Release: Novus: Receipt of Sunov bidder's statement

Novus Petroleum Limited (Novus) received a bidder's statement from Sunov Petroleum Pty Ltd (the Crosby/Williams group's bidding vehicle) confirming their offer of $1.77 cash per Novus share on Friday evening, 5 March 2004.

The independent directors of Novus, Mr David Blair (Chairman), Mr Stephen Mann and Mr James Homabrook reiterate that whilst $1.77 per share represents a small improvement on the Medco offer, the independent directors believe the Sunov offer does not take into account the underlying value of Novus.

Novus' independent directors advise Novus shareholders to continue to do nothing until they receive Novus' target's statement in response to the Sunov offer. Assuming that Sunov sends its bidder's statement to Novus shareholders on Friday, 19 March 2004, Novus' target's statement will be despatched on or before Monday, 5 April 2004.

For further information: Mike Sandy or Elaine Connor, Novus Petroleum, telp: 02-9299-4888. (*)