Update for Jubilant's Kharsang Field

25 July 2014

Jubilant Energy N.V.

("Jubilant" or "the Company")

Reserves and Resources Update for Jubilant's Kharsang Field

Jubilant is pleased to announce an upward revision in its Reserves, Contingent Resources and Prospective Resources for the Kharsang Field in Arunachal Pradesh. The Reserves and Resources Estimation for the Kharsang Field, prepared by Gaffney Cline & Associates ("GCA") in June 2014, gives the update as of 30 September 2013.

Key Highlights:

· Production

o Cumulative gross Oil production as of 30 September 2013: 10.45MMBbls

· Reserves

o Gross Oil Reserves ranges from 3.34MMBbls to 5.48MMBbls with 2P Reserves of 4.48MMBbls.

o Net Entitlement Oil Reserves to Jubilant ranges from 0.72MMBbls to 1.16MMBbls with Net 2P Reserves of 0.95MMBbls.

· Contingent Oil & Gas Resources

o Gross Contingent Oil Resources ranges from 6.05MMBbls to 37.18MMBbls with 2C Oil Resources of 15.03MMBbls. Gross 2C Oil Resources have increased by approximately 380% in comparison with the previous GCA Gross 2C Oil Resources as of 31 December 2011.

o Net Contingent Oil Resources to Jubilant ranges from 1.51MMBbls to 9.3MMBbls with Net 2C Oil Resources of 3.76MMBbls.

o Gross Contingent Gas Resources ranges from 147.7Bscf to 412.0Bscf with 2C Gas Resources of 248.8Bscf. Gross 2C Gas Resources have increased by 800% in comparison with the previous GCA Gross 2C Gas Resource as of 31 December 2011.

o Net Contingent Gas Resources to Jubilant ranges from 36.9Bscf to 103.0Bscf with Net 2C Gas Resources of 62.2Bscf.

· Prospective Oil & Gas Resources

o Gross Prospective Unrisked Oil Resources ranges from 5.2MMBbls (low estimate) to 22.8MMBbls (high estimate) with best estimate Prospective Oil Resources of 11.0MMBbls and with a Geological Chance of Success (GCoS) of 75%.

o Net Prospective Unrisked Oil Resources to Jubilant ranges from 1.3MMBbls (low estimate) to 5.7MMBbls (high estimate) with best estimate Prospective Oil Resources of 2.75MMBbls at a GCoS of 75%.

o Gross Prospective Unrisked Gas Resources ranges from 80Bscf (low estimate) to 198Bscf (high estimate) with best estimate Prospective Gas Resources of 127Bscf and with a GCoS of 75%.

o Net Prospective Unrisked Gas Resources to Jubilant ranges from 20Bscf (low estimate) to 49.5Bscf (high estimate) with best estimate Prospective Gas Resources of 31.8Bscf and a GCoS of 75%.

Reserves

The comparative Reserves as of 30 September 2013 and 31 December 2011 are summarized below:

* Net Entitlement Reserves reflect net pre-tax revenue attributable to the Contractor's Working Interest, converted to equivalent stock tank barrels

The Proved Reserves have been assigned to existing wells and to proposed new wells as part of upcoming drilling campaigns.

All the estimated Proved plus Probable (2P) Reserves are present in the Upper Girujan reservoir. The Possible reserves category includes some volumes in the Namsang reservoir.

Contingent Resources

Notes:

1. Net Oil or Gas Contingent Resources are an indication of the working interest fraction of the Gross Contingent Resources, they do not represent the actual net entitlement under the current PSC terms and product pricing, which will be determined when these volumes are classified as Reserves.

2. The volumes reported here are "unrisked" in the sense that "Chance of Development" values have not been arithmetically applied to the designated volumes within this assessment. "Chance of Development" represents an indicative estimate of the probability that the Contingent Resource will be developed, which would warrant the re-classification of that volume as a Reserve.

Contingent Oil Resources:

Projects that have been assigned Contingent Resources (Oil) consist of the following:

· Full field development of the Namsang reservoirs

· Recoverable volumes beyond the PML period for the "Reserves" projects, for the Upper Girujan

· Full reservoir development utilising thermal recovery techniques, for the A-B sands, Upper Girujan

· Full field development of the Tipam reservoirs

Contingent Gas Resources:

Contingent Resources have been assigned to gas in Upper Girujan (C-T reservoirs), however over 90% of the additional gas Contingent Resources are in the highly over pressured Tipam reservoirs.

Prospective Resources:

Potentially recoverable, but as yet undiscovered volumes classified as Prospective Resources are present in Lower Girujan Reservoirs. The estimated prospective resources are given below:

Notes:

The GCoS reported here represents an indicative estimate of probability that re-drilling this Prospect would result in a discovery, which would warrant the re-classification of that volume as a Contingent Resource. The GCoS value for Contingent Resource is, by definition, unity. These GCoS values have not been arithmetically applied to the designated volumes within this assessment, thus the volumes are "Unrisked".

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'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.

Notes and Glossary of terms and abbreviations

GCA has estimated the Reserves, Contingent Resources and Prospective Resources using the Petroleum Resources Management System published by the Society of Petroleum Engineers/ World Petroleum Council American Association of Petroleum Geologists/ Society of Petroleum Evaluation Engineers (SPE/WPC/AAPG/SPEE) in March 2007 ("SPE PRMS").