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Novy Neft II Limited - Proposals To Wind-Up The Company And Return Capital To Shareholders

05 5 2006

Hamilton, Bermuda: 4th January 2006 - The Directors of Novy Neft II Limited (the "Company") wish to announce that, as a result of the Russian Government recently lifting the restrictions on foreign investors acquiring Gazprom local shares, they believe that the rationale for the Company continuing no longer exists.

The Directors have instructed the Company's manager and other advisers to draw up proposals to be put to Shareholders with a view to returning capital to Shareholders in as an efficient manner as possible as well as to put the Company into liquidation. The Directors anticipate announcing such proposals shortly.

For further information on Novy Neft II Limited please contact:

Megan Woloshyn

Butterfield Securities (Bermuda) Limited

Tel: (441) 298 4764

Fax: (441) 295 6759

Email: meganwoloshyn@bntb.bm

Christopher Fitzwilliam-Lay

Charlemagne Capital (UK) Limited

Tel: (44 20) 7518 2100

Fax: (44 20) 7518 2199

Email: chris.fitzwilliamlay@charlemagnecapital.com