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Novy Neft II Cancels Shares

07 7 2004

Hamilton, Bermuda: September 7, 2004 - The Directors of Novy Neft II Limited (the "Company") wish to announce that on 31 August 2004 35,000 shares of the Company were cancelled at a price per share of US$ 10.10.

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