Interim Results

Aminex PLC
27 September 2002

                                   AMINEX PLC

                                INTERIM RESULTS
                       FOR THE SIX MONTHS TO 30 JUNE 2002

AMINEX PLC, the oil and gas company with interests in the USA, Tanzania and
Tatarstan, announces its results for the six months to 30 June 2002.

                                   HIGHLIGHTS

•              Steady progress in core business

•              Tanzania drilling to commence in fourth quarter

•              Following 2001 disposal of Komi assets, $7.5 million returned to
               shareholders by way of capital reduction

•              Speculative and costly hostile takeover bid successfully repelled

•              Absence of Komi revenue and high bid costs of $1.94 million led
               to a net loss for the period of $3.4 million

•              Strong balance sheet (net cash $12.2 million) enables Aminex to
               exploit new opportunities



                                                               27 September 2002


Enquiries:

Aminex PLC                                                   [phone]
Brian Hall

College Hill                                                 [phone]
Archie Berens

Dennehy Associates                                               [phone]
Michael Dennehy



                              CHAIRMAN'S STATEMENT

As I reported to you in June, 2001 was a year of significant change for the
Group's business, and the results for the first half of this year reflect this
change.  They also reflect a period of steady growth and development in the
Group's core business; the exciting acquisition of Tanzoil NL; the return of a
substantial sum of money to shareholders; and the unwelcome and expensive
distraction of a hostile takeover bid, successfully repelled.

FINANCIAL RESULTS

Turnover of $1.26 million during the current period relates only to the Group's
US operations. The figure for the first six months of 2001 also included Russian
operations which were sold during the latter part of that year, and the Spartan
gas field in the United States which was sold in May 2001. Oil production in the
USA during the reporting period is similar to the comparative period whereas gas
production during the first six months of 2002 has been negligible. Average oil
prices achieved at $22.29 per barrel are approximately $3.50 per barrel lower
than the first six months of 2001. As a consequence of the lack of both Russian
production and US gas production, cost of sales has contracted to $1.1 million
(2001: $3.77 million) although administrative cost at $1.52 million is
marginally ahead of the comparative period cost. The resulting operating loss
before bid defence costs amounts to $1.65 million (2001: profit $3,000).

As described more fully below, Aminex successfully repelled a takeover bid from
Apple Oil & Gas Ltd. during the period.  The cost of defending the company
against Apple amounted to $1.94 million. This cost, offset by the net positive
results from our associated company in Tatarstan and our interest in an oilfield
services joint venture, contributed to a total operating loss amounting to $3.4
million (2001: profit $451,000). After taking into account net interest income
and a minor taxation charge (relating to the Tatarstan associated company), the
Group incurred a net loss of $3.39 million for the period (2001: profit
$377,000).

Fixed assets increased during the current period by approximately $8.4 million
and mainly comprised the acquisition of Tanzoil NL and additions to our assets
in the USA. Included in the reduction of shareholders equity is an amount of
$7.5 million representing a cash repayment of capital to shareholders.

USA OPERATIONS

In August this year gas production commenced from the Sunny Ernst #1 well at
Alta Loma, Texas.  This discovery well was announced in December 2001 and
initially flowed 3,000 mcf plus 107 barrels of condensate per day.  It is
currently producing at 5,300 mcf plus 170 barrels of condensate per day, a
higher rate than anticipated.  Start-up was delayed due to a dispute involving a
field partner and a neighbouring lease holder, now successfully resolved.
Aminex has a 37.5% interest in this well and in surrounding acreage.

At Sabine Lake, Aminex participated in a significant discovery well that tested
gas at a rate of 9,300 mcf/day and 750 barrels of condensate.  A second
exploration well was drilled on a different block, but was a dry hole. Aminex
has a 10.6% interest in this discovery and a 15.5% interest in the surrounding
acreage.  Production will commence towards the end of this year after tie-in of
facilities, more complex than normal due to the need to lay a pipeline across a
navigable ship channel.  Further drilling is planned for the Sabine Lake area.

During the year to date Aminex has generated and advanced three new prospects in
Texas.  Kodiak has now been farmed out to industry partners and drilling of the
first well has recently commenced.  Antelope has also been farmed out and
initial drilling locations selected.  At Benchmark existing seismic data has
been reprocessed and preliminary drilling locations identified.

Two wells have been successfully drilled and completed for production on the
Group's Vinton Dome leases in Louisiana and preparations are in hand for two
further new wells.

TANZANIA OPERATIONS

Preparations for first drilling are well under way with bottom hole locations
selected for both wells planned on the Group's offshore Nyuni licence.  In our
Annual Report for 2001 we indicated that the first well would spud this
September but operational constraints mean this is not now likely to occur until
the latter part of the fourth quarter.  The two wells will test separate
structures in the Lower Cretaceous formation, directly adjacent and analogous to
the Songo Songo gas field which is under development.  The Songas pipeline
system, funded by international institutions including the World Bank, is due to
deliver first gas from Songo Songo to Dar Es Salaam in 2004 and possibly beyond
at a later date.  The Nyuni Production Sharing Agreement gives us right of
access to the Songas pipeline should we make a discovery of gas.  Although East
Africa offshore is considered to be gas prone, recent field work carried out by
Aminex provides strong evidence for the possibility of oil discoveries as well
as gas.

Aminex recently launched a world-wide farm out initiative for the Nyuni licence
which has attracted strong industry interest and detailed negotiations are
currently in progress with several parties.  Whatever the results of the farm
out initiative, Aminex plans to retain a substantial interest in this large and
prospective block.  The two structures to be drilled later this year,
individually known as Nyuni and Okuza, are among six so far identified on this
2,600 square kilometre licence, which stretches from Tanzania's Indian Ocean
shoreline eastwards across the continental shelf and into deep water.  Seismic
has so far only been shot over about one third of the licence area.  Activity in
Tanzania has stepped up considerably since we acquired Tanzoil earlier this
year.  In particular, it has recently been announced that Shell has been awarded
four offshore exploration licences to the north of Nyuni.  We ourselves are in
negotiations with Tanzania Petroleum Development Corporation to convert our
Technical Evaluation Agreement on the Ruvuma licence, close to the border with
Mozambique, to a full Production Sharing Agreement.

CORPORATE ACTIVITY

In May, following approval of shareholders and the Irish courts, a capital
repayment was made to shareholders of Sterling 6.65 pence per share, at a total
cost of $7.5 million.  This step was in line with our policy, announced before
the bid from Apple Oil & Gas, to return tangible value to shareholders following
our successful exit from the Komi Republic of Russia late last year and we are
pleased to have been able to accomplish this.

In March, Aminex shareholders received an unsolicited offer from the OFEX listed
Apple Oil & Gas Ltd.  The terms of the offer were speculative to say the least
and the offer was successfully repelled, due to the good sense of the great
majority of shareholders.  It will be little consolation to shareholders to
learn that Apple Oil & Gas has subsequently exited the OFEX market, ceased
operations and is in negotiation with its creditors.  The bid arrested your
company's activities for many damaging weeks and the direct financial cost,
written off in the results for the period under review, was $1.94 million, funds
which are permanently lost to shareholders.  The indirect cost is to be found in
the time lost to take forward the company's interesting projects and there is no
doubt that our efforts have been hampered by this unwelcome and totally
opportunistic distraction.

There has been no material change in the status of the litigation matters
referred to in the 2001 Annual Report.

TATARSTAN

During the period production from the Dachnoye Field increased to an average of
1,750 barrels per day as a result of new drilling.  Fifteen development wells
are planned for the year 2002 of which six had been achieved by the end of June.
An arbitration hearing instigated by Aminex is scheduled to take place in the
fourth quarter regarding a disputed issue of new shares to an outside investor.

OUTLOOK

We believe that Tanzania is an exciting area for exploration and that the
commencement of our involvement there was timed at the right moment in the
cycle, given weight by the subsequent arrival of Shell.  The work we have done
in the USA during the period under review is part of an ongoing effort to build
a reserves base in politically stable areas, contrasting with the higher risk
Tanzania where a major discovery could transform the company.  As well as these
two core areas and our investment in oil production in Tatarstan, our strong
balance sheet and in-house technical capabilities enable us to continue to
review and evaluate further opportunities.

Peter Elwes
Chairman


AMINEX PLC

Unaudited Consolidated Profit and Loss Account


                                                                Six months           Six months 
                                                                     ended                ended       Year ended
                                                                   30 June              30 June      31 December
                                                                      2002                 2001             2001
                                                               (Unaudited)          (Unaudited)        (Audited)
                                                                   US$'000              US$'000          US$'000

Turnover: Group and share of joint venture                           2,105                7,715           14,018
Less:  share of joint venture turnover                               (840)              (1,639)          (2,713)
Group turnover (Note 1)                                              1,265                6,076           11,305
Cost of sales                                                      (1,105)              (3,771)          (7,273)
Amortisation of oil and gas properties                               (289)                (862)          (1,507)
Gross (loss)/profit                                                  (129)                1,443            2,525
Administrative expenses                                            (1,522)              (1,440)          (3,336)
Group operating (loss)/profit before bid defence costs             (1,651)                    3            (811)
Exceptional item - bid defence costs (Note 2)                      (1,944)                    -                -
Group operating (loss)/profit after bid defence costs              (3,595)                    3            (811)
Share of operating profit - Associate                                  310                  522              833
Share of operating loss - Joint Venture                              (132)                 (74)            (211)
Total operating (loss)/profit (Note 3)                             (3,417)                  451            (189)
Profit on disposal of subsidiary undertaking                             -                    -            5,709
(Loss)/profit on ordinary activities before interest               (3,417)                  451            5,520
Interest receivable and other income                                   176                  321              330
Interest payable and similar charges      - Group                     (77)                 (63)            (193)
                                          - Joint venture              (5)                  (2)             (59)
                                          - Associate                 (35)                  (2)              (6)
(Loss)/profit on ordinary activities before taxation               (3,358)                  705            5,592
Taxation                           - Group                               -                 (46)            (201)
                                   - Associate                        (37)                 (98)            (118)
(Loss)/profit on ordinary activities after taxation                (3,395)                  561            5,273
Profit attributable to minority interest - equity                        -                (184)            (332)
Retained (loss)/profit for the period                              (3,395)                  377            4,491
Basic (loss)/earnings per €0.06 Ordinary Share (in US cents)        (4.04)                 0.49             6.46
(Note 4)
Diluted (loss)/earnings per €0.06 Ordinary Share (in US
cents)                                                              (4.04)                 0.49             6.40
(Note 4)
Rate of dividend (in cents)                                              -                    -                -
                                                                         

AMINEX PLC

Consolidated Balance Sheet

                                                                   30 June          30 June         31 December
                                                                      2002             2001                2001
                                                               (Unaudited)      (Unaudited)           (Audited)
                                                                   US$'000          US$'000             US$'000
Fixed Assets

Intangible assets                                                    6,003                -                   -
Tangible assets                                                     12,822           39,330              11,374
Investment in joint venture    - share of gross assets               1,172              827                 766
                               - share of gross liabilities          (503)            (678)               (759)
Investment in associate                                              3,572            3,090               3,308
                                                                    23,066           42,569              14,689
Current assets
Stocks                                                                   -            1,859                   -
Debtors                                                              3,241            4,594               3,211
Cash at bank and in hand                                            12,293            3,107              24,836
                                                                    15,534            9,560              28,047
Creditors: amounts falling due within one year                     (5,243)          (4,933)             (3,352)
Net current assets                                                  10,291            4,627              24,695
Total assets less current liabilities                               33,357           47,196              39,384
Creditors: amounts falling due after more than
                one year                                             (142)          (7,247)               (133)
                                                                    33,215           39,949              39,251
Capital and reserves
Called up share capital                                              6,390            5,648               5,661
Share premium account                                               35,353           38,809              38,823
Foreign currency reserve                                               106             (21)                   6
Profit and loss account                                            (8,634)          (9,807)             (5,239)
Shareholders' funds - equity                                        33,215           34,629              39,251
Minority interest - equity                                               -            5,320                   -
                                                                    33,215           39,949              39,251



AMINEX PLC

Consolidated Cash Flow Statement
                                                                    Six months       Six months
                                                                         ended            ended         Year ended
                                                                       30 June          30 June        31 December
                                                                          2002             2001               2001
                                                                   (Unaudited)      (Unaudited)          (Audited)
                                                                       US$'000          US$'000            US$'000

Net cash (outflow)/inflow from operating activities                    (1,746)              139              1,034

Returns on investments and servicing of finance
Interest received                                                          159               88                107
Interest paid                                                             (77)            (460)              (772)

Net cash inflow/(outflow) from returns on investments
and servicing of finance                                                    82            (372)              (665)

Taxation
Overseas tax paid                                                            -            (118)              (295)

Investing activities
Purchase of tangible fixed assets                                      (1,718)          (2,353)            (5,315)
Purchase of intangible fixed assets                                      (445)                -                  -
Sale of fixed assets                                                         2              287                286

Acquisitions and disposals
Acquisition of subsidiary undertakings                                   (193)                -                  -
Disposal of subsidiary undertaking                                           -                -             31,651
Cash transferred on acquisition/(disposal) of subsidiary                     1                -              (440)
undertaking
Loans (advanced to)/repaid by joint venture                              (797)              133                145
Disposal of investments                                                      -              750                750

Cashflow from investing activities before
management of liquid resources and finance                             (4,814)          (1,534)             27,151

Management of liquid resources

Cash withdrawn from/(placed on) short term deposits                     11,607                -           (20,307)

Financing activities
Issue of ordinary share capital                                             32                -                 27
Issue expenses                                                           (279)                -                  -
Return of capital to shareholders                                      (7,500)                -                  -
New loans drawn down                                                         -              500                566
Repayment of loan                                                            -            (286)            (7,286)
Finance leases                                                              55                -                  -
Capital element of finance lease payments                                 (57)             (58)              (107)

Cash (outflow)/inflow from financing activities                        (7,729)              156              6,800

(Decrease)/increase in cash                                              (936)          (1,378)                 44





Reconciliation of operating profit to net cash inflow from          Six months       Six months
operating activities                                                     ended            ended         Year ended
                                                                       30 June          30 June        31 December
                                                                          2002             2001               2001
                                                                   (Unaudited)      (Unaudited)          (Audited)
                                                                       US$'000          US$'000            US$'000

Operating (loss)/profit                                                (3,595)                3              (811)
Depreciation charges                                                       355              984              1,733
Increase in stocks                                                           -            (776)               (34)
Decrease in operating debtors                                            1,201              319                271
Increase/(decrease) in operating creditors                                 283            (435)              (188)
Foreign exchange movement                                                   10               44                 63
Net cash (outflow)/inflow from operating activities                    (1,746)              139              1,034



AMINEX PLC

Notes to Unaudited Interim Financial Information

1.  Turnover                                           Six months ended      Six months ended         Year ended
                                                                30 June               30 June        31 December
                                                                   2002                  2001               2001
                                                            (Unaudited)           (Unaudited)          (Audited)
                                                                US$'000               US$'000            US$'000

Oil and gas production
Continuing operations - USA                                       1,265                 2,723              4,119
Discontinued operations - Russia                                      -                 3,353              7,186
                                                                  1,265                 6,076             11,305


2.  Exceptional item - bid defence costs

The exceptional item relates to costs borne by the company relating to the
proposed acquisition of the company by Apple Oil and Gas Limited ("Apple").
Apple announced its offer on 1 March 2002.  The offer subsequently lapsed on 25
April 2002.

3.  Total operating (loss)/profit                    Six months ended     Six months ended           Year ended
                                                              30 June              30 June          31 December
                                                                 2002                 2001                 2001
                                                          (Unaudited)          (Unaudited)            (Audited)
                                                              US$'000              US$'000              US$'000

Continuing operations - USA                                   (1,473)                  759                (367)
Discontinued operations - Russia                                    -                (308)                  178
Exceptional item - bid defence costs                          (1,944)                    -                    -
                                                              (3,417)                  451                (189)


On 22 October 2001, the Group disposed of its interest in its wholly owned
subsidiary undertaking, Aminex Production Company Limited, and its 55% interest
in OOO AmKomi to a subsidiary company of OAO Lukoil.

4. Loss per share

The calculation of loss per share for the six months ended 30 June 2002 is based
on the weighted average number of Ordinary Shares in issue during the period of
83,971,999 (six months ended 30 June 2001: 76,510,844) and on the loss on
ordinary activities after taxation attributable to the shareholders of Aminex
PLC of US$3,395,000 (six months ended 30 June 2001: profit US$377,000).

The loss attributable to ordinary shareholders and weighted average number of
ordinary shares for the purpose of calculating the diluted loss per ordinary
share are identical to those used for basic loss per ordinary share.  This is
because the exercise of share options and warrants would have the effect of
reducing the loss per ordinary share and is therefore not dilutive under the
terms of Financial Reporting Standard 14 Earnings per share.

5.  Acquisition of subsidiary company

On 28 March 2002, Aminex PLC acquired the share capital of Tanzoil NL through
the issue of 13,461,538 Ordinary Shares of €0.06 each at Stg26 pence per share.

6. Comparative accounts

Comparative accounts have been restated, where necessary, on the same basis as
those for the current period.

7. 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 2001 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 2001. 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.




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