Interim Management Statement

RNS Number : 6604C

Aminex PLC

18 November 2009

INTERIM MANAGEMENT STATEMENT - THIRD QUARTER 2009

Aminex PLC ("Aminex"), the oil and gas company listed on the London and Irish Stock Exchanges, today issues its Interim Management Statement ("IMS") for the period from 1 July 2009 to the date of this statement in accordance with the EU's Transparency Directive which requires certain listed companies to provide periodic updates to the capital markets in addition to their existing reporting requirements.

USA

ALTA LOMA, GALVESTON COUNTY, TEXAS

Sunny Ernst-1: Well re-completion in progress

Sunny Ernst-2: Production from the Upper Andrau formation has now declined and production tubing will shortly be installed to stabilise flow rates as an interim measure prior to making a completion in the S sand.

Sunny Ernst-3: Provisional development well currently planned for the first half of 2010. Pipeline restrictions have now been lifted and all gas produced can be sold to market through the existing pipeline system.

Operator: El Paso Corporation
Aminex interest: 37.5%.

SHOATS CREEK, CALCASIEU PARISH, LOUISIANA

With the benefit of processed and interpreted 3D seismic data Aminex plans to drill two shallower wells to convert proved undeveloped reserves in the Frio and Cockfield sands to proved developed producing status and take advantage of higher oil prices. Partners are being sought to share the risk of a deep exploration well to test the Wilcox sands, now believed to be present at Shoats Creek.

Aminex is operator with a 100% working interest.

SOUTH WESLACO, HIDALGO COUNTY, TEXAS

Gas production - onstream, 2.7 million cubic feet gas per day
Operator: Kaler Resources
Aminex interest: 25%

SOMERSET FIELD, BEXAR COUNTY, TEXAS

Oil production - onstream, 100 barrels oil/day
Operator: Aminex
Aminex interest: 100%

TANZANIA

NYUNI EAST SONGO-SONGO PSA

During the period Aminex consolidated its position in the Kiliwani North gas discovery and surrounding well-defined prospects by increasing its interest to 50%, through the acquisition of 10% from a joint venture partner. The consideration was a cash payment of $1 million and an assignment of its 25% interest to the joint venture partner in a PSA covering two offshore blocks in Kenya.

A new seismic programme has now been completed over Songo-Songo Island, adjacent reefs and in deeper water. Interpretation of this seismic is ongoing and will (1) help define the Kiliwani North discovery which tested 40 million cubic feet per day gas in 2008 and (2) be integrated into a programme of reprocessing and reinterpreting seismic data over other drillable prospects in the PSA.

Discussions on terms for the commercialisation of Kiliwani North gas continue, although bureaucratic delays have so far delayed approval for the pipeline operator to expand its gas treatment plant which would enable it to accept Kiliwani North gas.

Aminex considers that there is a good market for gas in Tanzania which will continue to grow.

Operator: Aminex
Aminex interest: 50%

RUVUMA PSA

The Likonde-1 well is now likely to be spudded in early January 2010, in one of Africa's least-explored basins. A rig contract has been signed and the precise spud date will depend on the completion of the rig's current drilling contract. Likonde is primarily an oil rather than gas prospect and prospective P10 reserves are estimated by Tullow Oil to be 151 million barrels equivalent, risked by Aminex at a 1 in 4 chance of success. Aminex has recently announced a farm-out of a 12.5% interest in Likonde-1 to Solo Oil PLC which is reimbursing Aminex for back costs and paying a disproportionate share of the drilling cost of Likonde-1.

The Ruvuma River is the border between Tanzania and Mozambique to the south. On the Mozambique side all prospective acreage is licensed and a group led by Anadarko of the US is currently drilling its first onshore well there. The Aminex-Tullow joint venture holds the principal onshore acreage in the Tanzanian side of the basin.

Operator: Tullow Oil
Aminex interest: 50% which will be reduced to 37.5% if Solo Oil exercises its option to become a
party to the PSA after Likonde-1 has been drilled.

WEST SONGO-SONGO PSA

Seismic and exploration drilling is planned over the next two years. Aminex has a 50% interest in this licence which is operated by a subsidiary of Key Petroleum.

Operator: Key Petroleum
Aminex interest: 50%

KENYA

Aminex has now disposed of its interest in blocks L-17 & L-18 through an asset swap which has increased its interest in the Nyuni-East Songo-Songo PSA in Tanzania, referred to above. Disposal of this interest is in step with Aminex's current policy of focusing its resources on projects which will produce near-term value.

EGYPT

WEST ESH EL MELLAHAH BLOCK 2 ("WEEM-2"), onshore Gulf of Suez:

The South Malak-1 well reached total depth of 11,200 feet during the period and testing is still in progress. Aminex has a 10% beneficial interest in WEEM-2 through its shareholding in Aminex petroleum Egypt Ltd. and its share of costs is carried by another shareholder through to first commercial production.

Operator: Aminex Petroleum Egypt Ltd.

NORTH KOREA

Renegotiations with the Korean Oil Industry Ministry are due to commence during the fourth quarter in Pyongyang.

SERVICE COMPANY

The AMOSSCO Group has been trading in line with expectations during the period under review.

FINANCIAL

Aminex issued its interim results statement for the six-month period ended 30 June 2009 on 25 August 2009. Trading from the beginning of the third quarter to the date of this announcement has been approximately in line with expectations. Oil prices have improved since the early part of the year although gas prices throughout the period have remained below those of 2008. Production of both oil and gas for the year to date is at higher levels than in the comparative period of 2008. Aminex accounts in US Dollars and a weaker Pound Sterling has the effect of reducing its cost base against its dollar revenues.

OUTLOOK

Likonde-1, the first exploration well in Aminex's Ruvuma Basin PSA, will be spudded around the end of the year depending on timing of rig mobilisation. In the United States at around the same time first drilling at Shoats Creek since the interpretation of new 3D seismic date is planned. A further well is provisionally planned in the USA at Alta Loma, Sunny Ernst-3, for 2010. In Egypt a test result from South Malak-1 is expected imminently. Interpretation of the new seismic survey over Kiliwani North should provide a clearer picture of the discovery within the next few months and facilitate the planning of a development programme, as well as significantly adding to knowledge of the area and helping to short-list future drilling prospects at Nyuni. The Likonde-1 well at Ruvuma will be a significant event in an under-explored African basin.

Since raising new equity in summer 2009 and farming down part of the Ruvuma commitment Aminex is well-positioned to develop the potential of its portfolio going forward.

For Aminex PLC,

Brian Hall Chairman

Simon Butterfield Finance Director

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