Interim Results - 'Solid Progress' Made Recently

AMINEX PLC
21 October 1999
                                  AMINEX PLC
                                       
                                INTERIM RESULTS
                        FOR THE SIX MONTHS TO JUNE 1999


AMINEX PLC, the oil and gas and oil industry services company announces its
results for the six months to 30 June 1999.

Highlights

First Kirtayel Field development well to be spudded imminently.
The first tranche of a $17 million secured loan facility from the
International Finance Corporation ('I.F.C') drawn down.
Agreement reached with OAO Tebukneft for co-operation on the Kirtayel Field.
Participation agreement reached with European and US investors to fund
drilling programme in onshore Gulf area of Texas and Louisiana.
Three new development wells drilled in the Dachnoye Field, Tatarstan.
Net loss for period $980,000 (1998: net loss $2.12 million)

Commenting on the results, Brian Hall, Aminex Chief Executive said:

'Following a difficult year for the oil industry, Aminex has made solid
progress in recent months.  Having secured the revised IFC loan, operations
in Kirtayel are on schedule.  Our recently announced financing deal in the
U.S. has allowed us to commence our extensive drilling programme there in
earnest, while our Tunisian production remains a stable source of income.  A
recovery in the price of oil allows us to move forward strongly and with
confidence.'

Enquiries

Aminex PLC
Brian Hall, Chief Executive        0171 240 1600

Financial Dynamics
John Evans                         0171 269 7295

CHAIRMAN'S STATEMENT

Since the publication of our 1998 results in May, I am pleased to report that
the subsequent months have brought with them a period of improved
circumstances during which we have made material progress in our principal
areas of operation.  We have successfully secured financing for our
exploration and development programmes in the Komi Republic, Russia, and in
the US onshore Gulf area, covering our planned drilling activities for the
immediate future.

One year after successfully defending litigation brought by OAO Tebukneft, we
have now signed an agreement with them for technical co-operation on the
Kirtayel Field which will help to accelerate our production revenues.

In July, we signed a revised $17 million secured loan facility agreement with
International Finance Corporation ('IFC') for the development of the Kirtayel
Field.  We have since drawn down the first tranche of this loan, to cover
completion of site facilities, the purchase of the drill pipe and the
mobilisation of the drilling rig.  We are expecting to spud the first
development well imminently.

In September we signed an agreement with a group of European and US investors
to fund the drilling of an initial ten wells of a forty well programme.  This
enables us to commence the development of our extensive US interests in the
Vinton Dome Field in Louisiana and in the numerous prospects which we
acquired from Unexco Inc. last April.  The investor group has an option to
finance the remaining wells in the programme after the first ten have been
drilled.  All prospects to be drilled have been evaluated using state-of-the-
art 3-D seismic techniques.  Drilling has already commenced.

FINANCIAL RESULTS

Net loss for the period of $980,000, after taking into account minority
interests, shows a significant reduction from the net loss for the 1998
corresponding period of $2,115,000.

Group turnover of $6,344,000 represents a 9% increase over the corresponding
period of 1998 due to increased production rather than to the effect of
higher world oil prices in early summer, the benefits of which will be felt
in the second half.  Average oil prices achieved in Russia during the period
of $9.40 per barrel were 74 cents below the 1998 average but sales volumes
increased by 33%.  In the USA, the average oil price obtained of $11.75 per
barrel was also below the corresponding period average of $12.30 but new gas
production from the properties acquired during the period lifted turnover by
42%.  Tunisian production was below that of 1998 although the average oil
price per barrel achieved was broadly similar in both periods.  Weak oil
prices adversely affected sales volumes achieved by the Aberdeen arm of the
oil industry services division.

Cost of sales at $4,804,000 is 7% lower than the corresponding period and to
a large extent reflects the devaluation of the Russian rouble. The lower
amortisation charge of $885,000 reflects the asset write-downs made at the
end of 1998.  The improved trading results give rise to a gross profit of
$655,000, which compares with a gross loss of $441,000 for the 1998
corresponding period. Administrative costs of $1,418,000 are 33% less than
1998 due in part to the Russian rouble devaluation but also as a result of
cost savings made in other areas of the Group.

OPERATIONS

Russia - AmKomi

Preparatory work at the Kirtayel field has proceeded according to plan.
Accommodation, warehousing, all utilities and the drilling site are now
complete.  A new main oil export line has been constructed and tested and is
now awaiting tie-in to the regional Transneft export system.  The drilling
rig is on-site and the first new Kirtayel well is expected to commence
drilling shortly. Construction of oil storage tanks and first stage oil
treatment facilities are in progress.

Well optimisation at the North Aresskoye field significantly improved oil
production earlier in the year.  The pipelines to link the reinstated
exploration wells Aresskoye-01 and West Aresskoye-03 to the treatment
facilities at North Aresskoye were completed and these wells will be put on-
stream in the near future.  Pumping units were installed at the producing
Tureshevskoye field to boost production through the pipeline to the North
Aresskoye facilities.


Russia - Tartarstan

Two new oil producers drilled during 1998 doubled production from the
Dachnoye field and maintained a constant rate throughout 1999 to date.  New
seismic across Dachnoye and the resulting new structure maps were used to
continue the successful development drilling with a further three new wells,
which are expected to be put on production by the end of November.
Production is currently in excess of 500 barrels of oil per day.

USA

In April this year the acquisition of hydrocarbon assets from Unexco Inc. was
finalised. Situated along the Gulf Coast of Texas and Louisiana, these include
interests in producing properties with attributable reserves of 1.9 bcf of gas
and six further exploration licences, including 28,000 acres over which 3-D
seismic surveys have been acquired.  Interpretation of the state of the art 3-
D seismic survey and 3-D VSP over the Vinton Dome revealed additional reserves
potential in producing formations and deeper formations, currently undrilled
but prolific elsewhere.

Tunisia

Oil Production from the El Biban field has been maintained throughout the
year.  The production rate is at present restricted by gas flaring
limitations.  A project to study and then install a gas-driven electricity
generation scheme is in progress.

Oilfield Services Division

The oilfield services division, AMOSSCO, has relocated its operations to
facilities in London and Houston following a downturn in North Sea activity
in Aberdeen.  The international side of this business has seen renewed
activity as the oil price has risen with a beneficial effect on the buying
power of major international customers.

OUTLOOK

This time last year the Russian economy and world oil prices were in a
parlous state but I advised you at the time that we remained confident in our
strategy of building up key assets in our main operating areas.  Our
confidence has clearly been justified by subsequent events.  With more stable
conditions in the Russian economy and a greatly improved world oil market, we
have been able to benefit from a more favourable financing climate.  By
persevering at Kirtayel and with our US projects, we are now able to move
forward strongly with our planned developments.

Peter Elwes
Chairman
20 October 1999


AMINEX PLC
Consolidated Profit and Loss Account


                                            Six          Six         Year
                                         months       months     ended 31
                                          ended        ended     December
                                        30 June      30 June         1998
                                           1999         1998
                                       US$000's     US$000's     US$000's
Turnover (note1)                          6,344        5,814       11,844
Cost of sales                           (4,804)      (5,189)     (12,104)
Impairment of oil and gas assets              -            -      (3,530)
Amortisation of oil and gas               (885)      (1,066)      (2,220)
properties
Gross profit/(loss)                         655        (441)      (6,010)
Administrative expenses                 (1,418)      (2,105)      (3,435)
Operating loss                            (763)      (2,546)      (9,445)
Share of operating profit/(loss)             40            -        (107)
in Associate
Loss on ordinary activities before        (723)      (2,546)      (9,552)
interest
Interest receivable and other                54          109          184
income
Interest payable and similar                                             
charges                                   (136)         (94)        (205)
- Group
- Associate                                   -            -          (2)
Loss on ordinary activities before        (805)      (2,531)      (9,575)
taxation
Taxation                                      -            -            -
Loss on ordinary activities after         (805)      (2,531)      (9,575)
taxation
(Profit)/loss attributable to             (175)          416          907
minority interest - equity
Retained loss for the period              (980)      (2,115)      (8,668)
                                                                         
Basic loss per IR5p Ordinary Share       (1.50)       (3.45)      (14.11)
(in cents) (Note 2)
Diluted loss per IR5p Ordinary           (1.38)       (3.17)      (13.88)
Share (in cents)(Note 2)
Rate of dividend (in cents)                   -            -            -


AMINEX PLC
CONSOLIDATED BALANCE SHEET

                                     As at       As at        As at
                                   30 June     30 June           31
                                      1999        1998     December
                                  US$000's    US$000's         1998
                                                           US$000's
Fixed Assets                                                       
Tangible assets                     32,465      35,554       30,364
Financial assets - Investments       1,688          87        1,648
in associates
                                    34,153      35,641       32,012
Current assets                                                     
Stocks                                 708       1,464          622
Debtors                              2,623       3,459        3,092
Cash at bank and in hand             1,390       1,004          996
                                     4,721       5,927        4,710
Creditors: amounts falling due     (6,992)     (4,364)      (6,253)
within one year
Net current assets                 (2,271)       1,563      (1,543)
Total assets less current           31,882      37,204       30,469
liabilities
Creditors: amounts falling due                                     
after more than one year             (365)       (393)        (416)
                                    31,517      36,811       30,053
                                                                   
Capital and reserves                      
Called up share capital              5,248       4,637        4,660
Share premium account               36,326      34,742       34,790
Foreign currency reserves               42       (224)        (103)
Profit and loss account           (13,738)     (6,205)     (12,758)
Shareholders' funds - equity        27,878      32,950       26,589
Minority interest - equity           3,639       3,861        3,464
                                    31,517      36,811       30,053



AMINEX PLC
Notes to the Accounts

                              Six months     Six months        Year
                           ended 30 June       ended 30       ended
                                    1999           June          31
                                                   1998    December
                                                               1998
                                US$000's       US$000's    US$000's
1. Turnover: continuing                                            
operations
Oil and Gas production             1,555          1,092       1,880
- USA
- Russia                           2,062          1,273       2,438
- Tunisia                            533            792       2,041
                                   4,150          3,157       6,359
Oilfield services                  2,194          2,657       5,485
                                   6,344          5,814      11,844



2. Loss per share
The calculation of loss per share for the six months ended 30 June 1999 is
based on the weighted average number of Ordinary Shares in issue during the
period of 63,446,624 (six months ended 30 June 1998: 61,348,247) and on losses
on ordinary activities  after taxation attributable to the shareholders of
Aminex PLC of US$980,000 (six months ended 30 June 1998: loss US$2,115,000).
Diluted earnings per share has also been calculated which takes account of the
effect of the exercise of outstanding share options.

3. Comparative accounts
Comparative accounts have been restated, where necessary, on the same basis as
those for the current period.

4. Statutory information
The financial information for the six month periods to 30 June is unaudited
and does not constitute statutory accounts within the meaning of section 19 of
the Companies (Amendment) Act 1986.  The financial information for year ended
31 December 1998 has been extracted from the audited financial statements
which have been filed with the Companies Registration Office.  The auditors,
KPMG, have reported without qualification on the financial statements for the
year ended 31 December 1998.  This announcement is being sent to shareholders
and will be made available at the Company's registered office at 14 Upper
Fitzwilliam Street, Dublin 2 and at the Company's UK representative office at
10  Bedford Street, London WC2E 9HE.