Preliminary Results

Aminex PLC
2 May 2000

                                       
            PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 1999
                                       
Aminex PLC, ('Aminex') the oil and gas development, production and oilfield
services group listed on the London and Dublin Stock Exchanges, today
announces its preliminary results for the year ended 31 December 1999.
                                       
                                  HIGHLIGHTS

- Turnover up 35% to $15,894,000.
- Strong profit in second half offset first half loss and resulted in
  overall profit for the year of $365,000.
- Successful test of first well on the Kirtayel Field.
- Major US drilling programme under way.


                               Financial Review

Group  turnover  in  1999  was $15,894,000 compared with  $11,844,000  in  the
previous year.  This increase was due in part to higher production of oil  and
gas, but more particularly to the sharp rise in the oil price during the year.
Average  oil prices realised during the year were $14.14 per barrel in Russia,
$15.56  per  barrel in the United States of America and $17.53 per  barrel  in
Tunisia.

Total  cost of sales was $10,046,000 against $12,104,000 in the previous year.
There  were no significant variances in depreciation charges or administrative
expenses.  This resulted in an operating profit of $1,306,000, compared with a
loss  of $9,445,000 in the previous year.  The latter figure included an asset
impairment provision of $3,530,000, of which $1,100,000 has been written  back
in 1999 due to the strengthening of oil prices.

The  Group net profit of $365,000 for the year to 31st December 1999  compares
with  a  net  loss of $8,668,000 last year. The Group earned a net  profit  of
$1,345,000 in the second half of the year, reflecting an improved oil price.

The  Group's producing operations in Russia, the United States and Tunisia all
contributed to profits.  AMOSSCO, the Group's oil services division,  recorded
a loss.

                                  Operations

Work on the leases acquired by Aminex USA, Inc. during the period of low oil
prices commenced in 1999 and by the beginning of 2000 a forty well drilling
programme in Texas and Louisiana was in progress, operated by Aminex on behalf
of itself and partners and initially funded by a financing arrangement with
McAlester Fuel Company of Houston.  Under this arrangement McAlester is paying
for Aminex's share in the first ten wells being drilled with an option to
participate on the same basis in the following thirty wells.  McAlester bears
the risk of all these wells without recourse to Aminex and is entitled to a
share in Aminex's net revenues determined on a well-by-well basis, after all
expenses have been recovered.

In the last few days the first Aminex-drilled development well on the Kirtayel
Field  in  the Komi Republic has been flow-tested at an initial rate of  1,500
barrels of oil per day, as separately announced today.  This well is now being
brought  on  stream,  following  which a further  well,  currently  undergoing
recompletion, will also be tied in.  The drilling rig has now moved to  a  new
location  and has commenced drilling the next development well. A  sustained
development drilling campaign, financed by the IFC loan, will ensure the  full
development  of  this  field, currently Aminex's single  largest  project,  as
rapidly as possible.

During 1999, Aminex's AmKomi subsidiary brought on stream two further Komi
fields, Aresskoye and West Aresskoye, through well recompletions and
construction of field facilities.  Further development work is planned.  In
the same area AmKomi plans to drill an exploration well on the Gudrayel
licence during 2000.

Also in 1999 five development wells were successfully drilled on the Dachnoye
Field in Tatarstan and further drilling is planned for Summer 2000.

The El Biban Field, in which Aminex holds an interest of approximately 24%,
has benefited from low operating costs and taxes, making a strong contribution
to cashflow.  In May 1999 cumulative production passed 1 million barrels and
plans are in hand for commercial development of the large gas cap present in
the El Biban reservoir which will maximise recovery of both oil and gas.

Aminex's  Service division, AMOSSCO, was rationalised in 1999  and  activities
which  were  loss-making  in light of a downturn in  North  Sea  activity  and
changing trading patterns were reorganised.  The costs of these decisions  are
reflected  in the group profit and loss account but the slimmed down  division
is  currently  trading on a more sustainable basis and plans for  diversifying
its operations are under active consideration.

                                   Financing

In  1999  Aminex PLC raised $5 million for development of its projects through
placings  of  14.8 million new ordinary shares for development of the  group's
portfolio of oil and gas properties.

Two  tranches  totalling $5 million have been disbursed from the  $17  million
loan  made  available by the IFC for the Kirtayel Field development.   Further
drawdowns  will  take place in accordance with the terms of  the  facility  as
field development progresses.

The  Company has entered into an agreement with an international shipping  and
finance group, which will provide Aminex with a $4 million standby facility to
enable  it  to  expand  its  activities in  Russia  as  opportunities  present
themselves.  Under the term of the facility, which may be drawn down in  whole
or in part, this group will have the option to convert the loans to new Aminex
ordinary shares at Sterling 34 pence per share.  This agreement is subject  to
final  documentation,  approval from existing  lenders  and,  so  far  as  the
conversion to ordinary shares is concerned, approval from shareholders.

Commenting on the results, Aminex Chief Executive Brian Hall said: 'With major
drilling projects financed, under way and initially successful in both  Russia
and  the United States, supported by an oil price recovery which has now  been
sustained for over twelve months, Aminex has rarely been better positioned  to
develop its businesses'.



Aminex PLC
Consolidated Profit and Loss Account
For the year ended 31 December 1999

                                                 1999       1998
                                              US$'000    US$'000
Turnover - continuing operations              15,894      11,844

Cost of sales                                (10,046)   (12,104)
Oil and gas assets impairment
release/(provision)                             1,100    (3,530)
Amortisation of oil and gas properties        (1,912)    (2,220)
                                               ______     ______

Gross profit/(loss)                             5,036    (6,010)
Administrative expenses                       (3,730)    (3,435)
                                               ______     ______

Group operating profit/(loss)
- continuing operations                         1,306    (9,445)
Share of operating loss in Associate                -      (107)
                                               ______     ______

Profit/(loss) on ordinary activities
before interest                                 1,306    (9,552)
Interest receivable and other income              151       184
Interest payable and similar charges - Group    (356)      (205)
Interest payable and similar charges - Associate  -          (2)
                                               ______     ______

Profit/(loss) on ordinary activities
before taxation                                 1,101    (9,575)
Tax on profit/(loss) on ordinary activities      (25)          -
                                               ______     ______


Profit/(loss) on ordinary activities
after taxation                                  1,076    (9,575)
(Profit)/loss attributable to minority
interest - equity                                (711)       907
                                               ______     ______

Retained profit/(loss) for the financial year     365    (8,668)
                                               ______     ______


Basic earnings/(loss) per IR5p Ordinary
Share (in US cents)                              0.53    (14.11)
Diluted earnings/(loss) per IR5p Ordinary
Share (in US cents)                              0.53     (14.11)




Consolidated and Company Balance Sheets
at 31 December 1999


                                  Group          Company
                                   1999    1998     1999    1998
                                US$'000 US$'000  US$'000 US$'000
Fixed assets
Tangible fixed assets            36,060  30,364        _       _
Financial assets:
  Investments in associates       1,648   1,648      783     783
  Other financial assets              -       -   40,608  35,808
                                 ______  ______   ______  ______

                                 37,708  32,012   41,391  36,591
                                 ______  ______   ______  ______


Current assets
Stocks                              539     622        -       -
Debtors                           6,079   3,092      346     335
Cash at bank and in hand          2,495     996        6      16
                                 ______  ______   ______  ______

                                  9,113   4,710      352     351
Creditors: amounts falling due
within one year                 (8,504) (6,253)    (226)    (71)
                                 ______  ______   ______  ______

Net current assets/(liabilities)    609 (1,543)      126     280
                                 ______  ______   ______  ______

Total assets less current
liabilities                      38,317  30,469   41,517  36,871
Creditors: amounts falling due
after more than one year        (2,107)   (416)        -       -
                                 ______  ______   ______  ______

                                 36,210  30,053   41,517  36,871
                                 ______  ______   ______  ______
Capital and reserves
Called up share capital           5,648   4,660    5,648   4,660
Share premium account            38,809  34,790   38,809  34,790
Foreign currency reserve           (30)   (103)      -         -
Profit and loss account        (12,393)(12,758)  (2,940) (2,579)
                                 ______  ______   ______  ______

Shareholders' funds - equity     32,034  26,589   41,517  36,871
Minority interest - equity        4,176   3,464        -       -
                                 ______  ______   ______  ______
                                 36,210  30,053   41,517  36,871
                                 ______  ______   ______  ______
Aminex PLC
Notes to the Preliminary Results

1    Earnings/(loss) per Ordinary Share
     
     Basic                                   1999           1998
     
     Profit/(loss) attributable to ordinary
     shareholders                            US$365,000     US$(8,668,000)

     Weighted average number of
     Ordinary Shares outstanding             68,436,162     61,412,044

     Basic earnings/(loss) per share         0.53 cents     (14.11cents)

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

     Fully diluted                           1999           1998
     
     Profit/(loss) attributable to ordinary
     shareholders                            US$365,000     US$(8,668,000)

     Weighted average number of
     Ordinary Shares outstanding             68,436,162     61,412,044

     Dilutive effect of share options        723,004        -

     Weighted average number of shares
     for the calculation of fully diluted
     earnings per share                      69,159,166     61,412,044

     Fully diluted earnings/(loss)
     per share cents                         0.53 cents     (14.11cents)

     For the purpose of calculating fully 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 1998, the effect of
     anti-dilutive potential Ordinary Shares are ignored in calculating
     diluted loss per Share.


2    Dividends

     No dividend is proposed (1998: nil).


3    1999 Report and Accounts

     The 1999 Report and Accounts will be posted to shareholders shortly.

For further information:

Brian Hall Aminex PLC, London           [phone]
John Evans, Financial Dynamics          [phone]

www.aminex-plc.com