Jubilant Energy, an emerging oil and gas play in India, engaged in upstream E&P since 1995, reports its placing of 69,379,430 new ordinary shares in the capital of the Company ("Placing Shares") with institutional investors (the "Placing") at a price of 77 pence per Placing Share ('Placing Price') to raise gross proceeds of $85 million (£53.4 million). Jubilant also announces that the admission of its entire issued share capital (including the Placing Shares) to trading on the AIM market of the London Stock Exchange plc ("Admission") is expected to take place on 24 November 2010. The Placing is conditional, inter alia, upon Admission.

Highlights: • Jubilant has built up a balanced portfolio of oil and gas assets through participation in licensing rounds since 1995, with a presence in the proven and prolific hydrocarbon basins of Krishna Godavari, Cambay, Cauvery and Assam-Arakan, India • The Competent Persons? Report completed by Gaffney, Cline and Associates ('GCA') estimates 2P net entitlement reserves of 24.46 mmboe (33.37 mmboe net working interest), and 2C resources (net working interest) of 117.93 mmboe. The Company has converted estimates of 2P reserves and 2C resources from the Competent Persons Report completed by GCA assuming a conversion factor of 1 Tcf to 178 mmboe • Production from the Kharsang Field averaged 1,974 bopd in June 2010 • The proceeds of the Placing, in addition to existing cash and debt facilities, are to be used inter-alia to progress Jubilant?s exploration and development of oil and gas assets, to accelerate Jubilant?s ongoing and future exploration programme and for general corporate purposes • Jubilant?s strategy is to convert its resources to reserves through focused and cost effective appraisal and development whilst maintaining a balanced portfolio of production, development and exploration assets, with diversity across fields and basins, hydrocarbon-type, as well as a diverse set of risk/reward profiles • Discovered oil and gas reserves in India to date represent a small fraction of the ultimate recoverable reserves of India, which is currently the fifth largest energy consuming country and where demand for both oil and natural gas outstrips the domestic supply • The Company has an experienced Board and management team with relevant technical expertise who aim to maximise the value of its current asset portfolio and to appraise and develop the Company?s future opportunities • Jubilant is currently part of a diversified Indian business group ('Wider Jubilant Group') founded by Shyam Bhartia and Hari Bhartia with a presence in approximately 50 countries and revenues of around US$1 billion for FY 2010 • Evolution Securities Limited acts as joint bookrunner, nominated adviser and joint broker to Jubilant. Renaissance Capital Limited acts as joint bookrunner and joint broker to Jubilant

Ajay Khandelwal, Chief Executive Officer of Jubilant commented, 'I am really delighted that we are listing Jubilant in London. With our spread of assets, our experienced team and the continuing support from the Wider Jubilant Group, we are confident we will deliver our strategy; growing the company, maximising the Indian opportunity and delivering value to our shareholders.

India is one of the largest energy consuming countries in the world, but its per capita energy consumption is amongst the lowest. Indian domestic demand continues to grow and yet the country is expected to be a net importer of energy for the foreseeable future. Jubilant will play straight into that imbalance.

Located in proven and prolific hydrocarbon regions in India, we have an exciting and geographically diverse portfolio of assets across all aspects of the E&P model.

The money we are raising will enable us to carry out our work programme targeting near term value enhancing opportunities in the region as well as some of the high impact exploration potential across our acreage.'

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