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Novy Neft Limited Share Buy Back - Update

Hamilton, Bermuda: 27th July 2005 - Further to the announcement of 23 June 2005, the Directors of Novy Neft Limited (the "Company"), wish to advise shareholders of the timetable for the buy back of shares on 24 August 2005.

Shareholders wishing to participate should complete the reply slip (as previously provided) and return as soon as possible, and in any event no later than 5 p.m. on 22 August 2005 to the Registrar and transfer agent, HSBC Securities Services (Isle of Man) Limited, PO Box 34, 12/13 Hill Street, Douglas, Isle of Man IM1 1EF, British Isles (Fax: (44) 1624 637778).

 

Expected Timetable:

Record Date                                19 August 2005

Latest Receipt of Buyback Requests                                5.00pm on 22 August 2005

Shares Repurchased and Cancelled                                24 August 2005

Details of Buyback announced                                26 August 2005

Distribution of Proceeds                                on or about 16 September 2005

 

 

For further information on Novy Neft Limited please contact:

 

Megan Woloshyn

Butterfield Securities Limited

Tel: (441) 298 4764

Fax: (441) 295 6759

Email: meganwoloshyn@bntb.bm

Christopher Fitzwilliam-Lay

Charlemagne Capital (UK) Limited

Tel: (44 207) 518 2100

Fax: (44 207) 518 2199

Email: chris.fitzwilliamlay@charlemagnecapital.com