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Novy Neft May Repurchase Shares

19 19 2004

Hamilton, Bermuda: 19th August 2004 - The Directors of Novy Neft Limited (the "Company") wish to announce that at a Meeting of the Board of Directors held today, the Directors determined that the Company may repurchase up to 20% of its issued share capital, should Shares become available in the market at a discount to Net Asset Value.

This decision has been taken to address any possible imbalance between the supply and demand for the Company's Shares that may arise.

The composition of the Novy Neft Limited portfolio as at close of business on 18 August 2004 is as follows:

UFG - 33.70%

Renaissance Capital - 29.20%

Alfa Bank - 11.30%

Nikoil - 12.60%

Troika - 11.90%

Total: 98.70%

For further information on Novy Neft 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