JUB.L Regulatory News (JUB)

10 January 2012

Jubilant Energy NV

("Jubilant" or "the Company")

Successful Flow Test of Third Development Well of the Phase-III Drilling Campaign in Oil Producing Kharsang Field

Jubilant is pleased to announce that KSG#60 (previously known as KPL-G), the third of the seven phase III development wells in the Kharsang Field, has successfully flowed oil and gas from separate horizons, and has put oil into production.

The well KSG#60, spud on 5 October 2011, was successfully drilled to a target depth of 1,470 metres Measured Depth ("MD") (1,432 metres True Vertical Depth) on 27 November 2011. The well was tested with a smaller capacity work-over rig which was mobilised on 2 December 2011.

Based on the results of the wireline log interpretation, drill cutting and coring operations, and formation pressure data from the Reservoir Dynamic Tester, the consortium identified twelve sand intervals totalling to approximately 74 metres of net sand for testing. The well flowed oil from the fourth interval between 1,304-1,310 metres MD from the Girujan Sand and is currently producing at a rate of around 125 bopd.

The two deeper sands at 1,432-1,435 metres and 1,400.5 -1,406.5 metres MD tested gas, which flowed at rates of 0.67 mmscfd and 0.78 mmscfd, respectively, through a 4 millimetre bean.

The third sand in the interval at 1,358-1,362 metres MD tested water.

The other eight remaining shallower intervals, totalling 55 metres of net sand, will be tested at a later date.

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.

Enquiries:

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