium

Footnotes:

1) The authorised share capital of JENV as at 31 March 2012 is USD 12,145 thousand equivalent to EUR 8,742 thousand (31 March 2011: USD 12,145 thousand equivalent to EUR 8,742 thousand).

2) Share capital

Year ended 31 March 2011

The issued share capital as at 31 March 2011 is the issued share capital of JENV amounting to USD 5,581 thousand (416,306,787 ordinary shares of EUR 0.01 each amounting to EUR 4,163 thousand).

(i) On 24 November 2010 the Company commenced trading on Alternative Investment Market (AIM), London, having raised GBP 53,422 thousand (USD 85,000 thousand) by way of placing 69,379,430 new ordinary shares in the capital of the Company at a placing price of GBP 0.77 (equivalent USD 1.23) per share.

(ii) As per the modification agreement dated 22 July 2010 with EXIM, as on 24 November 2010, USD 10,000 thousand of loan from EXIM to JENV, was converted to equity shares by issuance of 8,162,285 new ordinary shares at the placing price of GBP 0.77 (equivalent USD 1.23) per share.

(iii) As per the terms of deed of modification dated 21 June 2010 with the Dynamic Funds, the outstanding loan amount of USD 16,500 thousand as on 24 November 2010, given to JEL Canada by Dynamic Funds, was converted to equity shares by issuance of 13,467,772 number of new ordinary shares at a price of GBP 0.77 (equivalent USD 1.23) per share of JENV.

Year ended 31 March 2012

There is no change in the issued share capital of JENV during the year ended 31 March 2012.

All issued shares are fully paid up. The holders of ordinary shares are entitled to receive dividend as declared from time to time and are entitled to one vote per share at the meetings of the Group.

3) Share premium

During the year ended 31 March 2011, the Group has issued a total of 91,009,487 ordinary shares (refer sub note 2 above) at a premium amounting to USD 110,217 thousand. Further during the year ended 31 March 2011, the Group has adjusted share issue expenses amounting to USD 5,170 thousand (including USD 2,482 thousand paid to underwriters and balance paid to various consultants) against the share premium.

6. Impairment

During previous years, Group has recognised impairment loss for carrying value of exploration and evaluation assets for Mehsana, Cauvery and Australia blocks. There is no impairment during the current year.

7. Earnings per share

The following is the reconciliation of the loss attributable to ordinary shareholders and weighted average number of ordinary shares used in the computation of basic and diluted earnings per share:

The Group has issued options to its employees during the year ended 31 March 2012 and 31 March 2011. Since the Group does not have profits during the current and in the previous year, the options issued are considered to have an anti-dilutive effect. Therefore, the basic and diluted EPS are the same.

8. Related Parties

(a) Related parties and nature of relationships where control exists

(b) Related parties and nature of relationships where transactions have taken place during the year

(c) Related party transactions

(d) Guarantees given by ultimate holding company

i. Secured foreign currency term loans taken by JENV from EXIM: Corporate guarantees in respect of these loans have been given by Jubilant Enpro.

ii. Secured term loans taken by JEKPL from banks: These loans are secured by primary charge on all present and future receivables of Jubilant Enpro relating to Kharsang field.

iii. Non-fund based limit taken by JOGPL, JODPL and JEKPL to furnish bank guarantee:Corporate guarantee in respect of this non-fund based facility has been given by Jubilant Enpro.

(e) As at 31 March 2012, performance guarantee amounting to USD 904 thousand (31 March 2011: USD 1,035 thousand) given on behalf of Jubilant Securities Private Limited against a lien on the term deposits of JENVPL in respect of Golaghat block.

(f) As at 31 March 2012, performance guarantee amounting to USD 1,907 thousand (31 March 2011: USD 2,183 thousand) given on behalf of Jubilant Capital Private Limited against a lien on the term deposits of JEKPL in respect of Ankleshwar block.

(g) As at 31 March 2012, performance guarantee amounting to USD 895 thousand (31 March 2011: USD 1,024 thousand) given on behalf of Jubilant Capital Private Limited against a lien on the term deposits of JENVPL in respect of Ankleshwar block.

(h) Pledge of 51% of promoters' shareholding in JEKPL in respect of term loan facility from banks.

(i) Non-disposal undertaking along with power of attorney in respect of 51% of the total issued and paid-up shares of JODPL held by JOGIL.

(j) BG limit of USD 3,849 thousand (31 March 2011: USD 4,405 thousand) is available for JCPL and JSPL within the overall limit of USD 14,625 thousand (31 March 2011: USD 16,741 thousand) of JOGPL and negative lien on participating interest of JCPL and JSPL in the blocks.

9. Contingencies

Contingent liabilities in respect of matters currently in dispute comprise:

Considering the facts and current status of the cases listed above, management is confident that there shall not be any liability devolving on the Group in this matter.

10. Events occurring after the balance sheet date

Subsequent to the balance sheet date, the Group was awarded the block number PSC-I under the Myanmar Onshore Blocks Bidding Round in 2011. The Production Sharing Contract (PSC) for the block was executed at Nay Pyi Taw on 28 May 2012 between the Group, Parami Energy Development Company Limited (Parami) and Myanmar Oil & Gas Enterprise (MOGE) (an enterprise formed by the Government of the Republic of the Union of Myanmar). The Group holds a 77.5% participating interest in this block through its subsidiary Jubilant Oil & Gas Private Limited (JOGPL), India and will be the Operator of the block. The block covers an area of approximately 3600 sq km and is located about 125 kms North West of Yangon City.

Glossary