Submission of Declaration of Commerciality, KG

18 February 2013

Jubilant Energy NV

("Jubilant" or "the Company")

Submission of Declaration of Commerciality for KG-OSN-2001/3 Block, Krishna Godavari Basin

Jubilant is pleased to announce that on 15th February 2013, Gujarat State Petroleum Corporation Limited ("GSPC") as Operator of the KG-OSN-2001/3 Block, Krishna Godavari basin, submitted a commerciality analysis report on behalf of the consortium members on the six natural gas discoveries within the block, namely, KG-16 in DDE area, KG-22 in DDN area, KG-21 & KG-31 in DDW-DT area, KG-19 and KG-20SS in DDNE-BRU area to the Directorate General of Hydrocarbons, India. This submission has been supported by all necessary technical and economic data, evaluation, interpretation and analysis of data and feasibility studies relating to the discoveries and other relevant information. The above discoveries exclude the Dean Dayal West ("DDW") and DDW Extension areas.

Jubilant holds a 10% participating interest in this block through its subsidiary Jubilant Offshore Drilling Private Limited in India. GSPC holds an 80% participating interest and is the operator for the block. GeoGlobal Resources Inc. holds 10%.

Competent Person's Consent for Release

Mr Ramesh Bhatia - Chief Operating Officer, 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.