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Novy Neft II Limited Announces Allotment Of Shares

Hamilton, Bermuda: 2 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") and accordingly 130,000 Shares of the Company were with effect from today allotted and issued at a subscription price of US$11.00 by the Directors of the Company.

The Bermuda Stock Exchange has confirmed that the Company need not apply to the Bermuda Stock Exchange for the Shares allotted pursuant to the exercise of Subscription Rights to be admitted to the official list of the Bermuda Stock Exchange (as approval has already been received in principle) and therefore trading of the Shares on the Bermuda Stock Exchange will commence with immediate effect.

Further, in accordance with the Offering Memorandum dated 2 February 2004 Warrant Terms and Conditions of the Warrants and specifically paragraph (g) of the Subscription Rights, the Directors have appointed Bermuda Trust (Isle of Man) Limited, Trustees who, provided that in such Trustee's opinion the net proceeds of sale after deduction of all costs and expenses incurred by them will exceed the cost of subscription, shall within the period of 14 days following the Subscription Date, exercise such Subscription Rights as have not been exercised on the terms on which the same could have been exercised on the Subscription Date and sell in the market the Shares acquired on such subscription. Such Trustees shall distribute, pro rata, the proceeds less such subscription costs and such other costs and expenses to the persons entitled thereto within 2 calendar months of the Subscription Date.

In the event that the Subscription Rights are exercised, the Directors shall notify the Bermuda Stock Exchange and request that the Shares allotted be admitted to the official list of the Bermuda Stock Exchange with immediate effect.

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