JUB.L Regulatory News (JUB)

9 January 2012

Jubilant Energy NV

("Jubilant" or "the Company")

Jubilant completes drilling of the Srikantabari Appraisal well in the southern part of the Tripura block

Jubilant is pleased to announce the completion of the Srikantabari Appraisal well (S-1) which was spud on 18 July 2011.

The S-1 well was drilled to appraise Kathalchari-1 discovery well with the primary objective of evaluating the Middle Bhuban reservoir sands tested in Kathalchari-1. The well was drilled to a depth of 2,973 metres Measured Depth ("MD") compared to the planned target depth of 3,323 metres MD.At 2,972 metres MD, a gas kick was witnessed while drilling which recorded a maximum gas of 48.9%. Due to well control considerations (a loss-gain situation) the drilling was terminated at 2973metres MD and Jubilant will now test the sands encountered while drilling. A gas kick was also observed at 2,781 metres MD.

Based on the interpretation of the sub-surface data including mudlogs, Dipole Shear Sonic Imager (DSI) log, Logging While Drilling (LWD) logs and Wireline logs, five zones of interest have been identified for testing within the Middle Bhuban formation. Gross thickness of the five identified zones for testing is about 92.5 metres.

Jubilant is now planning to test these five zones in a sequential manner, either with the same rig or with a workover rig. It is likely that the current rig may be moved to drill another appraisal well and in that case after testing of the first zone, the other zones will be tested through a workover rig.

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 balance 80% participating interest.

Ajay Khandelwal, CEO of Jubilant Energy commented:

"We are very pleased with the indications on the completion of the S-1 well. We believe that the five zones we have identified look very interesting and the gas kicks that we witnessed certainly provide us with further encouragement as to the potential that these zones may contain. We look forward to providing further updates as we test these zones."

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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.