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Novy Neft II Limited Announces Exercise of Remaining Warrants

16 16 2004

Hamilton, Bermuda: 16 July 2004 - The Directors of Novy Neft II 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 4,864,999 warrants that remained unexercised on 1 July 2004 and have sold 100,000 Shares resulting from such exercise.

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: christopher.fitzwilliamlay@charlemagnecapital.com