Final Results

Aminex PLC
25 April 2001

STOCK EXCHANGE ANNOUNCEMENT

AMINEX PLC

25 April 2001

PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2000

Aminex PLC, ('Aminex') the oil and gas company listed on the London and Dublin
Stock Exchanges, today announces its preliminary results for the year ended 31
December 2000.

HIGHLIGHTS

  * Net profit for year of $1,827,000.
  * Turnover up 20% to $19 million.
  * Kirtayel Field on stream.
  * Record drilling programme in the USA.
  * Disposal of Tunisian interest.
  * Creation of oilfield services Internet joint venture.



Financial Review - year ended 31 December 2000

The key results for the Group were as follows:
                                                            2000          1999
                                                         US$'000       US$'000
Turnover                                                  19,000        15,894
Gross Profit                                               5,695         5,036
Total operating profit                                     3,677         1,306
Net profit                                                 1,827           365
Earnings per share (in cents)                               2.39          0.53

Group turnover in 2000 was $19,000,000 compared with $15,894,000 in the
previous year. Production volumes in Russia and the United States of America
were broadly comparable with those for 1999. Production from the Group's
Tunisian operations was lower than for 1999 as a consequence of the sale of
its El Biban field interest at the half year. Average oil prices realised were
$22.31 per barrel in Russia, $25.09 per barrel in the United States and $24.83
per barrel in Tunisia. The average gas price realised in the United States was
$3.81 per thousand cubic feet.

Total cost of sales was $12,117,000 against $10,046,000, the increased costs
in Russia being partially offset by lower costs elsewhere. Russian costs
reflect the entry into production of the Kirtayel field, higher sales
commissions and production costs and higher production taxes resulting from
stronger oil prices.

Russia, other than Tatarstan, contributed $1,110,000 to gross profit, the
United States $2,999,000, Tunisia $1,322,000 after impairment release and the
oilfield services division $264,000.

The Group's share of Ideloil's operating profit of $1,161,000 is separately
shown in the accounts in view of its status as an Associate.

As a consequence of diluting our interest in the oilfield services company,
Amossco, by 50% through the creation of a joint venture, we are required under
accounting standard FRS10 to charge the profit and loss account with $382,000,
representing goodwill on acquisition previously charged to reserves in 1994.
An equivalent credit has been recognised in the reserves movement account so
there is no resulting adverse effect on the Group's net assets.

The Group net profit of $1,827,000 for the year to 31st December 2000 compares
with a net profit for the previous year of $365,000.

Operations

The year under review saw the commencement of production from the Group's
important Kirtayel field. Two wells are now on production and a third well is
currently being completed for production and will shortly come on line. These
wells are the first in an extensive drilling programme at Kirtayel.
Interpretation of logs run on these wells suggests that the present estimate
of oil in place may be conservative. The Aresskoye group of fields to the
south of Kirtayel produced throughout the year, the slightly lower volume
being offset by higher prices with the greater part of production sold for
export. Ideloil production from the Dachnoye field in Tatarstan was double
that of the previous year and made a significant contribution to Group
operating profits.

The performance of United States operations surpassed any previous year in
terms of revenues, profits and drilling activity. Both oil and gas prices were
much higher than in the previous year, the gas price being particularly strong
in recent months. As a consequence the operating profit of $2,263,000 was more
than double that of the previous year. These results bear out the wisdom of
the Vinton Dome acquisition in 1997, the subsequent 3D seismic programme and
the more recent acquisition of the Unexco properties. The latter are currently
the biggest contributor to profits in the United States.

As previously recorded, the Group disposed of its interest in the El Biban
field in Tunisia with effect from 1 July 2000. The consolidated Group results
accordingly include El Biban for the first half only. The El Biban field was
not a core interest although it had made a significant contribution to Group
profits at a time when new operations in Russia and the United States were
under development and not contributing fully. The field had reached a point
where oil production was being constrained by gas flaring limitations.

With effect from June 2000 the Group transferred the business and assets of
its oilfield services company, Amossco, to a newly formed company owned 50%
each by the Group and a prominent Internet company. Under the terms of this
transaction the Internet company undertook to set up an e-commerce trading
site which is scheduled to go 'live' shortly. This will enable the Group to
capitalise on its existing skills and experience while effectively separating
this activity from Aminex's mainstream exploration and production activities.

Finance

The Group's financial position has been strengthened by strong oil and gas
prices during the year under review. Net cash inflow from operating activities
was $3,939,000 compared with $1,040,000 in 1999.

The consideration of $5,750,000 for the Tunisian assets was partly in cash and
partly in stock of the acquiring company, since sold. The cash proceeds are
being reinvested in the ongoing business of the Group.

Net loans drawn down include $4,500,000 from the International Finance
Corporation, being part of a facility arranged for development of the Kirtayel
field.



CONSOLIDATED PROFIT AND LOSS ACCOUNT

for the year ended 31 December 2000
                                                                2000       1999
                                                             US$'000    US$'000

Group turnover                                                19,000     15,894
Cost of sales                                               (12,117)   (10,046)
Oil and gas assets impairment release                            580      1,100
Amortisation of oil and gas properties                       (1,768)    (1,912)

Gross profit                                                   5,695      5,036
Administrative expenses                                      (3,034)    (3,730)

Group operating profit
- continuing operations                                        1,530        489
- discontinued operations                                      1,131        817

                                                               2,661      1,306

Share of operating profit - Associate                          1,161          -
Share of operating loss - Joint Venture                        (145)          -

Total operating profit                                         3,677      1,306
Goodwill written off under FRS 10                              (382)          -

Profit on ordinary activities before interest                  3,295      1,306

Interest receivable and other income                             308        151
Interest payable and similar charges                           (297)      (356)

Profit on ordinary activities before taxation                  3,306      1,101
Tax on profit on ordinary activities                           (519)       (25)

Profit on ordinary activities after taxation                   2,787      1,076
Profit attributable to minority interest - equity              (960)      (711)

Retained profit for the financial year                         1,827        365

Basic earnings per IR5p Ordinary Share (in cents)               2.39       0.53
Diluted earnings per IR5p Ordinary Share (in cents)             2.33       0.53



CONSOLIDATED BALANCE SHEETS

As at 31 December 2000
                                                       Group         Company
                                                    2000    1999    2000   1999
                                                 US$'000 US$'000 US$'000 US$'000

Fixed assets
Tangible fixed assets                              37,747  36,060      -      -
Financial assets:
- Investments:
In joint venture - share of gross assets              923       -      -      -
- share of gross liabilities                        (545)       -      -      -
Investments in associates                           2,572   1,648    783    783
Other financial assets                                  -       - 38,605 40,608

                                                   40,697  37,708 39,388 41,391

Current assets
Investment                                            750       -    750      -
Stocks                                              1,083     539      -      -
Debtors                                             4,913   6,079    245    346
Cash at bank and in hand                            4,485   2,495  2,167      6

                                                   11,231   9,113  3,162    352

Creditors: amounts falling due within one year    (5,774) (8,504)  (118)  (226)

Net current assets                                  5,457     609  3,044    126

Total assets less current liabilities              46,154  38,317 42,432 41,517
Creditors: amounts falling due after more than    (6,792) (2,107)      -      -
one year

                                                   39,362  36,210 42,432 41,517

Capital and reserves
Called up share capital                             5,648   5,648  5,648  5,648
Share premium account                              38,809  38,809 38,809 38,809
Foreign currency reserve                             (46)    (29)      -      -
Profit and loss account                          (10,184)(12,393)(2,025) (2,940)

Shareholders' funds - equity                       34,227  32,035 42,432 41,517
Minority interest - equity                          5,135   4,175      -      -

                                                   39,362  36,210 42,432 41,517



Notes to the Preliminary Results

1     Turnover
                                                                2000        1999
                                                             US$'000     US$'000

      Turnover - Group and share of joint venture
      - continuing operations                                  16,541      9,103
      - discontinued operations                                 3,427      6,791

                                                               19,968     15,894

      Less: share of joint venture turnover                     (968)          -

      Group turnover                                           19,000     15,894

2     Earnings per Ordinary Share

      Basic earnings per share                                   2000       1999

      Profit attributable to ordinary shareholders       US$1,827,000 US$365,000

      Weighted average number of Ordinary Shares           76,510,844 68,436,162
      outstanding

      Basic earnings per share                             2.39 cents 0.53 cents
                                                                          

      Basic earnings per share is calculated by dividing the weighted average
      number of Ordinary Shares in issue during the period into the profit
      after taxation for the year attributable to the shareholders of Aminex
      PLC.

      Diluted earnings per share                                 2000       1999

      Profit for diluted earnings per share calculation  US$1,827,000 US$365,000

      Weighted average number of Ordinary Shares           76,510,844 68,436,162
      outstanding
      Dilutive effect of share options and warrants         1,840,964    723,004

      Weighted average number of shares for the 
      calculation of diluted earnings per share            78,351,808 69,159,166
      

      Diluted earnings per share                           2.33 cents 0.53 cents
                                                                          

      For the purpose of calculating diluted earnings per share, dilutive
      potential Ordinary Shares have been deemed to have been converted into
      Ordinary Shares at the beginning of the period. In 1999, the effect of
      anti-dilutive potential Ordinary Shares is ignored in calculating diluted
      profit per share.

3     Dividends

      No dividend is proposed (1999: nil)

4     2000 Reports and Accounts

      The 2000 Report and Accounts will be posted to shareholders shortly.

For further information:
Brian Hall, Aminex PLC, London                         [phone]
                                                            
www.aminex-plc.com

END