Successful Test Results

24 July 2013

Jubilant Energy NV

("Jubilant" or "the Company")

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

Jubilant is pleased to announce that KSG#68 (previously referred to as KPL-3E-2), the fourth 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 94 barrels of oil per day ("bopd").

KSG#68 is an infill development well in the southern part of the Kharsang Field with the S-00 reservoir sand layer as the primary objective and M-00, Q-00 and T-00 sand layers as secondary objectives. The well, spud on 17 May 2013, was successfully drilled to a revised target depth of 1,510 metres Measured Depth ("MD") (1,328 metres True Vertical Depth).

Based on the updated wire line log interpretation, mud log shows and formation pressure data from the Reservoir Dynamic Tester, the Consortium identified total net pay of 69 metres, out of which 24.2 metres appears to be oil bearing. Detailed testing was carried out in the interval 1,320-1,326 metres (with 4.8 metres net pay), which commenced on 6 July 2013, and the well is currently producing at a rate of around 94 bopd in self flow. An up-hole potential of approximately 19.4 metres of net high Gas Oil Ratio ("GOR") oil and 44.8 metres of gas bearing sands have also been identified in this 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.