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Novy Neft II Limited Announces Warrant Exercise - Further Update

19 19 2004

Hamilton, Bermuda: 19 July 2004 - Further to the Directors of Novy Neft II Limited (the "Company") announcement of 16 July 2004 and for the avoidance of doubt, the Directors wish to announce that the Trustees appointed in accordance with paragraph (g) of the Subscription Rights in the Warrant Instrument, have today exercised the 100,000 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.

In the Trustee's opinion it was not possible to exercise the Subscription Rights pertaining to 4,764,999 warrants that remained as the net proceeds of sale after deduction of subscription costs and such other expenses that would have been incurred by the Trustee's would have exceeded the cost of any sale proceeds. The Subscription Rights of the 4,764,999 warrants lapsed with effect from 15 July 2004.

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