Publication of Prospectus

25 June 2012

Jupiter Energy Limited ("Jupiter" or the "Company")

non-renounceable entitlement issue

KEY POINTS:

·; Fully Underwritten Rights Issue to raise $11.6m (before costs)

·; Raising based on a pro-rata non-renounceable entitlement issue of 1 fully paid ordinary share in the capital of the Company for every 4 Shares held at the Record Date at an issue price of $0.40 per Share

·; Offer to close on 20 July 2012

The Board of Jupiter Energy Limited, the Kazakhstan-focused oil exploration and production company, quoted on AIM ("JPRL") and ASX ("JPR"), is pleased to advise shareholders that the Company has lodged a prospectus (Prospectus) with the Australian Securities & Investments Commission in relation to a fully underwritten pro-rata non-renounceable entitlement issue of 1 fully paid ordinary share in the capital of the Company (Share) for every 4 Shares held at the Record Date at an issue price of $0.40 per Share to raise up to approximately $11,613,016 (based on the number of Shares on issue at the date of the Prospectus) (Offer).

Fractional entitlements will be rounded up to the nearest whole number.

The Offer is fully underwritten by Waterford Petroleum Limited and Soyuzneftegas Capital Limited. Shareholders who will receive an entitlement under the Offer are those with a registered address which is in Australia, New Zealand, United Kingdom, Guernsey or Cyprus that:

A) have bought their Shares on ASX prior to the Ex Date and held those Shares to the Ex Date or later; or

B) are otherwise entitled at the Record Date in other limited circumstances pursuant to the ASX Settlement Operating Rules (ie the issue of new Shares through the exercise of options to acquire Shares),

Details in terms of the timetable of the offering and the use of funds can all be obtained from the Prospectus which is available at the Company's website: www.jupiterenergy.com

A letter outlining the Offer with a copy of the Prospectus attached, will be sent to all Depositary Interest Holders as at the Ex Date, which based on the Offer timetable outlined in the Prospectus is 27 June 2012.

The capital structure on a fully diluted basis on completion of the Offer will be 145,162,693 Shares assuming all Offer Shares are issued, no Options are exercised or Convertible Notes are converted prior to the Record Date and subject to rounding of fractional Entitlements.

Forward Plan

The forward plan is to spud the J-55 well as soon as is practical and the Company will provide drilling updates re the progress with J-55 as appropriate.

Operations Update

The Company is scheduled to release its June Quarterly Report in the next few weeks and this will provide a more comprehensive update on in country operations.

Any questions on this announcement should be directed to the Company.

ENDS

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]

In accordance with the guidelines of the AIM Market of the London Stock Exchange, Keith Martens, BSc Geology and Geophysics, with over 35 years' oil & gas industry experience, is the qualified person as defined in the London Stock Exchange's Guidance Note for Mining and Oil and Gas companies, who has reviewed and approved the technical information contained in this announcement.

About the Company:

Jupiter Energy Limited is an oil exploration and production company, quoted on both the AIM and ASX markets. The Company is focused on developing its onshore assets in western Kazakhstan. In 2008 the Company acquired 100 per cent of the Block 31 permit, located in the oil-rich Mangistau Basin, close to the port city of Aktau.

Jupiter Energy has a proven in-country management team, led by an experienced, international Board, together possessing the skills, knowledge, network and attention to detail needed to operate successfully in Kazakhstan. The forward plan will see Jupiter Energy develop a group facility on site to process, store and ship oil. This topside infrastructure is a key element in moving to licensed production and the achievement of self-funding.