Release: Novus takeover panel application to proceed

The following release was issued by Novus Petroleum Limited to the Australian Stock Exchange on January 8, 2004.

NOVUS TAKEOVER PANEL APPLICATION TO PROCEED

Following on from its 6 January 2004 application to the Takeovers Panel (the Panel) alleging unacceptable circumstances in relation to the off-market takeover bid by Medco Energi (Australia) Pty Ltd (MEAPL), Novus Petroleum Limited (NVS) advises that whilst on the evening of 7 January the Panel decided not to make any interim orders preventing dispatch of the Bidder?s Statement, the Panel did decide to conduct proceedings in respect of Novus? application for final orders.

Novus is seeking more detailed disclosure in the Bidder?s Statement in relation to financing issues (including confirmation that MEAPL waives the break fee condition) as well as a copy of the complete Madani Report.

It is expected that the Panel will provide the parties with a brief on Friday 9 January 2004, with submissions in response to be supplied within 1-2 days of issue of the brief. (End of release)

FOR FURTHER INFORMATION please contact:
Bob Williams or Mike Sandy, Novus Petroleum 02 9299 4888
http://www.novuspetroleum.com
Novus Takeover Advice Line 1800 701 213 (within Australia); +613 9251 2730 (overseas)