Interim Results

Aminex PLC
23 September 2004

Aminex PLC

("Aminex" or "the Company")

Interim Results for the six months ended 30 June 2004

Aminex, the oil and gas company listed on the London and Irish Stock Exchanges,
today announces its interim results for the half year ended 30 June 2004.

Highlights

•         Petroleum Agreement signed with North Korea

•         Nyuni-1 offshore Tanzania completed; data review in progress

•         Agreement with Liquefied Natural Gas Ltd. of Australia to source gas
          for low cost LNG systems

•         Creation of Red Sea Petroleum Ltd. to apply for acreage in Egypt.

•         Operating loss for period of $1.29 million (2003: loss $651,000)

Peter Elwes, Chairman of Aminex, said:

"Aminex is pursuing its strategy of diversification.  The agreement with North
Korea is an important development providing the company with access to an
under-explored but promising area.  Further activity in Tanzania is at the
planning stage.  This is an area where exploration activity is increasing
rapidly and is considered to have major potential.  A number of other
opportunities are under consideration."

Overview

During the period under review Aminex completed drilling operations on the
Nyuni-1 well offshore Tanzania and on the last day of June signed a conditional
Petroleum Agreement with the North Korean authorities, closing conditions of
which have subsequently been met.  Since the end of the reporting period we have
formalised an agreement with Liquefied Natural Gas Ltd. and joined a bidding
group for exploration in Egypt in partnership with First Energy Ltd. of Dubai.
Despite the significant potential of these new agreements, none represent an
onerous financial commitment for the company at the outset.  The Nyuni-1 well
proved more expensive and more difficult than anticipated and those problems
have been compounded by the failure of our Nyuni joint venture partner, Petrom,
to meet in full its share of drilling obligations due, as announced on 16th
June.  The Petrom issue is now subject to litigation in the English High Court
and we are therefore not able to comment in detail beyond saying we are
confident of being able to recover the amounts due.

FINANCIAL REVIEW

Turnover for the first six months of 2004 at $3.1 million is $0.4 million less
than the comparative period. Approximately $0.9 million of current turnover
relates to the oilfield supplies business, an increase of $100,000 over the
comparative period; the balance of $2.19 million (2003: $2.7 million) relates to
oil and gas production in the USA.  Gas production during the reporting period
amounts to 74,000 mcf which compares with 161,000 mcf for the comparative period
of 2003. The decline is mainly due to reduced production from the Alta Loma
field. The average gas price achieved during the period is $6.44 per mcf, an
increase of $0.91 per mcf over the average price for the comparative period.
Oil production at 50,000 barrels is 19% below that of the first six months of
2003.  The average oil price achieved during the first six months of 2004 at
$35.18 is $5.78 higher than that of the comparative period.

Cost of sales and amortisation charges are slightly below those of 2003,
reflecting lower levels of oil and gas production. Administrative charges for
the current period at $2.22 million are $125,000 higher than those of 2003, much
of this increase being a consequence of a weaker dollar on translation of the
sterling-denominated head office expenditures. As a consequence of the sale of
the Group's interest in Ideloil in early 2004, no contribution was made to
profits during the reporting period. Accordingly, the Group operating loss for
the first six months of 2004 amounts to $1.29 million (2003: loss $651,000 but
after recognising a $250,000 profit contribution from Ideloil). After taking
into account net interest income, the Group net loss for the current period
amounts to $1.15m (2003: loss $672,000).

Additions to fixed assets during the current period amount to approximately $4
million, virtually all of which relates to the Nyuni-1 well offshore Tanzania.

USA

During the period the Group has benefited from higher oil and gas prices.  The
Alta Loma gas producing well, Sunny-Ernst-1, is made up of a number of
producible formations, only one of which has so far been placed on production.
Production from this first zone has declined during the period and we are
currently waiting on equipment to recomplete the next zone in the formation.  We
have also seen natural decline in gas production from the Sabine Lake property
and anticipate installation of a compressor in the near future aimed at
restoring production to previous levels by the end of this year.  We have now
completed a nine-well recompletion programme on the Vinton Field which has
maintained oil production at optimum levels.  At the time of our annual results
for 2003 we anticipated drilling a further well on Alta Loma and a well on our
South Weslaco property in 2004.  It is now likely that both these projects will
be delayed until 2005.

TANZANIA

The Nyuni-1 well was the first well to have been drilled offshore Tanzania for
over twelve years.  The well took longer and cost more than forecast and the
outcome was frustrating but provided confidence for the future, with shows of
crude oil from a widespread Upper Jurassic source. This upgrades the
prospectivity of the region, frequently written-off over the years as a purely
gas area. We are still working on the analysis of this complex well, the
reservoir section in which was both deeper and thicker than anticipated.
Despite shows of oil in the drill cuttings and on the surface of the mud tanks
and some very high quality inter-fingered sands, this well failed to flow oil on
test, due we believe to mechanical rather than reservoir problems.  As announced
to shareholders in July, the Tanzanian authorities have granted us a "stand
still" period of six months to review data and plan the next phase of
exploration work.  We are urgently working on this and simultaneously seeking
drilling partners to share the future burden.

LIQUEFIED NATURAL GAS

As announced recently Aminex is now working with Liquefied Natural Gas Ltd. of
Australia ("LNG"), a company floated on the Australian Stock Exchange in August,
which has developed a 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's role is to seek and secure suitable "stranded" gas with a
view to becoming the upstream component of LNG's operations.  At present our
activities are focused on East Africa but we expect to expand our search
geographically over the next few months to cover West Africa and elsewhere.
Stranded gas can 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

As announced on 20 September, Aminex has signed a 20 year agreement to assist
with the development of the onshore and offshore hydrocarbon potential of North
Korea.  We have worked on this project for several years and believe that we
have now reached a satisfactory agreement.  Aminex's initial role is to assess
the existing data and potential of the region where drilling in the past has
revealed promising shows of offshore oil.  Of particular interest is the West
Sea Basin of Korea, a large bay at the north western end of the Korean
peninsular where oil was discovered by the North Koreans some years ago.  The
West Sea is adjacent to the Bohai Bay area of China where substantial oil and
gas developments are in progress.  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 much
diplomatic activity is in hand.  Aminex will assist North Korea with the
development of its industry and has prior rate to explore in its own name.

EGYPTIAN BIDDING GROUP

In September 2004 Aminex signed a bidding 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 will initially have a
55% interest.  Red Sea has identified several interesting application areas in
Egypt and is currently working on acreage applications.  Under the agreement
with First Energy, Aminex will carry out technical work with the option to limit
its financial exposure to a fully carried interest of 10% in any acreage awarded
if it so chooses or elect to keep a 40% interest.  The agreement has been
structured in this way to avoid binding new obligations at a time of financial
stringency.

PROSPECTS

Aminex continues to work  hard to develop its existing assets as well as the
further opportunities referred to in this report and so take advantage of a
buoyant market for oil and the likelihood of sustained high prices for natural
gas.



                                                             23rd September 2004

Enquiries:

Aminex PLC
    Brian Hall, Chief Executive              020 7240 1600
    Simon Butterfield, Finance Director      020 7240 1600

College Hill
    Jim Joseph                               020 7457 2020
    Ben Brewerton                            020 7457 2020



Unaudited Consolidated Profit and Loss
                                                                      Six months         Six months
                                                                           ended              ended   Year ended 31
                                                                    30 June 2004      30 June 2003    December 2003
                                                                     (Unaudited)        (Unaudited)       (Audited)
                                                           Note         US$'000            US$'000         US$'000

Group turnover                                             1              3,108              3,525          7,760

Cost of sales                                                            (1,766)            (1,899)         (4,362)
Amortisation of oil and gas properties                                     (414)              (431)           (998)
Gross profit                                                                928              1,195           2,400

Administrative expenses                                                  (2,221)            (2,096)         (4,582)
Group operating loss                                                     (1,293)              (901)         (2,182)
Share of operating profit - Associate                                         -                250               -

Group operating loss before exceptional items                            (1,293)              (651)         (2,182)
Exceptional items:
Write down in book value of investment in associate                           -                  -          (2,010)
Loss on disposal of subsidiary undertaking                                    -                  -              (8)
Loss on ordinary activities before interest                              (1,293)              (651)         (4,200)
Interest receivable and other income                                        157                 96             105
Interest payable and similar charges - Group                                (14)               (32)            (38)
-  Associate                                                                  -                (19)              -
Loss on ordinary activities before taxation                              (1,150)              (606)         (4,133)
Taxation - Group                                                              -                 (4)              -
 -  Associate                                                                 -                (62)              -
Retained loss for the period                                             (1,150)              (672)         (4,133)

Basic and diluted loss per Ordinary Share (in US
cents)                                                     2              (1.26)             (0.74)          (4.55)
Rate of dividend (in cents)                                                   -                  -               -



Consolidated Balance Sheet
                                                            30 June 2004     30 June 2003     31 December 2003
                                                             (Unaudited)      (Unaudited)            (Audited)
                                                                 US$'000          US$'000              US$'000
Fixed assets
Intangible fixed assets                                          13,884            8,521               11,068
Tangible fixed assets                                            13,637           13,528               12,834
Investment in associate                                               -            4,193                    -
Other financial investments                                         868                -                  868
                                                                 28,389           26,242               24,770

Current assets
Investment held for sale                                              -                -                2,003
Stocks                                                                -               95                    -
Debtors                                                           6,570            5,056                6,102
Cash at bank and in hand                                            377            5,487                  346
                                                                  6,947           10,638                8,451
Creditors: amounts falling due within one year                   (8,740)          (5,439)              (5,474)
Net current (liabilities)/assets                                 (1,793)           5,199                2,977
Total assets less current liabilities                            26,596           31,441               27,747
Creditors: amounts falling due after more than
one year                                                            (55)            (124)                 (88)

                                                                 26,541           31,317               27,659

Capital and reserves
Called up share capital                                           6,197            6,172                6,172
Share premium account                                            35,311           35,258               35,258
Capital conversion reserve fund                                     234              234                  234
Foreign currency reserve                                            270              513                  316

Profit and loss account                                         (15,471)         (10,860)             (14,321)

Shareholders' funds - equity                                     26,541           31,317               27,659



Consolidated Cash Flow statement


                                                                          Six months ended      Year ended
                                                                     30 June       30 June     31 December
                                                                        2004          2003            2003
                                                                 (Unaudited)   (Unaudited)       (Audited)
                                                                     US$'000       US$'000         US$'000


Net cash inflow/(outflow)  from operating
activities                                                              931          (322)         (1,814)

Returns on investments and servicing of finance
Interest received                                                        14            48              41
Dividend received from associate                                          -             -              39
Rent received                                                            21             -               9
Interest paid                                                           (14)          (32)            (38)

Net cash inflow from returns on investments and
servicing of finance                                                     21            16               51

Taxation
Overseas tax paid                                                         -            (4)              -

Investing activities

Purchase of tangible fixed assets                                       (36)         (987)         (2,355)
Purchase of intangible fixed assets                                  (3,308)       (1,545)         (3,023)
Sale of tangible fixed assets                                           193            31              32
Purchase of other investment                                              -             -            (868)

Acquisitions and disposals
Disposal of subsidiary undertakings                                       -             -             (12)
Disposal of current asset investment                                   2,003            -               -
Cash transferred on disposal of subsidiary undertaking                    -             -             (10)

Cashflow  from investing activities before
management of liquid resources and finance                             (196)       (2,811)         (7,999)

Management of liquid resources
Cash withdrawn from short term deposits                                   -         7,400           7,400

Financing activities
Issue of ordinary share capital                                          78             -               -
Issue expenses                                                            -             -               -
New loans drawn down                                                    175            46             225
Repayment of loan                                                         -           (15)           (118)
New finance lease obligations                                             -            45              45
Capital element of finance lease payments                               (26)          (65)            (94)

Cash inflow from financing activities                                   227            11              58

Increase/(decrease) in cash                                              31          4,600           (541)




Reconciliation of operating loss to net cash outflow from operating activities

                                                                          Six months ended       Year ended
                                                                    30 June        30 June      31 December
                                                                       2004           2003             2003
                                                                (Unaudited)    (Unaudited)        (Audited)
                                                                    US$'000        US$'000          US$'000

Operating loss                                                      (1,293)          (901)          (2,182)
Depreciation charges                                                   438            513            1,166
Loss on sale of fixed assets                                            16              3                7
Decrease in stocks                                                       -             46               46
Increase in operating debtors                                         (468)          (139)          (3,009)
Decrease/(increase) in operating creditors                           2,284            (79)           1,905
Issue of share capital in settlement of services
Provided                                                                 -              -               62
Foreign exchange movement                                              (46)           235              191

Net cash inflow/(outflow) from operating
Activities                                                             931           (322)          (1,814)


Notes to unaudited accounts

1. Turnover
                                                                             Six months ended      Year ended
                                                                       30 June        30 June     31 December
                                                                          2004           2003            2003
                                                                   (Unaudited)    (Unaudited)       (Audited)
                                                                       US$'000        US$'000         US$'000

Oil and gas production - USA                                            2,185          2,706           5,720

Oilfield supplies                                                         923            819           2,040
                                                                        3,108          3,525           7,760



2. Loss per share

The calculation of loss per share for the six months ended 30 June 2003 is based
on the weighted average number of Ordinary Shares in issue during the period of
90,940,668 (six months ended 30 June 2003: 90,899,451) and on the loss on
ordinary activities after taxation attributable to the shareholders of Aminex
PLC of US$1,150,000 (six months ended 30 June 2003: loss US$672,000).

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.

3. Comparative accounts

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

4.  Going concern

The Directors have given careful consideration to the Group's ability to
continue as a going concern.  The Directors have concluded that a continuance of
such a position will depend on the successful sale of assets or an alternative
method of raising working capital.  The Directors have a reasonable expectation
that the Group will be able to implement this strategy successfully.  For this
reason, they continue to adopt the going concern basis in preparing the
financial statements.

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 2003 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 2003. 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.

                      This information is provided by RNS
            The company news service from the London Stock Exchange