Final Results

Aminex PLC
28 April 2005


AMINEX PLC
("Aminex" or "the Company")

Preliminary Results for the year ending 31 December 2004

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 2004.

Highlights

  • Petroleum Agreement signed with North Korea.  Specific exploration
    licences and work programmes at advanced planning stage
  • Nyuni-1 offshore Tanzania completed and second licence period commenced
  • Agreement with Liquefied Natural Gas Ltd. of Australia to source gas for
    low cost LNG system
  • Further bidding areas being identified through Red Sea Petroleum Ltd
  • Disposal of non-core assets in Russia and the United States to concentrate
    on high impact exploration
  • Loss before tax for period of $4.4 million (2003: loss $4.1 million)


Peter Elwes, Chairman of Aminex, said:

"Following the disposal of our principal Russian assets in 2001 we have placed
major emphasis on exploration. Assets not expected to contribute to growth have
been disposed of. Aminex Group activities have now an increasingly strong bias
towards high impact exploration in frontier areas where the search for
hydrocarbons is still at an early stage.

The Board believes that Aminex is strategically well placed as it embarks on its
most ambitious exploration programme to date".

                                                                   28 April 2005

Overview

During the year under review Aminex completed drilling operations on the Nyuni-1
well offshore Tanzania, finalised a Petroleum Agreement with the North Korean
authorities and formalised an agreement with Liquefied Natural Gas Ltd. of
Australia for pursuing gas development opportunities. In addition, Aminex
participated in a bidding group for new onshore and offshore exploration in
Egypt in partnership with First Energy Ltd. of Dubai and local Egyptian partners
through the formation of Red Sea Petroleum Ltd.  Aminex is the designated
operator of the Egyptian applications.   At the beginning of the year, the
company disposed of its remaining interests in Russia, OAO Ideloil, for US$2
million and towards the end of the year sold the Vinton Dome production in
Louisiana to Orion Oil & Gas LLC for $5 million.

Nyuni-1 is the most significant well ever drilled by the company and a major
pioneering step for the whole East African coastal margin, being the first new
offshore well there for many years.  Despite numerous shows of both oil and gas,
with only limited testing facilities available, Nyuni-1 failed to flow
commercial hydrocarbons and has been suspended with a wellhead in place.
However, it represents a landmark for a region which is now beginning to attract
a high level of interest from the international oil industry.  To add to the
challenges of drilling this frontier well, the company was involved for many
months in a financial dispute with its principal joint venture partner which
created difficulties.  This dispute has now been satisfactorily resolved as
announced to shareholders on 21 February 2005.

Financial Review

Turnover in 2004 comprises revenues from the sale of oil and gas in the USA and
sales of goods and services by the oilfield service and supply companies.  Group
turnover has declined from US$7.76 million in 2003 to US$5.38 million for the
current year. Much of the decrease is a consequence of lower gas production in
the USA, which fell from 350,000mcf in 2003 to 102,000mcf  in 2004. Oil
production in the USA has also declined by 27% from the prior year.  Oil and gas
prices remained buoyant throughout the year, with an average oil price achieved
of US$40.57 per barrel and an average gas price of US$6.09 per mcf. As a
consequence of lower revenues, cost of sales for the Group in 2004 is US$1.2
million lower than 2003. After taking into account a lower depreciation charge
in 2004 of US$777,000, the resulting gross profit  amounts to US$1.43 million
which compares with US$2.4 million for 2003.

Administrative costs at US$5.1 million are US$512,000 higher than 2003. However,
included in the current year's charge is US$390,000 for legal costs associated
with the Petrom dispute, US$287,000 for staff redundancies following the sale of
the Vinton Dome field and US$263,000 for foreign exchange losses, being a
consequence of a weaker dollar on translation of the sterling denominated head
office expenditure. A charge of US$532,000 has been set up that adjusts for the
share of field profit due to the purchaser of Vinton Dome for the period from
the date of sale of 30 June to the date of sale completion of 10 December 2004.
An exceptional charge of US$184,000 reflects the loss on disposal of the Group's
investment in Bounty Oil & Gas NL.

After taking into account net interest income of US$30,000 the net loss after
tax for the twelve months ended 31 December 2004 amounts to US$4.4 million which
compares with a net loss after tax of US$4.13 million for 2003.

The Balance Sheet at 31 December 2004 shows a net decrease from 2003 of US$2.1
million on cost of fixed assets, reflecting the disposal of Vinton Dome and the
disposal of the investment in Bounty Oil & Gas NL but offset by exploration
expenditures during the year on the Nyuni licence. Figures for both debtors and
creditors at 31 December 2004 are unusually high in comparison with the level of
turnover and cost of sales for 2004, as amounts owed by Petrom SA to the Nyuni
joint venture are included in debtors and Petrom's share of Nyuni's liabilities
is included in the figure for creditors.

The Cash Flow includes payment for additions to intangible fixed assets
(virtually all for Aminex's share of Nyuni drilling costs) of US$5.5 million as
well as receipt of proceeds on disposal of tangible fixed assets of US$5.3
million, most of which relates to the Vinton Dome disposal. Also included is
US$2.7 million representing proceeds on disposal of Aminex's investments in
Bounty Oil & Gas NL and OAO Ideloil. During 2004, approximately US$1.2 million
was raised as new equity and US$282,000 of bank debt was repaid.

United States

Although the Group has benefited from higher oil and gas prices throughout the
period, oil production and in particular gas production, has declined. The
Sabine Lake gas well provided intermittent production at low levels during the
second half of 2004 but is currently shut-in pending repairs. The Alta Loma gas
well has also been shut-in since September 2004. An unsuccessful recompletion
was carried out on the well by the operator at the beginning of 2005 and further
engineering studies are currently being carried out to evaluate other
potentially productive zones. A further recompletion is anticipated shortly.

In December 2004, the sale of the Group's interests in the Vinton Dome field was
completed, providing proceeds of US$5 million.

Engineering plans have now been drawn up for the first in a series of
development wells in the gas producing South Weslaco field. The well is
scheduled to be drilled during the course of the next two weeks. Aminex has a
25% working interest in the leases which are to be drilled in this field.
Depending on the result of the first development well, the rig will move
immediately on to a second location.

Tanzania

Nyuni-1, a frontier exploration well, was drilled deeper, took longer and cost
more than forecast and the result was inconclusive. The well did not flow
hydrocarbons under limited test but a thick potential reservoir section of
Neocomian sand produced several strong indications of gas and, at depth, traces
of live crude oil from a widespread regional Jurassic source. This will lead to
the whole region being re-evaluated.  Since the well result was announced in May
last year Aminex has intensively analysed the results of this geologically
complex well with increasing optimism for the commercial potential of the Nyuni
structure, for both oil and gas.

Following a "stand-still" period generously offered by the Tanzanian authorities
for well evaluation, Aminex has now elected to commit to a second Nyuni licence
period of three years ending in November 2007. This will involve shooting new
seismic over the Nyuni prospect as well as over other prospects identified and
areas adjacent to the now-producing Songo-Songo gas field.  The work commitment
is two exploration wells, for which the Company is currently seeking drilling
partners.  Under the terms of the Production Sharing Agreement, 50% of the
original licence area has now been relinquished.

Elsewhere in Tanzania, the Company is negotiating the conversion of its
Technical Evaluation Licence for the onshore Ruvuma area to a full Production
Sharing Agreement and has been advised that this will be finalised by mid-year.
Ruvuma is a 12,000 square kilometre block on the north side of the Ruvuma
River, the boundary between Tanzania and its southern neighbour Mozambique.  On
the Mozambique side there is current exploration activity and there have been
several promising gas discoveries.  To the east the Ruvuma licence area abuts
the inshore Mnazi Bay gas field currently being developed for commercial
production.

Tanzania is the core of the East African margin which has many similarities with
the prolific West African margin but remains a frontier area and is
under-explored.  However this is now changing.  Woodside Petroleum is planning a
deepwater well off the coast of neighbouring Kenya while Exxon has recently
farmed into a large offshore licence north-west of Madagascar.  In Tanzania
itself, Shell and Petrobras have negotiated deep water blocks while  exploration
work by other companies is scheduled to commence on several shallow water and
coastal onshore blocks.  Good new areas are increasingly being signed up and
further ones are hard to find but Aminex believes that Nyuni represents prime
acreage in a potentially first class oil play fairway.

Liquefied Natural Gas

Aminex is now working with Liquefied Natural Gas Ltd. of Australia ("LNGL"), an
Australian quoted company which has a proprietary low-volume, low-cost LNG
system. This enables gas to be liquefied and transported to power generators in
volumes of around 10,000 tonnes per shipment, far smaller than the massive
projects operated by the major oil companies, and having favourable economics
given the right mix of operating parameters.  Aminex is working on securing
suitable natural gas reserves as the upstream component of LNGL's operations.
Gas opportunities under evaluation include discoveries which have not so far
been economic to develop, associated gas flared as a consequence of oil
production and discovered oil and gas fields which have not been developed due
to gas flaring constraints.

North Korea

On 20 September 2004, Aminex announced the signing of a 20 year agreement to
assist with the development of the onshore and offshore hydrocarbon potential of
North Korea following several years of negotiation.  Aminex's current role is
the assessment of all existing data and the potential of the offshore areas
where drilling in the past has revealed promising shows of oil.  Initial work
has been focused on the West Sea Basin, a large bay at the north western end of
the Korean peninsular, where oil was discovered by the North Koreans some years
ago but never developed.  The West Sea is adjacent to the Bohai Bay, one of
China's most important producing regions.  North Korea is known as a secretive
country and relations with the outside world have been strained recently.
However, there are encouraging signs of increasing contact with South Korea and
ongoing diplomatic activity to resolve the nuclear issue.

In return for carrying out an intensive data evaluation exercise and assisting
with the creation of a workable international petroleum industry, the Petroleum
Agreement grants to Aminex, among other things, the prior right to choose
specific exploration blocks for its own use.  Aminex has now submitted a model
form of Production Sharing Agreement to the government. This has been formally
approved and the Company will lodge applications for selected areas in the near
future.

Egyptian Bidding Group

In September 2004, Aminex signed a shareholder agreement with First Energy Ltd.
of  Dubai, together with First Energy's local Egyptian partners, to create a
company called Red Sea Petroleum Ltd. ("Red Sea") in which Aminex initially has
a 55% interest.  Although Red Sea was not awarded the two blocks it applied for
in the recent round, both of which were awarded to much larger international oil
companies, it is now working to identify further bidding areas.

Prospects and Strategy

Aminex's strength is its ability to negotiate licences and prospects in areas
under-explored but regarded as highly prospective for hydrocarbons and then to
progress these opportunities through painstaking geological and operational
work.  The Company achieved this in Russia, where it was one of the early
western independents after the fall of the Soviet Union, and in Tanzania where
it has restarted offshore drilling after a long gap and overcome huge logistical
difficulties. It is now actively engaged in North Korea, with a strong team of
specialists who have established good working relationships with their Korean
counterparts.

Aminex's philosophy, as always, is to try to identify potential areas before
they become popular with larger and better resourced oil companies.  Both the
East African coastal margin and the Korean peninsula are high-impact exploration
areas and meet this criterion well.

Aminex has set itself an ambitious exploration programme over the next two
years, primarily in North Korea and East Africa. Although its resources are at
present limited, it is pursuing a number of prospective strategic partnerships
whilst at the same time considering alternative forms of fund raising. In a
period of strong oil and gas prices and a burgeoning new interest in frontier
exploration, Aminex is now strategically well-placed.

                                                                   28 April 2005

Enquiries:

Aminex PLC                                           + 44 (0) 20 7240 1600
Brian Hall - Chief Executive
Simon Butterfield - Finance Director

College Hill                                         + 44 (0) 20 7457 2020
Jim Joseph

Oriel Securities                                     + 44 (0) 20 7710 7600
Simon Bragg
Scott Richardson Brown

Davy Corporate Finance                               + 353 (0) 1 614 8934
Hugh McCutcheon



AMINEX GROUP
Consolidated Profit and Loss Account for the year ended 31 December 2004


                                                                               2004              2003
                                                                Note        US$'000           US$'000

Group turnover                                                                5,384             7,760

Cost of sales                                                                (3,182)           (4,362)
Amortisation of oil and gas properties                                         (777)             (998)

Gross profit                                                                  1,425             2,400
Administrative expenses                                                      (5,094)           (4,582)
Purchaser's share of Vinton Dome profit                            1           (532)                -

Group operating loss before exceptional items                                (4,201)           (2,182)

Exceptional items:
Loss on disposal of fixed assets                                2(a)            (46)                -
Loss on disposal of listed investment                           2(b)           (184)                -
Write down in book value of investment in associate             2(c)              -            (2,010)
Loss on disposal of subsidiary undertaking                                        -                (8)

Loss on ordinary activities before interest                                  (4,431)           (4,200)

Interest receivable and other income                                             64               105
Interest payable and similar charges                                            (34)              (38)

Loss on ordinary activities before taxation                                  (4,401)           (4,133)
Tax on loss on ordinary activities                                                -                 -

Retained loss for the financial year                                         (4,401)           (4,133)

Basic and diluted loss per Ordinary Share (in UScents)             3          (4.73)            (4.55)



AMINEX GROUP
Consolidated Balance Sheet at 31 December 2004


                                                                          31 December 2004      31 December 2003
                                                                                   US$'000               US$'000

Fixed assets
Intangible fixed assets                                                             14,310                11,068
Tangible fixed assets                                                                8,313                12,834
Other financial assets                                                                   -                   868

                                                                                    22,623                24,770
Current assets

Investment held for sale                                                                 -                 2,003
Debtors                                                                              6,102                 6,102
Cash at bank and in hand                                                               767                   346

                                                                                     6,869                 8,451
Creditors: amounts falling due within one year                                      (4,832)               (5,474)

Net current assets                                                                   2,037                 2,977

Total assets less current liabilities                                               24,660                27,747
Creditors: amounts falling due after more than one year                                (51)                  (88)

Net assets                                                                          24,609                 27,659

Capital and reserves
Called up share capital                                                              6,777                  6,172
Share premium account                                                               36,061                 35,258
Capital conversion reserve fund                                                        234                    234
Foreign currency reserve                                                               259                    316
Profit and loss account                                                            (18,722)              (14,321)

Shareholders' funds - equity                                                        24,609                 27,659



AMINEX GROUP
Consolidated Cash Flow Statement for the year ended 31 December 2004

                                                              Year ended 31   Year ended   Year ended  Year ended
                                                                        Dec       31 Dec       31 Dec      31 Dec
                                                                       2004         2004         2003        2003
                                                       Note         US$'000      US$'000      US$'000     US$'000

Net cash outflow from operating activities                4                      (2,825)                  (1,814)
Return on investments and servicing of finance
Interest received                                                       15                        41
Dividend received from associate                                         -                        39
Rent received                                                           49                         9
Interest paid                                                          (34)                      (38)

Net cash inflow from returns on investments and
servicing of finance                                                                 30                       51

Capital expenditure
Purchase of tangible fixed assets                                     (159)                   (2,355)
Purchase of intangible fixed assets                                 (5,522)                   (3,023)
Sale of tangible fixed assets                                        5,276                        32
Purchase of other investment                                             -                      (868)

Net cash outflow from capital expenditure                                          (405)                  (6,214)

Acquisitions and disposals
Disposal of subsidiary undertaking                                       -                       (12)
Disposal of investments                                              2,687                         -
Cash transferred on disposal of subsidiary                               -                       (10)
undertaking

Net cash inflow/(outflow) for acquisitions and
disposals                                                                         2,687                      (22)

Net cash outflow before use of liquid resources and
financing                                                                          (513)                  (7,999)

Management of liquid resources
Cash removed from short term deposit                                                  -                    7,400

Financing activities
Issue of ordinary share capital (net)                                1,231                         -
Net movement in bank loans                                            (282)                      107
Net movement in finance leases                                         (15)                      (49)

Cash inflow from financing activities                                               934                       58

Increase/(decrease) in cash                                                         421                     (541)


Notes to the Financial Information

1        Purchaser's share of Vinton Dome profit

On 10 December 2004, Aminex USA Inc., a wholly-owned subsidiary company,
completed the disposal of its interests in the Vinton Dome Field for a
consideration of US$5 million.  Under the terms of the Purchase and Sale
Agreement, it was agreed that the purchaser, Orion Oil & Gas Louisiana Holdings
LLC, would receive US$100,000 for each month between 1 July 2004, the effective
date of the transaction, and the date of completion as its share of the net
income of the Vinton Dome Field for that period.  The payment amounted to
US$532,000.

2    Exceptional items

(a) The Group incurred costs amounting to US$167,000 relating to legal and
professional fees arising from the disposal of the Vinton Dome Field, against
which has been offset a profit of US$121,000 on the disposal of the Corsair 500
workover rig, resulting in a net loss of US$46,000 on the disposal of fixed
assets.

(b) The Group made a loss of US$184,000 on the disposal of its holding in a
listed investment, Bounty Oil & Gas NL, which was sold in October 2004.

(c) In March 2004, the Group disposed of its interest in its associate OAO
Ideloil for US$2.215 million before selling expenses.  The disposal gave rise to
a write down in book value of the investment in associate at 31 December 2003 of
US$2.01 million.  As a result the investment in associate was reclassified to
current assets under "Investment held for sale".  No share of profits was
recognised in the years ended 31 December 2003 and 31 December 2004.

3    Basic and diluted loss per Ordinary Share

                                                                               2004                  2003

Loss attributable to ordinary shareholders                             US$4,401,000          US$4,133,000

Weighted average number of Ordinary Shares outstanding                   93,014,594            90,905,734

Loss per share                                                         US4.73 cents          US4.55 cents

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

There is no difference between the basic net loss per share and the diluted net
loss per share for the years ended 31 December 2004 and 2003 as all potentially
dilutive Ordinary Shares are anti-dilutive.

4    Dividends

No dividend is proposed (2003: US$nil).

5    Reconciliation of operating loss to net cash outflow from operating
activities

                                                                              2004                  2003
                                                                           US$'000               US$'000

Operating loss                                                             (4,431)               (4,200)
Depreciation charges                                                          827                 1,166
Decrease in stocks                                                              -                    46
Increase in debtors                                                             -                (3,009)
Increase in creditors                                                         707                 1,905
(Profit)/loss on disposal of tangible fixed assets                           (121)                    7
Loss on disposal of listed investment                                         184                     -
Loss on disposal of subsidiary undertaking                                      -                     8
Write down in book value of investment in associate                             -                 2,010
Foreign exchange movement                                                     (68)                  191
Issue of share capital in settlement of services provided                      77                    62

Net cash outflow from operating activities                                 (2,825)               (1,814)


6    2004 Report and Accounts

The 2004 Report and Accounts will be posted to shareholders shortly.

7    Statutory information

The financial information set out above does not constitute the Company's
statutory accounts for the year ended 31 December 2004 within the meaning of the
Companies (Amendment) Act, 1986.  The statutory accounts will be finalised on
the basis of the financial information presented by the Directors in the
preliminary announcement and together with the auditors' report thereon will be
delivered to the Registrar of Companies following the Company's Annual General
Meeting.






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