Notice of General Meeting

Jupiter Energy Limited

("Jupiter" or the "Company")

Notice of General Meeting

Jupiter, the Kazakhstan-focused oil exploration and production company, quoted on AIM (JPRL) and ASX (JPR) announces that it has today posted to shareholders a notice of general meeting (the "General Meeting") to be held at 2.00 p.m (WST) on 14 May 2012 at the Celtic Club, 48 Ord Street, West Perth, Western Australia 6005.

The General Meeting is being held for shareholders to consider and, if thought fit, approve resolutions to:

·; allow the Company's directors to allot and issue up to a maximum of 8,215,000 shares in the capital of the Company to Soyufneftegas Capital Limited ("SNG") upon conversion of a convertible note deed executed by the Company and SNG on 10 October 2011. The pursuance of this authority is in anticipation of possible conversion by SNG upon the Company undertaking an entitlement issue the terms of which are yet to be finalised. Once the pricing of the entitlement issue is finalised the exact number of shares to be issued to SNG will be determined; and

·; amend the terms of performance rights held by Messrs Geoff Gander, Alastair Beardsall, Baltabek Kuandyko and Scott Mison such that the term for the vesting conditions attached to such rights to be satisfied is extended from 25 August 2012 to 31 December 2013.

A copy of the notice of General Meeting setting out the proposed resolutions in more detail is available at the Company's website: www.jupiterenergy.com

Enquiries:

Jupiter Energy Limited +61 89 322 8222

Geoff Gander [email protected]

finnCap Ltd +44 (0)20 7220 0500

Sarah Wharry/Christopher Raggett (Corporate Finance)

Simon Johnson (Corporate Broking)

Media Enquiries:

Allerton Communications +44 (0)20 3137 2500

Peter Curtain [email protected]