The Board of Jupiter Energy Limited provides the following drilling update.

Well 19 Drilling Update

Well 19 was spud on Friday 26 December 2015. The well is being drilled on the East Akkar field between the J-51 and J-52 wells, both of which have been producing oil under trial production licenses. Well 19 will target the mid-Triassic level in an area of existing C1 reserves. If successful, the well will be placed onto Trial Production immediately after completion.

The well is expected to take approximately 60 days to reach target vertical depth (3,350m) and the commencement of the drilling of Well 19 means that the Company has met all of its 2014 work commitments under the Block 31 Licence Contract.

The Company will update shareholders on the progress and results of the drilling program at the appropriate time.

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