Result of Cash Offer

November 16, 2015

Jubilant Energy N.V.

(the "Company")

Result of cash Offer by Jubilant Energy (Holding) B.V. ("JEH") to acquire the shares and depository interests of Jubilant Energy N.V. not owned by JEH

Further to the announcement of 20 October 2015, the Board has agreed to announce on behalf of JEH that JEH has, as at 1.00 p.m. (London time) on 13 November 2015, received valid acceptances of the Offer with respect to 14,359,063 Shares and DIs.

The foregoing number of 14,359,063 represents 22.99 per cent of the Shares and DIs to which the Offer relates and 3.44 per cent. of the Company's issued share capital. Following the expiration of the Offer and assuming the Offer becomes unconditional, JEH will own an aggregate of 88.45 per cent. of the issued share capital of the Company.

The Offer is conditional only upon the Cancellation from AIM becoming effective, which is anticipated to occur at 7.00 a.m. (London time) on 17 November 2015. Subject to the Cancellation, the Offer is anticipated to become unconditional on 17 November 2015 and the consideration due to Shareholders and DI holders who have accepted the Offer is anticipated to be posted to Shareholders or issued through CREST to DI Holders (as applicable) by 1 December 2015.

Definitions used in the Offer document posted to Shareholders and DI Holders on 20 October 2015 shall have the same meanings when used in this announcement unless the context otherwise requires.