Proposed Disposal

Aminex PLC
03 November 2004





Aminex PLC



Proposed Disposal of Interests in the Vinton Dome Oil Field



Aminex PLC ("Aminex"), the oil and gas company listed on the London and Irish
Stock Exchanges, today announces that it has entered into a conditional
agreement to dispose of its interests in the Vinton Dome Oil Field to Orion Oil
& Gas Louisiana Holdings LLC ("Orion"), for a total gross cash consideration of
US$5.0 million ('the Disposal').



INFORMATION ON THE DISPOSAL



The assets which are the subject of the Disposal comprise Aminex's lease holding
(held through Aminex USA) in respect of 714 acres of the Vinton Dome Oil Field
in southwest Louisiana, USA, on which there are 36 active wells producing
approximately 180 bopd net to Aminex after royalties. In addition to the
leasehold interests, the transaction includes the disposal of all producing and
non-producing oil and gas wells on the field, all disposal wells together with
all surface and down hole equipment, well files for each well, the related
office building and certain specified machinery and equipment.



Proved and Probable Reserves attributable to Aminex's Vinton Dome interests
amounted to approximately 700,000 barrels of oil as at 31 December, 2003. Total
turnover generated by the Assets in the year ended 31 December, 2003 (being the
last fiscal year for which Aminex has published audited financial information)
was US$2.3 million providing a net contribution (after operating costs and
capital expenditure but before depreciation) of US$0.6 million. The net book
value attributed to Vinton Dome at 30 June, 2004 was US$4.8 million.



USE OF PROCEEDS



Net cash proceeds after expenses of sale will amount to approximately US$4.8
million. There will be an adjustment for a proportion of the net cash generated
by Vinton Dome in the period from 1 July, 2004 until completion of the
transaction.



The net proceeds will be used primarily for general working capital purposes and
in particular to repay outstanding creditors in respect of Nyuni, pending an
outcome of the ongoing litigation with Petrom SA ("Petrom").



TIMETABLE



The Disposal is conditional on the approval of shareholders of Aminex and an
Extraordinary General Meeting will be convened for this purpose. A circular will
shortly be sent to shareholders setting out the details of the Disposal along
with an explanation of the reasons for the Disposal and why the Directors
believe that the Disposal is in the interests of shareholders as a whole. It is
expected that the completion of the Disposal will be effected by the end of
December, 2004.



POST- DISPOSAL



The Aminex Group will continue, following the Disposal, to act as operator on
many of its significant licences in the USA and, in particular, on its Nyuni
exploration programme, offshore Tanzania. As previously announced, Aminex has
recently signed an agreement with Liquefied Natural Gas Ltd. of Australia
("LNG") whereby Aminex will develop and procure East African gas reserves for
liquefication and transport by LNG. Aminex has also entered into a major
exploration agreement with North Korea (DPRK) and is evaluating new
opportunities in Egypt.



Aminex continues to pursue its litigation (at present subject to proceedings in
the English High Court) against Petrom for the outstanding portion of Petrom's
share of the Nyuni drilling costs.





Commenting on the Disposal, Aminex Chief Executive Brian Hall said,



"The Board considers that the disposal of Vinton Dome will provide an effective
and timely means by which to strengthen the continuing Aminex Group's balance
sheet to enable the Group to concentrate on furthering its various projects."



3 November 2004



Enquiries:


Aminex PLC                                              [phone]
Simon Butterfield, Finance Director


College Hill                                            [phone]
Jim Joseph/Ben Brewerton







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