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Novy Neft Limited Announces Changes

01 1 2004

Hamilton, Bermuda: 30 September 2004 - The Directors of Novy Neft Limited (the "Company") wish to announce that as at 1 October 2004 Management International (Luxembourg) S.A. will effectively retire as administrator of the Company and pursuant to an administration agreement to be dated 1 October 2004 (the "Administration and Registrar Agreement"), Bermuda Trust (Isle of Man) Limited will be appointed the Administrator to the Company.

The Administrator will receive the same fee from the Company as the previous administrator. All other material terms of the Administration and Registrar Agreement are the same as those of the previous agreement. There is no material impact to the Company as a result of this change of administrator.

The address of Bermuda Trust (Isle of Man) Limited is 12-13 Hill Street, Douglas, Isle of Man IM1 1EF, British Isles.

Further, with effect from 1 October 2004 the name of the Cash Custodian of the Company will change from that of Bank of Bermuda (Luxembourg) S.A. to HSBC Securities Services (Luxembourg) S.A. The contact details for the Cash Custodian remain the same. There will be no change of legal entity and HSBC Securities Services (Luxembourg) S.A. will continue to be bound by all undertakings in existence on 1 October 2004.

Enquiries:

Stephen Davies Butterfield 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: christopher.fitzwilliamlay@charlemagnecapital.com