Successful test results

31 October, 2011

Jubilant Energy N.V.

("Jubilant" or "the Company")

Successful Test Results of Second Development Well of the Phase-III Drilling Campaign in the Kharsang Field

Jubilant is pleased to announce that KSG#58 (KPL-C), the second of the seven phase III development wells in the Kharsang Field has successfully tested for oil and has been put into production.

The well, which was proposed as a step out development well in the eastern part of the Kharsang Field, was spudded on 22 August 2011. As previously announced, the well was successfully drilled to the target depth of 1,779 metres measured depth (1,602 metres True Vertical Depth) by 27 September 2011 and was tested with the smaller capacity work-over rig.

Based on wireline logging and other data, the consortium identified intervals totalling approximately 50 metres of net sand for testing. The well flowed oil from the interval between 752-758 metres measured depth in Girujan reservoir sand and is currently producing at a rate of around 90-100 bopd.

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