NOVY NEFT LIMITED - Terminal Asset Value, Dividend Entitlement And First Dealing Day

Hamilton, Bermuda: June 15, 2006 -- The Directors of Novy Neft Limited (the "Company"), wish to advise that, in accordance with the details laid out in the Circular to Shareholders dated 22 May 2006 (the "Circular"), the Terminal Asset Value ("TAV") was calculated as at the close of business on 13 June 2006.  The TAV for the Company is US$52.91 per Share.

Elections for redemptions in Cash and in Specie as returned to the Company prior to the Special General Meeting will be satisfied as described in the Circular as soon as possible.

Dividend Entitlement

Shareholders are advised that Gazprom GDR's are now ex dividend.  In order to ensure Shareholders receive their entitlement to the dividend, which is expected to be payable before 31 December 2006, the TAV has been calculated including the dividend entitlement.  However, distributions will be made on the basis of TAV less the dividend entitlement and Shareholders will receive the dividend of US$0.26 per Share, once paid, in cash.

Shareholders are advised that no amount of less than US$50 shall be paid to any Shareholder and all such amounts shall instead be retained by the Company.

First Dealing Day

The Company has applied for an exemption from the Bermuda Monetary Authority (Collective Investment Scheme Classification) Regulations 1998 on the basis that investments may only be made by a Qualified Investor.  The Company will become open ended as soon as this exemption has been granted and it is expected that this will take less than 21 days.

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