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Novy Neft II Limited Confirms Placing of Shares and Warrants

02 2 2004

Hamilton, Bermuda: 2 March 2004 - Novy Neft II Limited (the "Company") has today advised the Bermuda Stock Exchange (the "BSX") that its recent Placing was fully subscribed, and pursuant to a meeting of the board of directors held on 27 February 2004, 10,000,000 Shares and 4,999,994 Warrants were allotted and issued.

The Company has also formally advised the BSX, in accordance with Regulation 6.30 (3) of Section IV, Chapter 6, Part B of the Bermuda Stock Exchange Listing Rules, that a company connected to Charlemagne Capital (IOM) Limited, the Investment Manager (the "Investment Manager") is an investor in the Company. Further, that a number of investment funds managed by the Investment Manager have also invested in the Company.