Novy Neft Limited - Payment Of Dividend Entitlement

Hamilton, Bermuda, February 1, 2007 - In an announcement made to the Bermuda Stock Exchange (BSX) The Directors of Novy Neft II Limited (the "Company") (NOVYNEFT.BH), wish to announce that further to a Stock Further to a Stock Exchange Announcement on 15^th June 2006, the Company is now in receipt of the dividend payment in respect of Gazprom GDRs.

As announced in June, the TAV calculation as at the close of business on 13 June 2006 was calculated including the dividend entitlement and paid excluding the dividend entitlement, pending receipt of the same.  The dividend amount per Share payable is US$0.18, which will be paid in cash to the account mandate held by the Company's Registrar on or around 31 January 2007.

Payment of dividend entitlements will only be made to the Shareholders who were on the Register as at 13 June 2006 and no payments will be made to any third party. 

For further information on Novy Neft Limited please contact: