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Novy Neft II Limited Announces Exercise Of Warrants

01 1 2004

Hamilton, Bermuda: 1 July 2004 - The Directors of Novy Neft II Limited (the "Company") wish to announce that 2.6% of Warrantholders as at the subscription date of 1 July 2004, exercised their right to subscribe for Shares in the Company ("Subscription Rights").

A meeting of the Board of Directors of the Company is to be held tomorrow, 2 July 2004 at which the Directors will determine the allotment and issue of the 130,000 Subscription Rights and the appointment of a trustee (the "Trustee"). The Trustee will be appointed to determine in accordance with the Offering Memorandum dated 2 February 2004 Terms & Conditions of the Warrants, whether to exercise the Subscription Rights pertaining to the 4,864,999 unexercised Subscription Rights at a price of US$11.00 and sell the Shares acquired in the market.

For further information on Novy Neft II Limited please contact:

Stephen DaviesButterfield Securities LimitedTel: (441) 298 4764Fax: (441) 295 6759Email: stephendavies@bntb.bm Christopher Fitzwilliam-LayCharlemagne Capital (UK) LimitedTel: (44 207) 518 2100Fax: (44 207) 518 2199Email: chris.fitzwilliamlay@charlemagnecapital.com

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