Tripura Update

3 June 2013

Jubilant Energy NV

("Jubilant" or "the Company")

Testing Update and Submission of Notice of Discovery in Middle Bhuban Formation (Object-II) in North Atharamura-1 Well, Tripura Block

Jubilant is pleased to announce that subsequent to the successful conventional testing in the Middle Bhuban formation in the North Atharamura-1 well in Tripura Block AA-ONN-2002/1, a Notice of Discovery has been submitted to the Management Committee of the Block and Government of India, as required by the Production Sharing Contract. An announcement on the submission of a Notice of Discovery in the Lower Bhuban formation in the North Atharamura-1 well for the gross sand interval 2,175-2,195 metres Measured Depth ("MD") ("Object-I": perforated zone - 2,186-2,191 metres) was made on 31 May 2013. 

North Atharamura-1 is the second exploratory well of the two well Phase-II minimum work programme for the Block. The well was spud on 12 February 2013 and reached a MD of 3,400 metres on 17 May 2013.

Based on the available information from drilling, mud logs and wire-line open-hole and cased-hole data, two Objects were selected for conventional testing to establish the presence of producible Non-Associated Natural Gas. The gross Middle Bhuban sand package in the 610-635 metres MD interval (Object-II: perforated zone - 610-625 metres) appeared promising on the logging-while-drilling logs and the presence of hydrocarbons was further validated by wire-line logs. The testing operation for Object-II commenced on 29 May 2013 and the same was perforated on 31 May 2013.

Object-II flowed gas at a measured rate of 1.7 million standard cubic feet per day at 24/64" choke size. The multi-bean Study for flow rate and the Reservoir Limit Tests are currently being conducted.

Jubilant holds a 20% participating interest in this block through its subsidiary Jubilant Oil & Gas Private Limited, India which is also the Operator for the block. GAIL India Limited holds the remaining 80% participating interest.

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.