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Adjustment to NVSWAB for Rights Issue

Document date:  Wed 25 Aug 1999
Published:  Wed 25 Aug 1999 00:00:00
Document No:  151432
Document part:  A
Market Flag:  N
Classification: 

HOMEX - Melbourne                                                     

+++++++++++++++++++++++++
Australia and New Zealand Banking Group Limited has adjusted the
European Call Warrants over ordinary shares in Novas Petroleum
Limited ACN 067 777 440 ("Novus") issued by it under an Offering
Circular dated 29 May 1998 ("Offering Circular") to take account of
the recently announced rights issue by Novas to holders of Novus
shares.

The adjustment is effective as at 24 August 1999 and was made in
accordance with clauses 4.5(a) and Part 3 of Schedule 3 of the
Offering Circular. The adjustment was made in accordance with the
following formula:

A =      B x P x (D + N) 
         _______________

        (D x P) + (N x E)

where:

A = the number of Shares constituting an Underlying Parcel after the
    rights issue;

B = the number of Shares constituting an Underlying Parcel before the
    rights issue;

P = the last price at which the Shares were sold on the ASX stock
    market on the last Business Day that those Shares were sold "cum" 
    the rights the subject of the rights issue less the value (as 
    reasonably assessed by ANZ) of any Accretions (other than the 
    rights) to the Shares which will not also attach to the 
    securities to be acquired on exercise of the right;

D = the Issue Denominator of the rights issue;

N = the Issue Numerator of the rights issue; and

E = the amount which a person exercising a right the subject of the
    rights issue is required to pay on exercise of that right in 
    order to obtain one of the Shares the subject of the rights issue.

The Adjusted Underlying Parcel is 1.034483 NVS shares for every 
2 NVSWAB held. There is no adjustment to the Exercise Price.

Please telephone Rowland Hirst on 02 9322 6144 if you have any
questions in relation to the adjustment


R Hirst
DERIVATIVE SALES
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