Drilling Report

Aminex PLC
2 May 2001

EMBARGOED UNTIL 7.30 A.M. WEDNESDAY 2ND MAY 2001

                              RELEASE 2 MAY 2001


Aminex PLC, the oil and gas company listed on the London and Dublin Stock
Exchanges, announces the successful completion of well K-232 on the Kirtayel
field, in the Komi Republic, Russia, which flowed at a rate of 2,100 barrels of
dry oil per day on a 15 mm choke (38/64ths') and with a tubing head pressure of
32 atmospheres.

Well K-232 was drilled by Aminex's subsidiary AmKomi using a Uralmach 3D
drilling rig operated by Russian contractor Geotech but had been subject to
delays as a result of local geology and operating conditions,which were overcome
by modified drilling techniques.

At 2,100 barrels per day, K-232 produced at a much higher initial flow rate
than achieved by the two wells previously completed for production by AmKomi at
Kirtayel, as announced to shareholders last year. Open-hole log data provided
strong evidence for the oil-water contact in K-232 to be substantially deeper
than expected.

A 23 metre interval of net oil-bearing sand was successfully perforated deeper
in the section than the earlier wells, demonstrating producible oil from that
depth. Most significant about this result, however, is that it indicates a
possible upgrading of Kirtayel's reserves and producing capability.

K-232 is now connected to AmKomi's process facilities and is producing at a
stable rate of 970 barrels dry oil per day on an 8 mm (20/64ths') choke and with
a tubing head pressure of 72 atmospheres.

Approximately 25 metres of net oil bearing sand remain available for
perforation in the future.

Commenting on the release Aminex Chief Executive Brian Hall said:

'The result of this well is one of the most exciting developments that has
occurred since Aminex first acquired its interest in AmKomi. The discovery of
this zone is a credit to the joint efforts of AmKomi's and Aminex's Russian and
western specialists. It is too early to speculate on the additional field
potential that the well may be indicating, but it is an extremely positive and
encouraging development.'

For further information:

Brian Hall            Chief Executive                        020 7240 1600

Clive Ninnes          Petroleum Engineering Manager          020 7240 1600

Alexandra Kaledina    Investor Relations                     020 8308 9561