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Novy Neft Limited Continues Share Repurchase

25 25 2004

Hamilton, Bermuda: 25 August 2004 - Further to earlier announcements of the Directors of Novy Neft Limited (the "Company"), the Directors wish to advise that on 24 August 2003, the Company repurchased 50,000 Shares in the market at a price per Share of US$12.95. 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