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Novy Neft Limited Announces Exposure To Gazprom Local Shares

04 4 2004

Hamilton, Bermuda: 4th June 2004 - The Directors of Novy Neft Limited (the "Company") are pleased to announce that following the exercise of 4,903,243 Warrants on 1 June 2004 and receipt by the Company of USD 60,064,726, the Company now has exposure to 110,789,275 Gazprom local shares.The average Rouble cost base is 41.6284509 per share and the blended tax rate across the five structures used is 17.4340 %.

For further information on Novy Neft Limited please contact:

Stephen DaviesButterfield Securities LimitedTel: (441) 298 4679Fax: (441) 295 6759Email: stephendavies@bntb.bm Varda LotanCharlemagne Capital (UK) LimitedTel: (44 207) 518 2100Fax: (44 207) 518 2199Email: varda.lotan@charlemagnecapital.com