BWI: Jubilant Energy N.V. Admission to Trading on AIM and Completion of Placing

Press release from Business Wire India
Source: Jubilant Energy N.V
Wednesday, November 24, 2010 02:55 PM IST (09:25 AM GMT)
Editors: General: People; Business: Banking & financial services, Business services, Energy companies, Financial Analyst, Media & entertainment, Stock exchanges
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Jubilant Energy N.V. Admission to Trading on AIM and Completion of Placing
("Jubilant" or "the Company")

Noida, Uttar Pradesh, India, Wednesday, November 24, 2010 -- (Business Wire India) -- Admission to trading on AIM and completion of placing
Jubilant Energy, an emerging oil and gas player in India, engaged in upstream E&P since 1995, today announced 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 announced 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") under the EPIC code "JUB".

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 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 Bhartia Group") founded by Shyam Bhartia and Hari Bhartia with a presence in over 60 countries and revenues of overUS$1 billion for FY 2010

. Evolution Securities Limited acts as nominated adviser and joint broker to Jubilant. Renaissance Capital Limited acts as joint broker to Jubilant

Ajay Khandelwal, Chief Executive Officer of Jubilant commented:

"I am really delighted that we have listed Jubilant in London. With our spread of assets, our experienced team and the continuing support from the Wider Jubilant Bhartia Group, we are confident we will deliver on our strategy of 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 have raised 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."

Jubilant's Strategy

Jubilant's principal strategy is to create sustainable shareholder value by building and exploiting its diverse portfolio of exploration, development and producing oil and gas assets focusing primarily on India. In particular, Jubilant will seek to monetise the value of its reserves and convert its resources to reserves through focused and economical appraisal and development.

The Company intends to seek to maintain 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.

Notes to Editors

Jubilant Energy N.V. is a holding company for a group of companies engaged in the upstream oil and gas exploration and production sector with a portfolio of interests in exploration, development and production assets. The group holds interests in nine blocks in India, one of which is producing field, one under appraisal and development and rest of the blocks are in various stages of appraisal and exploration. The group has sole operator responsibilities in six of these blocks.

For more info: www.jubilantenergy.com.


CONTACT DETAILS
Ajay Khandelwal, Jubilant Energy N.V, +91 (120) 402 5700
Rini Kalra, Jubilant Energy N.V, +91 (120) 402 5700

KEYWORDS
PEOPLE, BANKING, BUSINESS SERVICES, ENERGY, Financial Analyst, MEDIA, STOCK EXCHANGES

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