Successful Test Results

31 May 2013

Jubilant Energy NV

("Jubilant" or "the Company")

Successful Testing and Production of Third Well of Phase-III-Extension Development Campaign in the Oil Producing Kharsang Field

Jubilant is pleased to announce that KSG#67 (previously referred to as KPL-3E-6), the third of the six development wells of the Phase-III-Extension drilling campaign in the Kharsang Field, Arunachal Pradesh, has successfully tested for oil and has been put into production at an initial gross rate of 75 barrels of oil per day ("bopd").

KSG#67 was an infill development well in the central part of the Kharsang Field with the H-00 reservoir sand layer as the primary objective and G-00 and I-00 reservoir sand layers as secondary objectives. The well, spud on 20 April 2013, was successfully drilled to a target depth of 1,050 metres Measured Depth ("MD") (1,028 metres True Vertical Depth) and completed on 18 May 2013.

Based on the wireline log interpretation, mud log shows and formation pressure data from the Reservoir Dynamic Tester, the Consortium identified total net pay of 19 metres, out of which 16.4 metres appears to be oil bearing. Detailed testing was carried out in the deepest oil bearing sand in the interval 992-997 metres, which commenced from 19 May 2013, and the well is currently producing at a rate of around 75 bopd on intermittent self flow. An up-hole potential of approximately 11.4 metres of net oil bearing sands and 2.6 metres of gas/high GOR oil bearing sands have also been identified in the well.

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

Competent Person's - Consent for Release

Mr Ramesh Bhatia - Chief Operating Officer, holds a Master 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.