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This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.

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

Hamilton, Bermuda, May 12, 2006 -- The Directors of Novy Neft II Limited (the "Company") wish to advise that the Company's entire holding of Gazprom local shares has now been converted to Gazprom Depository Receipts (DR's).

 

A draft Circular to Shareholders in relation to the proposals announced on 6th April 2006 is currently with the BMA for their consideration and comment.  Once comment has been obtained the Directors would hope to release the Circular shortly thereafter.

 

For further information on Novy Neft 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