Bermuda Stock Exchange

BSX Shorts February 2007 Edition

Novy Neft Limited – Redemption Of All Shares In Issue & Members’ Voluntary Liquidation

Hamilton, Bermuda: February 27, 2007 – In an announcement made to the Bermuda Stock Exchange (BSX) The Directors of Novy Neft Limited (the "Company") (NOVNEFT BH), wish to announce that the Company has received a redemption request representing 73% of the shares in issue for redemption on 2 March 2007 and have been pre-advised of the redemption of the remaining holding on 16 March 2007. Accordingly the Directors anticipate that there will be no remaining shares in issue after 16 March and intend to place the Company into Members’ Voluntary Liquidation as soon as practicable thereafter.

Shareholders are advised that they may redeem their holdings (either in whole or in part) in specie provided they have the necessary custody arrangement in place to accept delivery of specie stock. Shareholders wishing to redeem their holdings in specie should complete and return their Form of Election by 5pm on 14 March 2007.

For further information on Novy Neft Limited please contact:

Jai Cedenio

Butterfield Securities (Bermuda) Limited

Tel: (441) 298 5648

Fax: (441) 295 6759

Email: jaicedenio@bntb.bm

Christopher Fitzwilliam-Lay

Charlemagne Capital (UK) Limited

Tel: (44 207) 518 2100

Fax: (44 207) 518 2199

Email: chris.fitzwilliamlay@charlemagnecapital.com

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