Exploration Agreement

Aminex PLC
20 September 2004

Aminex PLC

Aminex Signs 20-Year Agreement to Develop North Korea's Petroleum Industry

Aminex PLC, the oil and gas company listed in London and Dublin, announces that
it has signed a Petroleum Agreement with the Government of North Korea ("DPRK")
to assist in the development of the petroleum industry in that country, onshore
and offshore.

HIGHLIGHTS
     
•    Agreement valid for 20 years
     
•    The country is considered highly prospective for new discoveries

•    Aminex will:

     -    have limited financial exposure
          
     -    initially provide technical assistance

     -    receive a royalty on hydrocarbons produced from any new drilling in
          the country
          
     -    be entitled to a carried interest in any wells drilled by incoming
          companies
          
     -    have a prior right to explore in its own name anywhere in the country


The Agreement is part of North Korea's drive to develop an indigenous energy
industry. Signing took place on 30 June 2004 in Pyongyang in the presence of the
British Ambassador but was subject to certain closing conditions which have now
been satisfactorily fulfilled.

DPRK has an existing petroleum industry and several wells have been drilled
onshore and offshore over a 25 year period, resulting in limited discoveries of
oil.  Aminex believes that the country is highly prospective for new discoveries
but lack of resources has so far restricted progress.

Under the terms of the Agreement, Aminex will initially provide technical
assistance to the DPRK through assessing existing data, obtaining new data,
assisting with drawing up a framework for licensing exploration areas and for
marketing the country's potential to the international oil industry.

In return, Aminex will receive a royalty on hydrocarbons produced from new
drilling anywhere in the DPRK, onshore or offshore, and be entitled to a carried
working interest in any wells drilled by incoming companies.

Importantly, Aminex will have a prior right to explore in its own name, either
alone or with international industry partners, anywhere in the territory covered
by the Agreement.

The Agreement represents only limited financial exposure for Aminex at this
stage with the option to expand the operation through exploration and
development drilling under appropriate circumstances.

Brian Hall, Chief Executive of Aminex, said:

"This Agreement is the culmination of a long term effort.  Aminex has been
reviewing North Korea for several years and first visited the country in 2001.
At present relations between North Korea and the outside world are strained but
the important relationship with South Korea appears to be improving and
commercial co-operation is on the increase.  An expanding energy industry may
possibly help to build bridges between DPRK and the outside world."


                                                             20th September 2004
Enquiries:

Aminex plc
    Brian Hall                              020 7240 1600

College Hill
    Jim Joseph/Ben Brewerton                020 7457 2020



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