Drilling Update

Aminex PLC
17 February 2004



                                   AMINEX PLC
                          ("Aminex" or "the Company")

                             Nyuni-1 Drilling Update

Aminex PLC today issues a further progress report on the Nyuni-1 exploration
well offshore Tanzania.

Wireline logging has again been temporarily suspended while further downhole
equipment is mobilised to handle a very difficult section of the well.  The well
is also being prepared for sidetracking, having previously reached a measured
depth of 3,682 metres in the Neocomian age (Cretaceous) target section.

Nyuni-1 has encountered a much thicker and deeper Neocomian section than
expected which has necessitated modifications to the drilling programme.  These
modifications, combined with the extremely difficult logistics of a long supply
chain to offshore East Africa, have extended the Nyuni-1 programme.

A downhole motor assembly has been mobilised from Europe to correct a deviated
section of the well back on to target and to continue to drill ahead and explore
further potential for oil and gas.

The current well bore reached a measured depth of 3,682 metres and has already
provided encouraging results.  Gas-bearing, porous sands have been logged in the
Neocomian target zone and their commercial viability is currently being
assessed.  It is anticipated that additional Neocomian sandstones will be
intersected in the corrected well bore at greater depth.

Positively, through geochemical analysis of cuttings, the well has identified
traces of crude oil in shale samples and the samples are believed to originate
from Upper Jurassic source rocks.  These traces provide the first clear evidence
from depth of the presence of crude oil in the region and have now been
geochemically-matched to surface oil seeps and tar balls close to the well site,
as well as to several other surface seeps identified on the Tanzanian mainland
at considerable distances from Nyuni.  This appears to confirm the widespread
presence of oil-prone and oil-mature Jurassic source rocks.

Aminex Chief Executive Brian Hall comments:

"Preliminary logging of gas sands and traces of crude oil in shales make us
optimistic about Nyuni-1, even though we are having to overcome some operational
problems.  The oil traces identified in Nyuni-1 could possibly be the key to the
oil potential of the whole region".

17 February 2004




For further information:
Aminex, London                                       [phone]
Brian Hall

College Hill                                         [phone]
James Henderson


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