Spudding of Exploratory Well

Jubilant Energy N.V.

30 August, 2011

Jubilant Energy N.V.

("Jubilant" or "the Company")

Spudding of Exploratory Well in the Kharsang Field

Jubilant is pleased to announce that the KPL-DX exploration well in the southern part of the Kharsang Field has been spudded on 28 August 2011. The well is targeting the hydrocarbon potential of the lower Girujan and deeper reservoirs.

The lower Girujan formation underlies the producing upper Girujan reservoirs and is expected to contain oil and gas bearing reservoir sands. The deeper reservoirs have proven to be prolific producers in nearby acreages. Success at the KPL-DX exploration well could open up new prospective deeper horizons in the Kharsang field. The management estimate of prospective resources for this exploration prospect on a gross and unrisked basis is 342 bcf of gas and 20 mmbbls of oil.

The well is located 458 metres from the existing well pad, KSG-29 to the South-South West, and will be drilled to a total depth of around 2,800 metres True Vertical Depth. The well is expected to take two months to complete and the estimated cost is approximately USD 5.7 million (approximately USD 1.4 million net to Jubilant).

GeoEnpro Petroleum Ltd., a joint venture of GeoPetrol and Jubilant Enpro (a member of the wider Jubilant Bhartia Group), is the operator of the Kharsang Field. Jubilant holds a 25% interest in the block through its subsidiary, Jubilant Energy (Kharsang) Pvt Ltd. The other members of the consortium are Oil India Ltd and GeoPetrol.

For further information, please contact:

Competent Person's Consent for Release: Maxwell Birley, BSc in Geological Geophysics, the Company's Chief Operating Officer has 30 years of international experience in the exploration 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