Final Results

Aminex PLC
28 April 2004

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

          Preliminary Results for the year ending 31 December 2003


Aminex, the oil and gas company listed on the London and Irish Stock Exchanges,
today announces its preliminary results for the year ended 31 December 2003.

Highlights

  • Nyuni 1 drilling complete, well currently under limited test
  • Increased production and higher oil and gas prices in USA
  • Disposal of interest in OAO Ideloil since year end completes planned
    withdrawal from Russia
  • Operating loss before exceptional items reduced from 2002 $5 million to
    current period $2.2 million
  • Net positive cash and negligible debt at year end


Overview

In the Preliminary Statement last year reference was made to the changes in
Aminex Group strategy that were in hand or had already been accomplished.  It
will be recalled that in 2001 the Group disposed of its principal assets in
Russia, a 55% stake in the AmKomi joint venture in the Komi Republic.   Since
then Aminex has negotiated the sale of its investment in OAO Ideloil which owns
the producing Dachnoye oil field in Tatarstan, another internal Russian
republic.  This completes the planned withdrawal from Russia after ten years.

The Group's activities now have a much stronger bias towards high impact
exploration in frontier areas where the search for hydrocarbons is still at an
early stage, reflecting the Board's belief that this strategy offers scope for
major growth.   During the last year the Group has been able to focus its
attention on its current principal area of interest, Tanzania.  Aminex believes
that East Africa, and Tanzania in particular, is set to become a new
oil-producing province.


Financial Review

Group turnover has increased from $3.5 million in 2002 to $7.76 million for the
current year.   The increase is mainly due to a combination of higher prices and
higher production of oil and gas in the USA during 2003.   Cost of sales has
increased by $2 million to $4.36 million in 2003.   The resulting gross profit,
after taking into account an amortisation charge of $1 million, amounts to $2.4
million, an increase of $2 million over that for 2002.

Administrative charges of $4.6 million have increased from 2002 by $1.2 million,
in part due to the recognition of twelve months administrative expenses for the
oilfield services business (the comparative period only reflecting two months of
such costs, following the Group's purchase of the remaining 50% interest of the
oilfield services joint venture at the end of October 2002) but also as a
consequence of a weaker US dollar on translation of the Group's sterling
denominated administrative expenses.   The resulting Group operating loss before
exceptional items for the year amounts to $2.2 million, an improvement of $2.8
million over 2002.   However, the comparative year's result included a charge of
$2 million, being the cost of defending an unsolicited bid for the Company.


The Group disposed of its investment in Ideloil in early 2004.   As a
consequence, the book value of the investment at 31 December, 2003 was adjusted
down to the net proceeds on sale, resulting in an exceptional charge in the
current period of $2.01 million.   After taking account of this charge and
offsetting net interest income, the Group net loss after tax for the twelve
months ended 31 December, 2003 amounted to $4.13 million, which compares with a
net loss of $4.95 million for 2002.

The Balance Sheet at 31 December, 2003 shows an increase over 2002 in intangible
fixed assets of $4.3 million, reflecting the Group's exploration activities
during the year on the Nyuni licence in Tanzania and, to a lesser extent, in the
USA.   The Group has a positive cash balance and remains virtually debt free.


Strategy

Aminex has a general objective of building reserves and production through
drilling or acquisition.  Your Board believes the progress made in the Tanzanian
venture validates its decision to pursue exploration and development
opportunities with the ability to add substantially to the value of the
business.   This will remain its guiding principle.


United States

Operations in the US continue satisfactorily and revenues increased as a result
of both increased production and higher oil and gas prices. During the year, the
Sabine Lake gas discovery was brought on stream following the construction of
facilities, including a marine pipeline. An infill drilling programme is planned
over the next twelve months in the South Weslaco field to convert "proved
undeveloped" reserves into the producing category, together with an appraisal
well on the producing Alta Loma gas field.


Tanzania

Following the acquisition of Tanzoil in 2002, exploration activities were
initiated on the Nyuni licence, a large tract offshore Tanzania.  Aminex
assembled a three-partner group which has now drilled the Nyuni-1 exploration
well.  Several other prospects have already been identified over the Nyuni
licence area. The well, which reached a total depth of 3,895 metres in the Upper
Jurassic, has drilled through a 1,100 metre Lower Cretaceous sequence, the
potential reservoir, and is currently under limited test.  The well has already
established the presence of hydrocarbons in the area.

Aminex is the first company to have drilled an exploration well offshore East
Africa for many years. However, the area is rapidly becoming a focus of renewed
interest as larger companies negotiate extensive acreage holdings in Tanzania
itself and in neighbouring offshore Kenya.  Thanks to two existing gas
discoveries, Songo Songo and Mnazi Bay, made some years back, Tanzania has
generally been considered as an area of gas rather than oil potential.  From the
outset, however, Aminex has taken the view that offshore Tanzania offers great
scope for the discovery of oil as well as gas and has approached the Nyuni
project with this in mind.  Subsequent regional oil sampling and geochemical
analysis carried out by Aminex, allied to the presence of oil shows from
cuttings during the drilling of Nyuni-1 itself, indicates the presence of oil
over the region originating from a Lower Jurassic source rock.



Prospects

Aminex will continue its work on the Nyuni licence, the precise scope of which
will depend upon the final results of Nyuni-1.    As well as Nyuni, Aminex also
holds the Ruvuma onshore licence in the south of Tanzania, adjacent to gas
discoveries in neighbouring Mozambique.  Aminex expects to commence preliminary
exploration of Ruvuma during the current year.  Its exploration team continues
to identify other areas of interest in Tanzania which are unlicensed at present.
  The Group is in the process of assembling a small group of industry partners
to undertake initial joint studies.  There is a strong and growing demand for
gas as well as oil in East Africa, so Aminex views its future there with
optimism.


                                                                   28 April 2004
Enquiries

Aminex PLC                                           + 44 (0)20 7240 1600
Brian Hall - Chief Executive
Simon Butterfield - Finance Director

College Hill                                         + 44 (0)20 7457 2020
James Henderson
Nick Elwes

Davy Corporate Finance                               + 353 (0)1 614 8934
Hugh McCutcheon



Consolidated Profit and Loss Account for the year ended 31 December 2003
                                                                                    2003             2002
                                                                        Note    US$'000           US$'000

Turnover - Group and share of joint venture                                       7,760            4,738
Less share of joint venture turnover                                                  -           (1,242)
                                                                                  7,760           3,496
Group turnover
- continuing operations                                                           7,153            3,413
- discontinued operations                                                           607               83

Group turnover                                                                    7,760            3,496
Cost of sales                                                                    (4,362)          (2,316)
Amortisation of oil and gas properties                                             (998)            (779)

Gross profit                                                                      2,400              401
Administrative expenses                                                          (4,582)          (3,400)
Exceptional item - bid defence costs                                                  -           (1,999)

Group operating loss
- continuing operations                                                          (2,067)          (4,953)
- discontinued operations                                                          (115)             (45)
                                                                                 (2,182)          (4,998)

Share of operating profit  - associate                                                -              856
Share of operating loss - joint venture                                               -             (202)
Provision against loans to joint venture                                              -             (624)

Group operating loss before exceptional items
- continuing operations                                                          (2,067)          (4,923)
- discontinued operations                                                          (115)             (45)
                                                                                 (2,182)          (4,968)
Exceptional items:
Write down in book value of investment in associate                     2(a)     (2,010)               -
Loss on disposal of subsidiary undertaking                              2(b)         (8)               -

Loss on ordinary activities before interest                                      (4,200)          (4,968)
Interest receivable and other income                                                105              283
Interest payable and similar charges - Group                                        (38)             (41)
Interest payable and similar charges - associate                                      -              (88)
Interest payable and similar charges - joint venture                                  -               (8)

Loss on ordinary activities before taxation                                      (4,133)          (4,822)
Tax on loss on ordinary activities - Group                                            -                -
- associate                                                                           -             (127)
Retained loss for the financial year                                             (4,133)          (4,949)

Basic and diluted loss per Ordinary Share (in US cents)                 3         (4.55)           (5.67)



Consolidated Balance Sheet as at 31 December 2003
                                                                                  2003            2002
                                                                  Note         US$'000         US$'000
Fixed assets
Intangible fixed assets                                                         11,068           6,797
Tangible fixed assets                                                           12,834          13,585
Investment in associate                                           2(a)               -           4,000
Other financial assets                                                             868               -
                                                                                24,770          24,382

Current assets
Investment held for resale                                        2(a)           2,003               -
Stocks                                                                               -             141
Debtors                                                                          6,102           4,791
Cash at bank and in hand                                                           346           8,287
                                                                                 8,451          13,219

Creditors: amounts falling due within one year                                  (5,474)         (5,940)

Net current assets                                                               2,977           7,279
Total assets less current liabilities                                           27,747          31,661
Creditors: amounts falling due after more than one year                            (88)           (136)

Net assets                                                                      27,659          31,525

Capital and reserves
Called up share capital                                                          6,172           6,156
Share premium account                                                           35,258          35,212
Capital conversion reserve fund                                                    234             234
Foreign currency reserve                                                           316             111
Profit and loss account                                                        (14,321)        (10,188)

Shareholders' funds - equity                                                    27,659          31,525


Consolidated Cash Flow Statement for the year ended 31 December 2003

                                                   Note        2003         2003      2002         2002
                                                            US$'000      US$'000   US$'000      US$'000

Net cash outflow from operating activities            5                  (1,814)                (4,471)

Return on investments and servicing of finance
Interest received                                               41                    212
Dividend received from associate                                39                      -
Rent received                                                    9                      -
Interest paid                                                  (38)                   (40)

Net cash inflow from returns on investments
and servicing of finance                                                     51                    172

Capital expenditure
Purchase of tangible fixed assets                           (2,355)                (2,249)
Purchase of intangible fixed assets                         (3,023)                (1,206)
Sale of tangible fixed assets                                   32                      3
Purchase of other investment                                  (868)                     -

Net cash outflow for capital expenditure                                 (6,214)                (3,452)

Acquisitions and disposals
Disposal of subsidiary undertaking                             (12)                  (253)
Cash transferred on (disposal)/acquisition of
subsidiary undertaking                                         (10)                    48
Loans advanced to joint venture                                  -                   (810)

Net cash outflow for acquisitions and disposals                             (22)                (1,015)

Net cash outflow before use of liquid resources
and financing                                                            (7,999)                (8,766)

Management of liquid resources
Cash removed from short term deposit                                      7,400                 15,007

Financing activities
Issue of ordinary share capital                                  -                     32
Issue expenses                                                   -                   (295)
Return of capital                                                -                 (7,500)
Expenses on return of capital                                    -                   (105)
New bank loans advanced                                        225                    130
Repayment of bank loans                                       (118)                   (21)
New finance lease obligations                                   45                     70
Capital element of finance lease payments                      (94)                   (94)

Cash inflow/(outflow) from financing activities                              58                 (7,783)

Decrease in cash                                                           (541)                (1,542)


                       Notes to the Financial Information

1         Basis of preparation

The preliminary statement has been derived from the financial statements for the
year ended 31 December 2003 which have been prepared on the basis of the
accounting policies set out in the statutory financial statements for the year
ended 31 December 2002.


2         Exceptional items

(a)  Subsequent to the year end, the Group disposed of its interest in OAO
Ideloil for US$2.215 million before selling expenses.  The disposal has given
rise to a write down in book value of the investment in associate at 31 December
2003 of US$2.01 million.  As a result, the investment in associate has been
reclassified to current assets under "Investment held for resale".  No share of
profits was recognised in the year ended 31 December 2003.

(b)  On 21 August 2003, the Aminex Group disposed of its 90% interest in Amossco
Ropes Limited.


3         Basic and diluted loss per Ordinary Share

                                                                               2003                  2002

Loss attributable to ordinary shareholders                             US$4,133,000          US$4,949,000

Weighted average number of Ordinary Shares outstanding                   90,905,734            87,343,188

Loss per share                                                         US4.55 cents          US5.67 cents


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

There is no difference between the basic net loss per share and the diluted net
loss per share for the years ended 31 December 2003 and 2002 as all potentially
dilutive Ordinary Shares are anti-dilutive.


4         Dividends

No dividend is proposed (2002: US$nil).


5         Reconciliation of operating loss to net cash outflow from operating
          activities

                                                                                2003                  2002
                                                                             US$'000               US$'000

Operating loss                                                               (2,182)               (4,998)
Depreciation charges                                                          1,166                   923
Decrease/(increase) in stocks                                                    46                   (29)
(Increase)/decrease in debtors                                               (3,009)                  443
Increase/(decrease) in creditors                                              1,905                  (809)
Issue of share capital in settlement of services provided                        62                     -
Loss on sale of tangible fixed assets                                             7                     -
Foreign exchange movement                                                       191                    (1)

Net cash outflow from operating activities                                   (1,814)               (4,471)


6         2003 Report and Accounts

The 2003 Report and Accounts will be posted to shareholders shortly.


7         Statutory information

The financial information set out above does not constitute the Company's
statutory accounts for the year ended 31 December 2003 within the meaning of the
Companies (Amendment) Act, 1986.  The statutory accounts will be finalised on
the basis of the financial information presented by the Directors in the
preliminary announcement and together with the auditors' report thereon will be
delivered to the Register of Companies following the Company's Annual General
Meeting.


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