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Novy Neft II Limited Continues Share Repurchase

01 1 2004

Hamilton, Bermuda: 1 September 2004 - Further to the earlier announcement of the Directors of Novy Neft II Limited (the "Company"), the Directors wish to advise that on 31 August 2004, the Company repurchased 300,000 Shares in the market at a price per Share of US$9.95. Subject to completion, the repurchased Shares will be cancelled.

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: chris.fitzwilliamlay@charlemagnecapital.com