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Novy Neft Limited Announces Share Repurchase

23 23 2004

Hamilton, Bermuda: 23 August 2004 - Further to the announcement of the Directors of Novy Neft Limited (the "Company") of 19 August 2004, the Directors wish to advise that on 20 August 2004, the Company repurchased 85,200 Shares in the market at an average price per Share of US$12.943. Subject to completion, the repurchased Shares will be cancelled.

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