Funding Agreement

23 March, 2015

Jubilant Energy N.V.

("Jubilant", "the Company" or "the Group")

Funding Agreement Signed

Jubilant is pleased to announce that on March 20, 2015, it entered into a funding arrangement with Jubilant Energy (Holding) BV* for an unsecured loan of USD 1.5 million (the "Loan"). The Loan has a tenor of one year and an interest rate of 6 months USD LIBOR plus 4.5% per annum. These funds will be used for funding the operations and debt servicing of the Group.

The Loan is deemed to be a related party transaction pursuant to AIM Rule 13. The Independent Directors of the Company, having consulted with its nominated adviser, consider that the terms of the Loan are fair and reasonable insofar as its shareholders are concerned.

*Jubilant Energy (Holding) BV is a substantial shareholder of the Company, holding approximately 85% of the voting rights of the Company and is directly or indirectly, owned and controlled by Mr S S Bhartia, who is Non Executive Director and Chairman, and Mr H S Bhartia, who is Non Executive Director and Co-Chairman of the Company.