Release: Novus' response to Medco announcement

24 May 2004: The Independent Directors of Novus Petroleum Limited are in receipt of the announcement made by Medco Energi (Australia) Pty Ltd on 21 May 2004 on its proposal to increase its bid price to $1.90 per Novus Share. One of the preconditions to that bid price increase is the finalisation of a funding package to fund the revised consideration.

The Independent Directors will be assessing:

? the status of finalisation of that funding package; and

? the status of each of the conditions to Medco's bid.

The Independent Directors wish to obtain that information preferably earlier than 31 May 2004 so that they can make a fully informed assessment of Medco's announcement and advise shareholders and the market accordingly.

For further information, please contact: Elaine Connor of Mike Sandy, Novus Petroleum 02-9299-4888. (*)