Release: Novus makes application with Takeovers Panel

Fololowing is the relase made by Novus Petroleum Limited to The Australian Stock Exchange dated January 7, 2004.

Novus Petroleum Limited (“Novus”) lodged an application with the Takeovers Panel (“Panel”) yesterday evening in connection with the unsolicited off-market takeover bid by Medco Energi (Australia) Pty Ltd (“MEAPL”), a wholly owned subsidiary of PT Medco Energi Internasional Tbk (“Medco Energi”), for all the issued ordinary shares in Novus (“Offer”).

Novus is seeking a declaration from the Panel of unacceptable circumstances and orders in relation to the affairs of Novus. Novus is also seeking interim orders that would temporarily preclude MEAPL from issuing a bidder’s statement to Novus shareholders, pending a determination by the Panel in respect of its application.

At issue in the Panel application by Novus is whether the Bidder’s Statement for the Offer dated 24 December 2003 and the Supplementary Bidder’s Statement dated 2 January 2004 together provide sufficient disclosure of all matters material to the consideration by the shareholders and directors of Novus of the Offer to ensure the Offer takes place in an efficient, competitive and informed market.

Given the Panel’s requirement that all information provided to it by parties should remain confidential in the course of its proceedings, Novus does not believe that it is appropriate at this time to elaborate on the substance of its application. Novus does, however, expect the Panel to issue a media release shortly and Novus will promptly copy that release to the market.

The Directors of Novus continue to advise shareholders not to take any action until they have received further correspondence from Novus. (end of release)