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Novy Neft Changes Cash Custodian

Hamilton, Bermuda: 19 April 2005 -- The Directors of Novy Neft Limited (the "Company") wish to advise that pursuant to a cash custodian agreement dated 1 April 2005 (the "New Cash Custodian Agreement") Bank of Bermuda (Isle of Man) Limited has been appointed Cash Custodian to the Company in place of HSBC Securities Services (Luxembourg) S.A. (formerly Bank of Bermuda (Luxembourg) S.A.), who retired.

As the terms of the New Cash Custodian Agreement are identical in all respects to the previous cash custodian agreement this change will have no impact on the Company.

For further information on Novy Neft Limited please contact:

Stephen Davies

Butterfield Securities Limited

Tel: (441) 298 4764

Fax: (441) 295 6759

Email: stephendavies@bntb.bm

Christopher Fitzwilliam-Lay

Charlemagne Capital (UK) Limited

Tel: (44 207) 518 2100

Fax: (44 207) 518 2199

Email: chris.fitzwilliamlay@charlemagnecapital.com