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Novy Neft II Limited - Canvassing Of Shareholders

20 20 2006

Hamilton,Bermuda, January 20, 2006 - Further to the announcements of 4th January and 18th January, the Directors of Novy Neft II Limited (the "Company") would like to inform Shareholders that the Investment Manager and the advisers to the Company continue to canvass the views of the shareholders of the Company with regard to the most appropriate exit strategy. A circular will be issued to shareholders in due course.

Any shareholder wishing to express an opinion is welcome to contact the Directors via Anderson Whamond on anderson.whamond@charlemagnecapital.com.

For further information on Novy Neft II Limited please contact:

Megan WoloshynButterfield Securities (Bermuda) LimitedTel: (441) 298 4764Fax: (441) 295 6759Email: meganwoloshyn@bntb.bm Christopher Fitzwilliam-LayCharlemagne Capital (UK) LimitedTel: (44 20) 7518 2100Fax: (44 20) 7518 2199Email: chris.fitzwilliamlay@charlemagnecapital.com