Interim Results

Aminex PLC
27 September 2001



                                   AMINEX PLC
                                 INTERIM RESULTS
                         FOR THE SIX MONTHS TO JUNE 2001 
 
 
AMINEX PLC, the oil and gas and company announces its results for the six
months to 30 June 2001. 

HIGHLIGHTS

* Agreement reached to sell Group's interest in AmKomi to Lukoil for $38 million
* Tatarstan field production increased to 1,350 barrels per day 
* High gas prices have increased US revenues 
* Profit on AmKomi disposal will be reflected in the full year's results 

CHAIRMAN'S STATEMENT
 
The results for the first half of 2001 have been overshadowed by the disposal
of the Group's oil and gas interests in the Komi Republic to Lukoil, as
announced to shareholders on 8th August. This will result in a substantial
profit to the Group for the full year but has not been recognised in the half
year results.

The Sale and Purchase Agreement was approved by shareholders on 24 August and
should be finalised, after the completion of Russian formalities, in October.

The AmKomi disposal will not only yield a material profit but will also free
the Group of all bank debt and enable it to diversify its activities into
areas which will permit greater operational flexibility and more rapid
growth. Much of management's time has been concentrated on Russia in recent
years and the disposal will enable it to pursue other opportunities.

We are maintaining a presence in Russia through our wholly-owned service
company Ami-Tek and through our investment in Ideloil which has been
successful in developing the Dachnoye field in Tatarstan. This is a
relatively low cost development yielding a satisfactory profit with scope for
considerable further development.

Operations in the United States are developing satisfactorily. Our gas
business, acquired on very favourable terms from Unexco in 1999 at a time of
industry recession, has been a major contributor to earnings in the period
under review, benefiting from stronger prices. A major gas exploration well
is drilling currently on our Alta Loma prospect in Texas. These operations
represent a strong foundation for future growth of the business.

FINANCIAL RESULTS
 
Turnover of $6.5 million shows a 35% decrease from the first half of 2000
mainly as a result of no longer recognising the turnover of the Group's
oilfield service arm, which is now treated as a joint venture. Although three
new wells were on production from the Kirtayel Field during the period, but
our Russian results were adversely affected by lack of access to the export
market. Accordingly, the average oil price achieved from Russian oil sales
was $12.33 per barrel whereas oil sales during the comparative period, which
were all exported, achieved an average price of $23.64 per barrel. The
decline in Russian turnover has been partly offset by higher US gas revenues.
Gas prices have averaged $6.41 per mcf during the current period whereas the
average price for the comparative period was $2.35 per mcf. Cost of sales for
the Group of $4.2 million was $2.2 million lower than 2000 and administrative
expenses of $862,000 have declined by 11%. Total operating profit of $451,000
compares with $1.88 million for the first six months of 2000.

The taxation charge of $144,000 relates to our Russian operations (including
our associate company) and compares with $203,000 for 2000. After taking into
account the profit attributable to the minority interest of $184,000 (2000:
$491,000), the resulting Group net profit amounted to $377,000 which compares
with a net profit of $1,095,000 for the first six months of 2000. Basic
earnings per share for the half year was 0.49 cents (2000: 1.43 cents).

Additions to fixed assets during the period amounted to $2.35 million and
mainly related to the Kirtayel Field development. This expenditure was
partially funded by drawdowns on our credit facility with the International
Finance Corporation and the balance by working capital.
 
OPERATIONS 
 
Russia - AmKomi 
 
The second new well at the Kirtayel field was completed, tested at over 2,000
barrels of oil per day and put on production with the two existing producers.
Development activities continued at the Aresskoye fields further south with
workovers, recompletions and the reactivation of old exploration wells. Oil
production was increased to approximately 2,850 barrels per day by the end of
the reporting period.
 
Russia - Tatarstan 

The 2001 development programme for the Dachnoye field was completed earlier
than expected with the drilling of ten new wells and the reactivation of a
further four wells. Additional drilling and well completions have continued
and oil production has increased to approximately 1,350 barrels per day.
 
USA 
 
After the success of the 2000 programme, the drilling rig was released from
the Vinton oilfield to enable a period of geological review. In July, the rig
was moved back to drill the first of four identified locations. Recompletions
and workovers continued at all producing fields and preparations were
completed to drill an exploration well in the Alta Loma field, Texas. This
well has just drilled to a planned total depth of 15,300 feet. After greater
than expected production, the Spartan gas field commenced a rapid decline and
our interest has since been sold. Average production to Aminex's working
interests during the reporting period was 500 barrels oil per day and 2.5
million cubic feet gas per day.

LITIGATION 
 
Aminex has been informed that an accident occurred on a drilling rig in the
USA on May 17, 2001 when the drilling rig derrick structure collapsed. Two
individuals suffered fatal injuries and four others were hospitalised. It is
not known at this stage why or how the accident occurred. Prior to the
accident, Aminex's US subsidiary had acted as agent in the sale of the rig to
a third party. A claim has been brought against a number of parties,
including Aminex's US subsidiary. Whilst there can be no certainty regarding
the outcome of this matter, the Directors believe, on the information
currently available, that there is no basis for any claims against the Aminex
Group.
 
OUTLOOK 
 
The first half has benefited from high oil prices, except in the case of Komi
production. It has also benefited from high gas prices in the United States.
The latter may well persist in view of the supply/demand situation in the
domestic gas market. However the outlook for oil prices is much more
difficult to call in view of the current politico-economic situation. OPEC
appears willing to regulate the supply of oil in such a way as to minimise
the destabilisation of vulnerable economies, but this will not be easy to
achieve. There is always a danger that political considerations will outweigh
purely economic considerations affecting the security of supply and pricing
of crude oil.

Our current operations are profitable and expanding. They have, by and large,
good cost structures and should be able to withstand a degree of market
turbulence. However the emphasis for Aminex will be on the pursuit of
opportunities that will both complement existing operations and open up new
areas suited to our strategies. Opportunities abound but need careful
evaluation. We have an effective organisation with a strong professional
background and proven deal-making ability. We also have liquidity. This gives
grounds for optimism at a difficult time.

Peter Elwes 
Chairman 
27 September 2001
 

                                                                 
   Enquiries                                        
   
   Aminex PLC                     Tel: [phone]
   Brian Hall, Chief Executive                      
   
   College Hill                   Tel: [phone]
   James Henderson                                  
 
 
      
AMINEX PLC  
Unaudited Consolidated Profit and Loss Account 
 

                                                                              
                                             Six Months Ended        Year Ended 
                                                  30 June           31 December 
                                              2001          2000          2000
                                       (Unaudited)   (Unaudited)     (Audited)
                          Notes            US$'000       US$'000       US$'000

  Turnover: Group and                        8,176        10,186        19,968
  share of joint                                                              
  venture                                                                     
 Less: share of joint                       (1,639)         (218)         (968)
  venture turnover                                                            
  Group turnover              1              6,537         9,968        19,000
  Cost of sales                             (4,232)       (6,389)      (12,117)
  Write back of                                  -           580           580
  impairment of oil                                                           
  and gas assets                                                              
  Amortisation of oil                         (862)         (965)       (1,768)
  and gas properties                                                           
  Gross profit                               1,443         3,194         5,695
  Administrative                            (1,440)       (1,655)       (3,034)
  expenses                                                                    
  Group operating                                3         1,539         2,661
  profit                                                                      
  Share of operating                           522           351         1,161
  profit in - Associate                                                       
            - Joint venture                    (74)          (12)         (145)
  Total operating                              451         1,878         3,677
  profit                                                                      
  Goodwill written off                           -             -         (382)
  on part disposal of                                                         
  subsidiary                                                                  
  undertaking                                                                 
  Profit on ordinary                           451         1,878         3,295
  activities before                                                           
  interest                                                                    
  Interest receivable                          321            11           308
  and other income                                                            
  Interest payable and                        (63)         (100)         (187)
  similar charges -Group                                                        
                  - Joint venture              (2)             -         (108)
                  - Associate                  (2)             -           (2)
  Profit on ordinary                           705         1,789         3,306
  activities before                                                           
  taxation                                                                    
  Taxation - Group                            (46)         (160)         (390)
           - Associate                        (98)          (43)         (129)
  Profit on ordinary                           561         1,586         2,787
  activities after                                                            
  taxation                                                                    
  (Profit)                                   (184)         (491)         (960)
  attributable to                                                             
  minority interest - equity                                                    
  Retained profit for                          377         1,095         1,827
  the period                                                                  
  Basic earnings per          3               0.49          1.43          2.39
  IR5p Ordinary Share                                                         
  (in cents)                                                                  
  Diluted earnings per        3               0.49          1.39          2.33
  IR5p Ordinary Share                                                         
  (in cents)                                                                  
  Rate of dividend (in                           -             -             -
  cents)                                                                      
 
Details of the proposed disposal of Aminex Production Company Limited and its
55% interest in OOO AmKomi are set out in Note 2.

In accordance with Financial Reporting Standard 2, the results of the assets
subject to disposal are included in the Group's financial statements until
the date of completion at which time the various outstanding conditions will
have been met.

AMINEX PLC  
Consolidated Balance Sheet 
 

                                                                              
                                                   30 June          31 December 
                                              2001          2000          2000
                                                     (Unaudited)     (Audited)
                                   Notes   US$'000       US$'000       US$'000
  Fixed Assets                                                                
  Tangible assets                           39,330        39,898        37,747
  Investments:                                                                
  In joint ventures - share of                 827           879           923
  gross assets                                                                
  - share of gross liabilities               (678)         (684)         (545)
                                               149           195           378
  Investments in associate                   3,090         1,956         2,572
                                            42,569        42,049        40,697
  Current assets                                                              
  Investments                                    -             -           750
  Stocks                                     1,859           790         1,083
  Debtors                                    4,594         5,423         4,913
  Cash at bank and in hand                   3,107           984         4,485
                                             9,560         7,197        11,231
  Creditors: amounts falling               (4,933)       (6,236)       (5,774)
  due within one year                                                         
  Net current assets                         4,627           961         5,457
  Total assets less current                 47,196        43,010        46,154
  liabilities                                                                 
  Creditors: amounts falling                                                  
  due after more than                                                         
  one year                                 (7,247)       (5,360)       (6,792)
                                            39,949        37,650        39,362
  Capital and reserves                                                        
  Called up share capital                    5,648         5,648         5,648
  Share premium account                     38,809        38,809        38,809
  Foreign currency reserve                    (21)         (176)          (46)
  Profit and loss account                  (9,807)      (11,298)      (10,184)
  Shareholders' funds - equity              34,629        32,983        34,227
  Minority interest - equity                 5,320         4,667         5,135
                                            39,949        37,650        39,362
 

AMINEX PLC  
Consolidated Cash Flow Statement 
 

                                                                              
                                              Six Months Ended        Year Ended
                                                   30 June          31 December 
                                              2001          2000          2000
                                       (Unaudited)   (Unaudited)     (Audited)
                             Note          US$'000       US$'000       US$'000
  
  Net cash inflow from                         139         1,716         3,939
  operating activities                                                        
  Returns on investments                                                      
  and servicing of finance                                                    
  Interest received                             88            11            59
  Interest paid                              (460)         (364)         (301)
  Net cash outflow from                                                       
  returns on investments                                                      
  and servicing of finance                   (372)         (353)         (242)
  Taxation                                                                    
  Overseas tax paid                          (118)             -          (25)
  Investing activities                                                        
  Purchase of tangible                     (2,353)       (4,231)       (8,763)
  fixed assets                                                                
  Sale of fixed assets                         287             -           200
  Cash transferred to                            -         (101)             -
  joint venture                                                               
  Acquisitions and                                                            
  disposals                                                                   
  Disposal of subsidiary                         -             -         5,534
  undertaking                                                                 
  Cash transferred on                            -             -           (9)
  disposal of subsidiary                                                      
  undertaking                                                                 
  Loans repaid                                 133             -         (525)
  by/(advanced) to joint                                                      
  venture                                                                     
  Disposal/(purchase) of                       750             -         (750)
  investments                                                                 
  Cashflow from investing                                                     
  activities before                                                           
  management of liquid                     (1,534)       (2,969)         (641)
  resources and finance                                                       
  Financing activities                                                        
  New loans drawn down                         500         3,000         5,000
  Repayment of loan                          (286)       (1,543)       (2,257)
  Finance leases                                 -           295             -
  Capital element of                          (58)         (134)           (8)
  finance lease payments                                                      
  Cash inflow from                             156         1,618         2,735
  financing activities                                                        
  (Decrease)/increase in                   (1,378)       (1,351)         2,094
  cash                                                                        
 
Reconciliation of operating profit to net cash inflow from operating
activities 

                                                                              
                                             Six Months Ended       Year Ended  
                                                   30 June          31 December 
                                              2001          2000          2000
                                       (Unaudited)   (Unaudited)     (Audited)
                           Note            US$'000       US$'000       US$'000

  Operating profit                               3         1,539         2,661
  Depreciation charges                         984         1,045         2,013
  Impairment of oil and                          -         (580)         (580)
  gas assets                                                                  
  Increase in stocks                         (776)         (251)         (544)
  Decrease in operating                        319           615           847
  debtors                                                                     
  Decrease in operating                      (435)         (519)         (453)
  creditors                                                                   
  Foreign exchange                              44         (147)           (5)
  movement                                                                    
  Adjustment for                                 -            14             -
  non-cash items                                                              
  Net cash inflow from                         139         1,716         3,939
  operating activities                                                        

AMINEX PLC  
Notes To The Unaudited Accounts 
 

                                                                              
                                            Six Months Ended         Year Ended 
                                                   30 June          31 December 
                                              2001          2000          2000
                                       (Unaudited)   (Unaudited)     (Audited)
                                           US$'000       US$'000       US$'000
  1. Turnover - continuing                                                    
  operations                                                                  
  Oil and gas production - USA               3,184         2,383         6,331
                         - Russia            3,353         4,098         9,242
                                             6,537         6,481        15,573
  - discontinued operations                      -         3,487         3,427
                                             6,537         9,968        19,000
 
2. Proposed disposal of subsidiary undertaking

On 7 August 2001, Aminex PLC entered into a conditional Sale and Purchase
Agreement with Acont Enterprises Limited ('AEL'), a wholly-owned subsidiary
of OAO Lukoil whereby Aminex agreed to sell and AEL agreed to purchase Aminex
Production Company Limited ('APCOL') for a purchase price of US$38.5 million.
APCOL's principal asset is a 55% interest in OOO AmKomi, a Russian limited
liability company which operates oil producing properties in the Komi
Republic.

Full details of the transaction were sent to shareholders in a circular dated
8 August 2001. In accordance with Financial Reporting Standard 2, the results
of the assets subject to disposal are included in the Group's financial
statements until the date of completion at which time the various outstanding
conditions will have been met.

Included in the Consolidated Profit and Loss Account are the following
results relating to APCOL and its 55% interest in OOO AmKomi:

                                                                              
                                             Six Months Ended        Year Ended 
                                                  30 June           31 December 
                                              2001          2000          2000
                                       (Unaudited)   (Unaudited)     (Audited)
                          Notes            US$'000       US$'000       US$'000

  Turnover                    1              3,353         4,098         9,242
  Cost of sales                            (2,638)       (2,919)       (7,016)
  Amortisation of oil                        (515)         (252)         (711)
  and gas properties                                                          
  Gross profit                                 200           927         1,515
  Administrative                             (508)         (339)         (733)
  expenses                                                                    
                                             (308)           588           782
  Interest receivable                          141             4           220
  and other income                                                            
  Interest payable and                           -             -           (1)
  similar charges                                                             
  Profit on ordinary                         (167)           592         1,001
  activities before                                                           
  taxation                                                                    
  Taxation                                    (46)         (160)         (390)
  Profit on ordinary                         (213)           432           611
  activities after                                                            
  taxation                                                                    
  (Profit)                                   (184)         (491)         (960)
  attributable to                                                             
  minority interest -                                                         
  equity                                                                      
  Retained loss for                          (397)          (59)         (349)
  the period                                                                  
 
3. Profit per share 
 
The calculation of profit per share for the six months ended 30 June 2001 is
based on the weighted average number of Ordinary Shares in issue during the
period of 76,510,844 (six months ended 30 June 2000: 76,510,844) and on
profits on ordinary activities after taxation attributable to the
shareholders of Aminex PLC of US$377,000 (six months ended 30 June 2000:
profit US$1,095,000).
 
4. Comparative accounts 
 
Comparative accounts have been restated, where necessary, on the same basis
as those for the current period.

5. Statutory Information 
 
The financial information for the six month periods to 30 June is unaudited
and does not constitute statutory accounts within the meaning of Section 19
of the Companies (Amendment) Act 1986. The financial information for year
ended 31 December 2000 has been extracted from the audited financial
statements which have been filed with the Companies Registration Office. The
auditors, KPMG, have reported without qualification on the financial
statements for the year ended 31 December 2000. This announcement is being
sent to shareholders and will be made available at the Company's registered
office at 14 Upper Fitzwilliam Street, Dublin 2 and at the Company's UK
representative office at 10 Bedford Street, London WC2E 9HE.