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Novy Neft Limited Approves Warrant Issue

13 13 2004

Hamilton, Bermuda: 12 February 2004 - The Directors of Novy Neft Limited (the "Company") wish to announce that the resolution proposed at the Extraordinary General Meeting of the Company held today was approved by the Shareholders present and attending and therefore the Directors will now go forward to arrange that the Bye-laws of the Company be amended accordingly to provide for the issue of Warrants.

The Warrants will be issued to qualifying shareholders (holders of Shares on the register of members of the Company on the record date of close of business (UK time) on 12 February 2004) ("Qualifying Shareholders") pro rata to their existing holdings on the basis of one warrant for every two shares held.

No action by Qualifying Shareholders is required in order to receive the Warrants. Settlement of the bonus issue will be undertaken by the Company's registrar by the issue of confirmation notes. Warrants will be held in registered form without the issue of a warrant certificate.

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