NOVY NEFT LIMITED - POTENTIAL WINDING UP OR RESTRUCTURING OF THE COMPANY

Hamilton, Bermuda: April 6, 2006

The Directors of Novy Neft Limited (the "Company") wish to advise that the Company should shortly be in a position to release final proposals in relation to returning cash or assets to shareholders.  The board is finalising proposals with its advisers which are intended to offer the following options to shareholders:-

1.         An option for shareholders to redeem their shares in the Company for cash at net asset value as adjusted to market movement;

2.         An option for shareholders to redeem their shares in the Company in specie at net asset value; and

3.         As a default option, for shareholders to remain invested in the Company and to retain exposure to shares in Gazprom.

In the event that sufficient shareholders decide to remain invested in the Company, it is proposed to change the Company's Bye-Laws so as to become an open ended company with weekly redemptions of shares.

The full details of the proposals, which are subject to shareholder approval, will be circulated shortly.

For further information on Novy Neft Limited please contact: