Successful test results

Jubilant Energy N.V.

20 August 2012

Jubilant Energy N.V.

("Jubilant" or "the Company")

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

Jubilant is pleased to announce that KSG#64 (KPL-B), the last well of the seven well Phase-III development drilling campaign in the oil producing Kharsang Field, Arunachal Pradesh, has been successfully tested for oil and has been put on production at an initial gross rate of 226 barrels of oil per day.

The seventh development well KSG#64 (previously referred to as KPL-B) was proposed as a step-out development well in the southern part of the Kharsang Field with the primary objective of S-00 sand and the secondary objectives of M-00 and T-00 sands. The well was spudded on 31 May 2012 and successfully drilled to a target depth of 1557 meters Measured Depth ("MD") (1367 meters True Vertical Depth) and completed on 15 July 2012 as planned. The well KSG#64 was tested with the smaller capacity work-over rig which commenced on 3 August 2012.

Based on the wireline log interpretation, mud log shows, and formation pressure data from the Reservoir Dynamic Tester, the consortium has identified the interval of 1483 meters to 1486 meters MD in the S-00 reservoir sand for testing. Detailed testing was carried out in this zone and presently the well is producing at a rate of around 226 bopd on self-flow mode. In addition to the currently producing S-00 reservoir sand, one potential hydrocarbon bearing zone in the bottommost T-00 sand in the interval 1529 meters to 1532 meters MD has also been tested and produced gas with FTHP 425 psi and CHP 853 psi through 7mm choke.

Further, an up hole hydrocarbon potential of around 60 meters net thickness, out of which 19 meters is of net oil bearing sands, have been identified in this well and will be taken up for testing in future.

This brings to a conclusion a successful seven well development drilling campaign, with six of the seven wells testing oil and producing approximately 550 bopd. The sixth well (KSG-63) of the campaign tested gas and has been kept shut for future gas utilization, as may be commercially viable. The consortium plans to drill six more development wells under the Phase III Extension programme after receiving necessary approvals.

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.

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Competent Person's - Consent for Release

Mr. Ramesh Bhatia- Vice President (Exploration), holds a Master's of Science degree in Applied Petroleum Geology and has over 20 years of experience in Oil 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.