KG Field Reserves and Resources Update

6 September 2012

Jubilant Energy N.V.

("Jubilant" or "the Company")

Reserves and Resources Update for Jubilant's Deen Dayal Field in Krishna Godavari Block post the approval of Deen Dayal West Extension Area and Drilling of Appraisal wells in Deen Dayal East Area

Jubilant is pleased to announce that the Gross Contingent Resources (2C) in the Deen Dayal Structural complex in the Krishna Godavari Block have been revised upwards by approximately 11% for gas and 10.2% for condensate. Gaffney Cline & Associates ("GCA") prepared a Reserves & Resources Update for Deen Dayal Field Offshore East Coast, India in August 2012 and reports a Reserves and Resources update as of 31st May 2012.

The revision in the Contingent Resources is the result of the following:

1. Significant addition to 2C resources pursuant to the award of the additional 20.5 sq km of DDW Contract area extension for Development in January 2012 by Government of India.

2. Revision of Deen Dayal East Contingent Resources following the drilling of two appraisal wells and interpretation of the newly acquired Q-marine seismic data.

Deen Dayal West Extension ("DDWE")

As previously announced, the Ministry of Petroleum and Natural Gas of the Government of India ("MoPNG"), had approved an extension of 20.5 square kilometres to the existing contract area for the Krishna Godavari Block (KG-OSN-2001/3) in January 2012. As a result of the extension, the approved development area for Deen Dayal West (DDW) has increased from 17 square kilometres to a total of 37.5 square kilometres.

DDWE Reserves and Resources were not included in the GCA's "Competent Person's Report on Indian Assets of Jubilant Energy N.V." dated 22 November, 2010, whilst the approval was pending. The Contingent Resource estimates audited by GCA as of 31st May 2012 for the DDWE area are summarized below:

Notes:

1. Resources Net to Jubilant Working Interest. These volumes do not represent JODPL net economic entitlement under the PSC that governs Block KG-OSN-2001/3, which will be lower

2. Hydrocarbon liquid volumes represents Condensate, estimated to be recovered during field separation and are reported in millions of stock tank barrels.

3. Natural gas volumes represent expected gas sales but have not been reduced for fuel usage in the field, and are reported in billion standard cubic feet at standard conditions of 14.7 psia and 60 °F.

4. Royalties payable to the state have not been deducted from reported net interest volumes.

Deen Dayal East ("DDE"):

The revised Deen Dayal East Contingent Resources following the interpretation of the newly acquired Q-marine seismic data and drilling of two appraisal wells drilling (DDE-A-1 & DDE-A-2) was carried out by GCA. The comparative Contingent Resources as of 31 May 2012 and 30 June 2010 are summarized below:

Notes:

1. Resources Net to Jubilant Working Interest. These volumes do not represent JODPL net economic entitlement under the PSC that governs Block KG-OSN-2001/3, which will be lower

2. Hydrocarbon liquid volumes represents Condensate, estimated to be recovered during field separation and are reported in millions of stock tank barrels.

3. Natural gas volumes represent expected gas sales but have not been reduced for fuel usage in the field, and are reported in billion standard cubic feet at standard conditions of 14.7 psia and 60 °F.

4. Royalties payable to the state have not been deducted from reported net interest volumes.

A summary of the Reserves and Resources for the whole KG block as of 31 May 2012 is tabulated below:

Reserves

Notes:

1. Reserves Net to JODPL represent the economic entitlement under the PSC that governs Block KG-OSN-2001/3

2. The statement of Reserves for DDW field are as of 30th June 2010 and should be read in conjunction with GCA's Report "Competent Person's Report on Indian Assets of Jubilant Energy N.V." dated 22nd November, 2010.

3. Hydrocarbon liquid volumes represents Condensate, estimated to be recovered during field separation and are reported in millions of stock tank barrels.

4. Natural gas volumes represent expected gas sales but have not been reduced for fuel usage in the field, and are reported in billion standard cubic feet at standard conditions of 14.7 psia and 60 °F.

5. Royalties payable to the state have been deducted from reported net interest volumes.

Contingent Resources - Gas

Contingent Resources - Condensate

Notes:

1. Resources Net to Jubilant Working Interest. These volumes do not represent JODPL net economic entitlement under the PSC that governs Block KG-OSN-2001/3, which will be lower.

2. The figures marked in asterisk (*) denotes estimates from Reserves & Resources Update for Deen Dayal Field Offshore East Coast, India prepared by GCA in August 2012 as of 31st May 2012.

3. Other Figures were taken from GCA's Report "Competent Person's Report on Indian Assets of Jubilant Energy N.V." dated 22nd November, 2010 as of 30th June 2010.

4. Hydrocarbon liquid volumes represents Condensate, estimated to be recovered during field separation and are reported in millions of stock tank barrels.

5. Natural gas volumes represent expected gas sales but have not been reduced for fuel usage in the field, and are reported in billion standard cubic feet at standard conditions of 14.7 psia and 60 °F.

6. Royalties payable to the state have not been deducted from reported net interest volumes.

Prospective Resources

Notes:

1. Figures were taken from GCA's Report" Competent Person's Report on Indian Assets of Jubilant Energy N.V." dated 22nd November, 2010 as of 30th June 2010.

GCA has estimated the Reserves, Contingent Resources and Prospective Resources using the Petroleum Resources Management System published by the Society of Petroleum Engineers/ World Petroleum Council American Association of Petroleum Geologists/ Society of Petroleum Evaluation Engineers (SPE/WPC/AAPG/SPEE) in March 2007 ("SPE PRMS").

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. Geo Global Resources holds 10%.

Ajay Khandelwal, CEO of the Company commented:

"The overall increase of around 11percent in the Contingent Resources in the KG Block is a reconfirmation of the immense potential of this block. The DD West Extension area has added significantly to the resources, more than our initial assessment, of about 8-10% increase, thus more than making up for the lowering of the estimates in DDE. The consortium will now focus on submitting a revised FDP that includes DDWE, which once approved, will convert the contingent resources to reserves."

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.