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Novy Neft Limited Announces Exercise of Remaining Warrants

08 8 2004

Hamilton, Bermuda: 8th June 2004 - The Directors of Novy Neft Limited (the "Company") wish to announce that the Trustees appointed in accordance with paragraph (g) of the Subscription Rights in the Warrant Instrument, have today exercised the Subscription Rights pertaining to the 96,751 warrants that remained unexercised on 1 June 2004 and have sold the Shares resulting from such exercise.

An amount therefore of USD1,185,199.75 will be credited to the account of the Company and the proceeds from the sale of the Shares will be distributed, pro rata (less subscription cost and administrative expenses) to the holders of the unexercised Subscription Rights in accordance with the terms of the Warrant Instrument.

An application has been made for the Shares to be admitted to the official list of the Bermuda Stock Exchange.

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