JUPITER ENERGY LIMITED — Director's Dealing 2006

Oct 31, 2006

Appendix 3Y

Rule 3.19A.2

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

Name of entity	JUPITER ENERGY LIMITED
ABN	65 084 918 481

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Geoff Gander
Date of last notice	26 September 2006

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Direct or indirect interest	Indirect
Nature of indirect interest	Rhona Ferguson-Gander (spouse of Director).
(including registered holder)
Note: Provide details of the circumstances giving rise to the
relevant interest.
Date of change	31 October 2006
No. of securities held prior to change	1,635,000 fully paid ordinary shares
	481,484 listed options expire 31/10/2006
	5,000,000 unlisted options expire 30/06/2008
Class	Listed Options
Number acquired	w
Number disposed	466,666
Value/Consideration	N/A
Note: If consideration is non-cash, provide details and estimated
valuation
No. of securities held after change	1,635,000 fully paid ordinary shares
	5,000,000 unlisted options expire 30/06/2008

⁺ See chapter 19 for defined terms.

Nature of change	JPRO lapsed.
Example: on-market trade, off-market trade, exercise of options,
issue of securities under dividend reinvestment plan.
participation in buy-back

Part 2 - Change of director's interests in contracts

Detail of contract
Nature of interest
Name of registered holder (if issued securities)
Date of change
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed
Interest acquired
Interest disposed
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation.
Interest after change

$+$ See chapter 19 for defined terms.