Final Results

Aminex PLC
22 April 2002





                                   AMINEX PLC

                          ("Aminex" or "the Company")



              Preliminary Results for year ended 31 December 2001



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 2001.



Highlights



•     Net profit for year of $4,941,000 (2000: $1,827,000)

•     Disposal of Group's interest in AmKomi for gross
      proceeds of $38.5 million

•     Repayment of all project debt

•     Proposed return of $7.5 million to shareholders

•     Acquisition of Tanzoil marking a new phase in the
      Group's development



Overview



The period under review and since the year end has been influenced by several
major events.  The successful disposal of the Group's interests in the Komi
Republic of the Russian Federation has transformed the Group's operations and
its balance sheet, and ushers in a new phase in the development of the Group's
business.  This disposal has also allowed the Board to implement the proposed
return of $7.5 million to shareholders which, subject to Irish High Court
approval, is to be effected early in May 2002.



Since the year end, Aminex has received an unsolicited all paper (non cash)
offer from Apple Oil and Gas Limited, a small, unlisted British Virgin Islands
company with one asset, a licence commitment in Colombia.  Aminex's Board, which
is advised by Davy Corporate Finance Limited, has had no hesitation in
recommending its shareholders to reject this opportunistic and entirely
inadequate offer, which is an unwelcome, expensive and time-consuming
distraction from management's task of achieving value for Aminex shareholders.



Financial review



2001 was a year of significant change in the Group's business, and its trading
performance and financial position have changed accordingly from the record
revenues and operating profits reported in 2000.



Group turnover in 2001, including share of joint venture, was $14,018,000
compared with $19,968,000 in the previous year.  This reduction in turnover
reflects most notably the disposal in September 2001 of the Group's producing
assets in the Komi Republic of the Russian Federation to a subsidiary of Lukoil
for a substantial cash consideration.  You will also recall that in 2000 the
Group's producing interests in Tunisia were sold. Our turnover in Russia in the
year, prior to the disposal, was further reduced due to the Russian government's
policy of giving priority to domestic sales, priced at a heavy discount to
international prices. As a result, the average oil price realised on Komi sales
during the financial year was $12.94 per barrel, compared with $22.30 per barrel
in 2000.



The Group's total cost of sales was $7,273,000 against $12,117,000 last year.
Amortisation accounted for $1,507,000 against $1,768,000, resulting in a gross
profit of $2,525,000 against $5,695,000.



Administrative expenses at $3,336,000 were marginally above the figure for 2000.



The Group's share of Ideloil's operating profit at $833,000 is shown separately
in view of its status as an associate.



The resulting total operating loss on continuing operations was $367,000 against
a profit in 2000 of $2,233,000, and total operating profit on discontinued
operations was $178,000 compared with $1,444,000 for 2000.  The profit on
disposal of assets was $5,709,000.  The Group's net profit of $4,941,000 for the
year to 31 December 2001 compares with a net profit for the previous year of
$1,827,000.



The disposals of producing assets in 2000 and 2001, outlined above, have
resulted in a substantial reduction in the production of oil and gas and,
consequently, in the proportion of turnover and profitability attributable to
continuing operations.  At the same time the Group Consolidated Balance Sheet
reflects the benefit of the sale of its Komi assets.  Your management is now
actively engaged in redeploying the proceeds into new activities aimed at
achieving diversification and building on the Group's well established and
successful operations in the United States. These activities are further dealt
with below.



Operations



The Group's operations were transformed during the year by the successful
disposal of its producing assets in the Komi Republic.



In Russia the three producing wells successfully completed by Aminex on the
Kirtayel field resulted in substantial production up to the time of its disposal
and materially assisted in establishing the value that the purchaser, a
subsidiary of Lukoil, was prepared to recognise.  Likewise, the work done in
recent years on the Aresskoye group of fields resulted in a satisfactory
disposal price.  The discontinuance of business and the related decline in
revenues and profits arising from the sale of the Group's interest in AmKomi
(together with the loss of the benefits of contracts between members of the
continuing Group and AmKomi) are reflected in the Group's results, as is the
profit of $5,709,000 achieved on the disposal.



Following this disposal, Aminex's sole producing asset in the Russian Federation
is its 29.7 per cent interest in the Dachnoye field in Tatarstan, operated by
Ideloil.  This field is still in the process of development and yields a
satisfactory return.  Aminex is currently in contention with Ideloil over a
proposal to reduce the interests of the existing shareholders by the
introduction of new investors.



In the United States, a significant new gas field discovery was made towards the
end of the year on the Alta Loma prospect in Galveston County, Texas, which will
come on stream shortly.    Also in late 2001, a well was drilled on newly
acquired acreage at Sabine Lake, Texas. The results of this well remain
confidential while negotiations on adjacent open acreage are in progress. Aminex
also participated in the drilling of six wells on the Vinton 3D development, of
which three are now on production.  Oil prices were strong during the first half
of 2001, at the high point reaching US$30.17 per barrel for Louisiana Sweet
crude production from Vinton and US$25.10 per barrel for South Texas Sour crude
from Somerset production.  The price declined during the second half to a low of
US$18.41 per barrel for Vinton production and US$13.78 per barrel for Somerset.
Oil prices in the first three months of 2002 were similar to those of the latter
months of 2001 but have since risen.  Gas prices also moved significantly during
2001, reaching a high of US$9.09 per Mcf in the first half and dropping to a low
of US$1.87 per Mcf during the second half.  The disposal of the Spartan Gas
Field, as referred to in the interim results statement, contributed to lower
overall production.



Against this background, U.S. operations performed satisfactorily making a
positive contribution at the operating level. The Company has committed
substantial sums to both development and exploration in the current year.
Aminex is proposing to participate in the drilling of eight additional wells
during the first half of 2002 at an estimated cost of $3 million.  An additional
$3 million has been budgeted for further development of its interests during the
second half of 2002. The U.S. remains the mainstay of Aminex's operations while
the current diversification programme is in hand.



New Business



The Aminex management believes that opportunities exist to achieve material
growth in shareholder value through taking positions in emerging oil and gas
provinces where it is possible to gain access to high impact drilling
opportunities.  This is a sector of the international oil and gas industry where
the smaller exploration companies can compete effectively with their larger
brethren provided they possess the necessary technical and commercial skills.
Aminex has already demonstrated its ability to add value in areas where it is
operating effectively and has been applying these skills to the selection and
negotiation of new opportunities.



As a first step in repositioning the Group for further growth, Aminex recently
completed the acquisition of Tanzoil NL by way of a share for share exchange.
Tanzoil is the largest holder of exploration acreage in Tanzania, with rights to
some 29 million acres representing over 40% of the country's known sedimentary
basins.  Part of the acreage is adjacent to the Songo Songo gas field, now under
development.  It has plans to drill two wells this year on  defined offshore
structures, Nyuni and Okusa, which are considered to have substantial
hydrocarbon potential, at a net cost to Aminex of $7 million.  In the event of a
gas discovery, Tanzoil has right of entry to the Songo Songo to Dar es Salaam
gas pipeline now being developed.



A number of other attractive investment opportunities are under review and will
be reported to shareholders at the appropriate time.



Finance



The Group's Balance Sheet reflects a strong cash position with virtually no
debt.  Drawings under the International Finance Corporation's development loan
for Kirtayel have been repaid in full following the sale of the Komi assets.
The net cash inflow from operations was $1,034,000 compared with $3,939,000 in
2000.  Operating cash flow will benefit in the current year from the
contribution of revenues from the new fields in the United States now under
development.



In view of the large profit arising from the disposal of the Komi assets your
Board decided that it would be appropriate to distribute to shareholders the sum
of $7,500,000 representing approximately Stg 6.9p per Ordinary Share based on
the number of shares in issue on the Record Date (excluding the shares issued as
consideration for the acquisition of Tanzoil NL, since such shares do not rank
for this distribution) and the prevailing US Dollar to Pound Sterling exchange
rate.  This will be done by way of a reduction of capital since the Company's
reserves are not available for the purpose of such distribution.  This proposal
was approved by shareholders in an Extraordinary General Meeting held on 12
March 2002 and now awaits the approval of the High Court of Ireland.  The Record
Date will be announced as soon as possible but it can only be determined if and
when the Court approval is obtained.



At this meeting shareholders also approved the renominalisation of the Aminex
share capital following the introduction of the Euro as the legal currency of
Ireland.  The automatic effect of this was to convert the nominal value of the
Ordinary Share of IR5p. to €0.0634869, which figure has been rounded to €0.06.



Unsolicited Offer



Shareholders will be aware that an unsolicited, all paper offer to acquire the
company was announced on 1 March 2002 by Apple Oil and Gas Limited ("Apple").
Apple's stated purpose is to break up Aminex, take some of the resulting cash
for their own working capital purposes and return the rest to both Apple and
Aminex shareholders, as further explained in the Apple Offer Document dated 14
March 2002.  The mechanism to return any proceeds of this proposed break-up is a
complex loan note structure which guarantees no return to Aminex shareholders.
Apple is not a company of substance and its offer, in your Board's opinion, has
no merit.  The advice of the Board to Aminex shareholders is therefore to reject
the offer.



Prospects



Oil prices are exceptionally strong at present as a consequence of the threat of
hostilities in the Middle East.  The fundamentals of oil supply and demand
appear to be favourable and it is to be hoped that an orderly market can be
preserved during 2002.  Gas prices in the United States are reasonably strong.
This is important for Aminex since gas is expected to play an increasingly
significant part in its operations.



Aminex is in a state of change following its asset disposals.  It will of course
take time for the results of this strategy to become fully apparent.  However,
the Company has under review a number of exciting investment opportunities.
Active asset management is a key element in the Company's forward planning, as
illustrated by the sale of the Komi assets and the acquisition of Tanzoil.  The
aim is to position the Company in such a way that drilling success will have a
major effect on shareholder value.



22 April 2002




Consolidated Profit and Loss Account for the year ended 31 December 2001




                                                                                         2001              2000
                                                                     Note             US$'000           US$'000
                                                                                    (Audited)         (Audited)

Turnover - Group and share of joint venture                                            14,018            19,968
Less share of joint venture turnover                                                  (2,713)             (968)

                                                                                       11,305            19,000
Group turnover
- continuing operations                                                                 4,119             6,331
- discontinued operations                                                               7,186            12,669

Group turnover                                                                         11,305            19,000

Cost of sales                                                                         (7,273)          (12,117)
Oil and gas assets impairment release                                                       -               580
Amortisation of oil and gas properties                                                (1,507)           (1,768)

Gross profit                                                                            2,525             5,695

Administrative expenses                                                               (3,336)           (3,034)

Group operating (loss)/profit
continuing operations                                                                   (989)             1,217
discontinued operations                                                                   178             1,444
                                                                                        (811)             2,661

Share of operating profit  - Associate                                                    833             1,161
Share of operating loss - Joint Venture                                                 (211)             (145)

Total operating (loss)/profit
continuing operations                                                                   (367)             2,233
discontinued operations                                                                   178             1,444
                                                                                        (189)             3,677

Profit on disposal of subsidiary undertaking                                            5,709                25

Goodwill written off                                                                        -             (382)

Profit on ordinary activities before interest                                           5,520             3,320
Interest receivable and other income                                                      330               283
Interest payable and similar charges - Group                                            (193)             (187)
Interest payable and similar charges - Associate                                         (59)             (108)
Interest payable and similar charges - Joint Venture                                      (6)               (2)

Profit on ordinary activities before taxation                                           5,592             3,306

Tax on profit on ordinary activities   - Group                                          (201)             (390)
                                                                -                       (118)             (129)
Associate

Profit on ordinary activities after taxation                                            5,273             2,787
Profit attributable to minority interest - equity                                       (332)             (960)

Retained profit for the financial year                                                  4,941             1,827

Basic earnings per Eur6.34869 cents Ordinary Share (in US cents)      1                  6.46              2.39
Diluted earnings per Eur6.34869 cents Ordinary Share (in US cents)    1                  6.40              2.33




Consolidated Balance Sheet at 31 December 2001




                                                                                        2001           2000
                                                                                     US$'000        US$'000
                                                                                   (Audited)      (Audited)
Fixed assets
Tangible fixed assets                                                                 11,374         37,747

Financial assets:
Investments:
In joint venture     - share of gross assets                                             766            923
                                - share of gross liabilities                           (759)          (545)
Investment in associate                                                                3,308          2,572
                                                                                      14,689         40,697
Current assets

Investments                                                                                -            750
Stocks                                                                                     -          1,083
Debtors                                                                                3,211          4,913
Cash at bank and in hand                                                              24,836          4,485
                                                                                      28,047         11,231

Creditors: amounts falling due within one year                                       (3,352)        (5,774)

Net current assets                                                                    24,695          5,457

Total assets less current liabilities                                                 39,384         46,154
Creditors: amounts falling due after more than one year                                (133)        (6,792)

Net assets                                                                            39,251         39,362

Capital and reserves
Called up share capital                                                                5,661          5,648
Share premium account                                                                 38,823         38,809
Foreign currency reserve                                                                   6           (46)
Profit and loss account                                                              (5,239)       (10,184)

Shareholders' funds - equity                                                          39,251         34,227

Minority interest - equity                                                                 -          5,135


                                                                                      39,251         39,362



Consolidated Cash Flow Statement for the year ended 31 December 2001


                                                           2001          2001          2000          2000
                                                        US$'000       US$'000       US$'000       US$'000
                                                      (Audited)     (Audited)     (Audited)     (Audited)

Net cash inflow from operating activities                               1,034                       3,939

Return on investments and servicing of finance
Interest received                                           107                          59
Interest paid                                             (772)                       (301)

Net cash outflow from returns on investments and                        (665)                       (242)
servicing of finance

Taxation
Overseas tax paid                                                       (295)                        (25)

Capital expenditure
Purchase of tangible fixed assets                       (5,315)                     (8,763)
Sale of tangible fixed assets                               286                         200

Net cash outflow from capital expenditure                             (5,029)                     (8,563)

Acquisitions and disposals
Disposal of subsidiary undertaking                       31,651                       5,534
Cash transferred on disposal of subsidiary                (440)                         (9)
undertaking
Loans repaid by/(advanced to) joint venture                 145                       (525)
Disposal/(purchase)of investments                           750                       (750)

Net cash inflow for acquisitions and disposals                         32,106                       4,250

Net cash inflow/(outflow) before use of liquid                         27,151                       (641)

resources and financing

Management of liquid resources
Cash placed on short term deposits                                   (20,307)                     (2,100)

Financing activities
Issue of ordinary share capital                              27                           -
Issue expenses                                                -                           -
New loans drawn down                                        566                       5,000
Repayment of loan                                       (7,286)                     (2,257)
Capital element of finance lease payments                 (107)                         (8)

Cash (outflow)/inflow from financing activities                       (6,800)                       2,735

Increase/(decrease) in cash                                                44                         (6)





         Notes to the Financial Statements





1        Earnings per Ordinary Share


Basic earnings per share                                                 2001                2000

Profit attributable to ordinary shareholders                     US$4,941,000        US$1,827,000

Weighted average number of                                         76,533,228          76,510,844
Ordinary Shares outstanding

Basic earnings per share                                           6.46 cents          2.39 cents



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




Diluted earnings per share                                                2001                2000

Profit for diluted earnings per share calculation                 US$4,941,000        US$1,827,000

Weighted average number of
Ordinary Shares outstanding                                         76,533,228          76,510,844
Dilutive effect of share options and warrants                          705,000           1,840,964

Weighted average number of shares for the calculation of            77,238,228          78,351,808
diluted earnings per share

Diluted earnings per share                                          6.40 cents          2.33 cents



For the purpose of calculating diluted earnings per share, dilutive potential
Ordinary Shares have been deemed to have been converted into Ordinary Shares at
the beginning of the period.



2          Dividends



No dividend is proposed (2000: nil).



3          2001 Reports and Accounts



The 2001 Report and Accounts will be posted to shareholders shortly.





4          Statutory Information



The consolidated profit and loss account, balance sheet and cash flow statements
do not constitute statutory accounts within the meaning of Section 19 of the
Companies (Amendment) Act 1986.



Enquiries:

Aminex PLC                                            [phone]
Brian Hall

Davy Corporate Finance Limited                        [phone]
Hugh McCutcheon

College Hill                                          [phone]
James Henderson
Archie Berens

Dennehy Associates                                    [phone]

Michael Dennehy




Responsibility Statement

The directors of Aminex accept responsibility for the information contained in
this announcement except that the only responsibility accepted in respect of the
information relating to Apple, which has been complied from published sources,
is to ensure that it has been correctly and fairly reproduced and presented.
Subject as aforesaid, to the best of the knowledge and belief of the directors
of Aminex (who have taken all reasonable care to ensure that such is the case),
the information contained in this announcement for which they accept
responsibility is in accordance with the facts and does not omit anything likely
to affect the import of such information.

Davy Corporate Finance Limited, which is authorised to carry on investment
business in Ireland by the Central Bank of Ireland, is acting exclusively for
Aminex and no one else in connection with the offer and will not regard any
other person as its client or be responsible to any person other than Aminex for
providing the protections afforded to clients of Davy Corporate Finance Limited,
nor for giving advice to any such person in relation to the offer.

Davy Corporate Finance Limited has approved the contents of this announcement
solely for the purpose of section 21 of the Financial Services and Markets Act
2000. The principal place of business of Davy Corporate Finance Limited is Davy
House, 49 Dawson Street, Dublin 2, Ireland.





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