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Novy Neft II Limited Announces Change of Cash Custodian & Administrator

Hamilton, Bermuda: May 6, 2005 - The Directors of Novy Neft II Limited (the "Company") wish to advise that pursuant to a cash custodian novation agreement to be dated 13 May 2005 the duties currently performed by Bank of Bermuda (Isle of Man) Limited pursuant to the Cash Custodian Agreement dated 1 April 2005 will, with effect from 13 May 2005, be performed by HSBC Custody Services (Isle of Man) Limited.

Further, pursuant to an administration novation agreement to be dated 13 May 2005 the duties currently performed by HSBC Trustee (Isle of Man) Limited (formerly Bermuda Trust (Isle of Man) Limited pursuant to the Administration Agreement dated 1 October 2004 will, with effect from 13 May 2005, be performed by HSBC Securities Services (Isle of Man) Limited.

The contact details for the Cash Custodian and the Administrator remain the same irrespective of these changes.

For further information on Novy Neft II 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