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Novy Neft II Limited - Warrant Exercise - Final Update

04 4 2004

Hamilton, Bermuda: 4 August 2004 - Further to their announcement of 19 July 2004, the Directors of Novy Neft II Limited wish to announce that the Trustee appointed in accordance with paragraph (g) of the Terms and Conditions of The Warrants, has advised that the net proceeds of sale after deduction of all costs and expenses did not exceed the subscription costs for the exercised 100,000 Subscription Rights and therefore no distribution of net proceeds will be made to Warrant holders.

The Subscription Rights of the remaining 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