Kharsang Field Reserves and Resources Update

Jubilant Energy N.V.

30 August 2012

Jubilant Energy N.V.

("Jubilant" or "the Company")

Reserves and Resources Update for Jubilant's Kharsang Field

Jubilant is pleased to announce an upward revision in its Reserves, Contingent Resources and Prospective Resources for the Kharsang Field in Arunachal Pradesh. The Reserves and Resources Estimation for the Kharsang Field, prepared by Gaffney Cline & Associates ("GCA") in August 2012, gives the update as of 31 December 2011.

Key Highlights:

·; Production

o Cumulative Oil production as of 31st December 2011: 9.98 MMBbls (9.00 MMBbls as of 30th June 2010)

·; Reserves

o Gross Oil Reserves ranges from 3.65 MMBbls to 6.03 MMBbls with 2P Reserves of 5.31 MMBbls. Gross 2P Oil Reserves has increased by 9.5% in comparison with the previous GCA Gross 2P Oil Reserves as of 30th June 2010 after adjusting for production.

o Net Entitlement Oil Reserves of Jubilant ranges from 0.74 MMBbls to 1.23 MMBbls with Net 2P Reserves of 1.08 MMBbls. The 2P Net Entitlement Oil Reserves has increased by 11.9% in comparison with the previous GCA Net Entitlement Oil Reserves as of 30th June 2010 after adjusting for production.

·; Contingent Oil & Gas Resources

o Gross Contingent Oil Resources ranges from 2.47 MMBbls to 3.85 MMBbls with 2C Oil Resources of 3.13 MMBbls. Gross 2C Oil Resources has increased by approximately 286% in comparison with the previous GCA Gross 2C Oil Resources as of 30th June 2010.

o Net Contingent Oil Resources of Jubilant ranges from 0.62 MMBbls to 0.96 MMBbls with Net 2C Oil Resources of 0.78 MMBbls.

o Gross Contingent Gas Resources ranges from 15.9 Bscf to 43.5 Bscf with 2C Gas Resources of 27.7 Bscf. Gross 2C Gas Resources has increased by 45% in comparison with the previous GCA Gross 2C Gas Resources as of 30th June 2010.

o Net Contingent Gas Resources to Jubilant ranges from 4.0 Bscf to 10.9 Bscf with Net 2C Gas Resources of 6.9 Bscf. Net 2C Gas Resources to Jubilant has increased by 45% in comparison with the previous GCA Gross 2C Gas Resources as of 30th June 2010.

·; Prospective Oil & Gas Resources

Significant exploration upside- Best Estimate Gross Unrisked Prospective Resources:

o Namsang Oil Prospects : 2.6 MMBbls with GCoS of 75%

o Lower Girujan Oil Prospects: 9.9 MMBbls with GCoS of 50%

o Lower Girujan Gas Prospect: 102 Bscf with GCoS of 50%

o Tipam Gas Prospect: 296 Bscf with GCoS of 50%.

Reserves

The comparative Reserves as of 31 December 2011 and 30 June 2010 are summarized below:

* Net Entitlement Reserves reflect net pre-tax revenue attributable to the Contractor's Working Interest, converted to equivalent stock tank barrels

The revision in the Proved Reserves was on account of drilling additional infill and step-out development wells, which were drilled under the Phase III drilling programme and the successful workover activities. As previously announced, the consortium undertook a seven well development drilling in 2011-12 with six of the wells testing for oil and put under production. The remaining one well was tested for gas and has been kept shut for future gas utilization, as may be commercially viable.

Contingent Resources

Notes:

1. Net Oil or Gas Contingent Resources are an indication of the working interest fraction of the Gross Contingent Resources

2. The volumes reported here are "unrisked" in the sense that "Chance of Development" values have not been arithmetically applied to the designated volumes within this assessment. "Chance of Development" represents an indicative estimate of the probability that the Contingent Resource will be developed, which would warrant the re-classification of that volume as a Reserve.

Contingent Oil Resources:

Projects that have been assigned Contingent Resources (Oil) consist of the following:

·; The recoverable volumes beyond PML period (June 2020) for the "Reserves" projects

·; Full reservoir development of the A-B heavy oil (60cp) reservoirs utilizing thermal recovery techniques, which could possibly occur with first production in mid 2014.

·; Gas lift using compressed gas in 10-15 wells

Contingent Gas Resources: 

Contingent Resources have been assigned to gas in the Upper Girujan considering the possibility of selling gas utilizing the non-associated gas ("NAG") and associated gas from the field. The gas cap GIIP was increased by 30% based on preliminary indications after the discovery of an additional gas up-structure in the deeper upper Girujan reservoirs during the recent 2010-11 appraisal cum development drilling of several wells. Quantification of the gas in the deeper upper Girujan reservoirs was still ongoing at the time of the GCA report and it is possible that the GIIP could be much higher.

Prospective Resources

Notes:

1. Although the above prospects have been drilled, results to date have not been definitive enough to warrant their classification as discoveries, and hence Contingent Resources, instead they are retained as Prospective Resources pending further exploration activities.

2. Net Oil or Gas Prospective Resources are an indication of the working interest fraction of the Gross Prospective Resources

3. The GCoS reported here represents an indicative estimate of the probability that further drilling this prospect would result in a discovery, which would warrant the re-classification of that volume as a Contingent Resource. The GCoS value for Contingent Resource is by definition, unity. These GCoS values have not been arithmetically applied to the designated volumes with in this assessment. Thus the volumes are "unrisked".

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").

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 the 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 - 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.