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Novy Neft Limited Gives Notice of EGM

27 27 2004

Hamilton, Bermuda: 27 January 2004 - The Directors of Novy Neft Limited (the "Company") wish to announce that the Company intends to make a bonus issue of warrants to Shareholders (the "Warrant Offer") and the Company has today given Notice of an extraordinary general meeting of Shareholders to be held on 12 February 2004. At that meeting Shareholders will be asked to approve an amendment to the Bye-laws of the Company the effect of which will allow the Company, subject to Bermuda Stock Exchange approval, to issue and subsequently list the warrants issued pursuant to the Warrant Offer, on the Bermuda Stock Exchange.

The Directors further wish to announce that Charlemagne Capital (IOM) Limited, the Company's Investment Manager, has advised the Company that it intends to launch a new investment company in the near future, Novy Neft II Limited, which will have a similar investment policy and objective as the Company. The shares and warrants of that company may be privately placed to certain types of U.S. investor and will, subject to Bermuda Stock Exchange approval, be listed on the Bermuda Stock Exchange.

Shareholders shall also be aware that the Company does not intend to issue any further new shares (otherwise than pursuant to any exercise of the warrants) and that the Investment Manager has confirmed that it does not intend to launch any new funds with investment policies which are identical to those of the Company or Novy Neft II Limited.

For further information on Novy Neft Limited please contact:

Daniel ReeceButterfield Securities LimitedTel: (441) 298 4764Fax: (441) 295 6759Email: danielreece@bntb.bm Varda LotanCharlemagne Capital (UK) LimitedTel: (44 207) 518 2100Fax: (44 207) 518 2199Email: varda.lotan@charlemagnecapital.com