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Charlemagne Capital (Barbados) Limited Sells Shares and Warrants of Novy Neft II Limited

04 4 2004

Hamilton, Bermuda: 4 May 2004 - Novy Neft II Limited (the "Company") has advised the Bermuda Stock Exchange (the "BSX") that on 21 April, 2004 Charlemagne Capital (Barbados) Limited, a connected party of the Investment Manager, Charlemagne Capital (IOM) Limited, sold 55,000 Shares of the Company at $11.60, 45,000 Shares at $11.15 and 25,000 Warrants at $0.875.

The Company has advised the BSX in accordance with Regulation 6.30 (3) of Section IV, Chapter 6, Part B of the Bermuda Stock Exchange Listing Rules.