Financing Re-development of Shoats Creek

Aminex PLC
11 November 1999


     AMINEX ANNOUNCES FINANCING RE-DEVELOPMENT OF SHOATS CREEK, LOUISIANA
                                       
Aminex PLC, the oil and gas development, production and oilfield services
company, today announces a preliminary agreement for financing the re-
development of its Shoats Creek Field in Beauregard parish, Louisiana.  The
Shoats Creek Field was acquired by Aminex in 1995 for a nominal consideration
and comprises 20 wells requiring rehabilitation, penetrating five sandstone
reservoir horizons between 5,000 and 9,500 feet, within a leased area of 1700
acres.  An independent engineering estimate shows 1.4 million barrels of
recoverable oil in which Aminex currently has a 100% net revenue interest.

Under the agreement, European and American investors led by McAlester Fuel
Corporation of Houston (together 'McAlester') will finance the total cost of
re-developing the field in two phases at a total cost of up to $2million.
McAlester will be entitled to receive 50% of net revenues from the field when
on production.

In September 1999 Aminex announced that it had entered into a similar
agreement with McAlester for financing the drilling of ten firm and thirty
provisional new wells, representing the greater part of the company's 1999-
2000 drilling programme over its Texas and Louisiana onshore Gulf Coast
acreage.

Commenting on the announcement Brian Hall, Aminex chief executive, said:
'Shoats Creek has been a dormant asset for some time as competing projects in
Russia, the USA and Tunisia have made prior calls on our investment funds.  We
warmly welcome this further agreement with McAlester which will enable the
potential of Shoats Creek to be unlocked to take advantage of improved oil
prices'.

For further information:

BRIAN HALL            Aminex PLC              London 0171 240 1600

JOHN EVANS            Financial Dynamics      London 0171 269 7153