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BSX Terminates Trading of Warrants of Novy Neft Limited

03 3 2004

Hamilton, Bermuda: 3 June 2004 - The Bermuda Stock Exchange (the "BSX) has today announced trading of the Warrants of Novy Neft Limited (the "Company") has ceased effective immediately. This cessation comes as a result of the expiry of the Subscription Date for the Warrants of 1 June 2004 and following an announcement by the Directors of the Company that as of such date 98.06% of Warrantholders exercised their right to subscribe for Shares in the Company, resulting in the issuance of 4,903,243 Shares with effect from 2 June 2004.

For further information on Novy Neft Limited please contact:

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