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Novy Neft II Limited - Conversion Of Local Shares To Gazprom Depository Receipts

20 20 2006

Hamilton, Bermuda: April 20, 2006 - The Directors of Novy Neft II Limited (the "Company") wish to advise that the Investment Manager has instructed the Company's Custodian to convert the entire holding of Gazprom local shares to Gazprom Depository Receipts (DR's).

Once confirmation has been received that the Company's Custodian has successfully converted the shares into Depository Receipts, the Directors intend to issue a Circular which will include proposals to return cash or assets to shareholders.