Drilling Update (2460Y)

TIDMJUB

RNS Number : 2460Y

Jubilant Energy N.V.

28 February 2012

Jubilant EnergyNV

("Jubilant" or "the Company")

Spudding of sixth well of Phase-III development campaign in Kharsang Oil Field

Jubilant is pleased to announce that KPL-E, the sixth of the seven development wells of the Phase-III drilling campaign in the oil producing Kharsang Field, Arunachal Pradesh, was spudded on 26 February 2012.

KPL-E, located in the southern area of the field to the south-west of wells KSG#40 and KSG#51, is being drilled with the primary objective of appraising the lower M-00 and S-00 sands together with the secondary objective of appraising the T-00 sand. The well will be deviated by approximately 548 metres to the south from the existing plinth of well KSG#32 and drilled to a target depth of approximately 1,400 metres True Vertical Depth ("TVD").

The fifth development well, KSG#62 (previously referred to as KPL-F), which was spud on 13 January 2012, has been successfully drilled to a target depth of 1,624 metres Measured Depth ("MD") (1,480 metres TVD) and was completed on 17 February 2012. Based on the results of the wireline log interpretation, mud log shows and formation pressure data from the Reservoir Dynamic Tester, a number of sands have been encountered in the well in line with previous expectations. The consortium will be testing these sands and expects to put the first zone on production following the completion of testing. A further release will follow regarding the flow rates achieved once testing is competed which is expected to take approximately three weeks. The KSG#62 well will be tested with the smaller capacity work-over rig mobilised to the site on 26 February 2012.

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.

Enquiries:

Jubilant Energy Ajay Khandelwal, Vipul Agarwal +91 120 4025700

Evolution Securities Jeremy Ellis, Neil Elliot +44 20 7071 4300

Deutsche Bank RajatKatyal, Drew Price +44 20 7547 8000

College Hill Nick Elwes, Alexandra Roper +44 20 7457 2020

Competent Person's - Consent for Release

Maxwell Birley, BSc in Geological Geophysics, the Company's Chief Operation 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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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