Offer Update

Aminex PLC
1 March 2002

FOR IMMEDIATE RELEASE



                                   AMINEX PLC



The Directors of Aminex PLC ("Aminex") have noted the announcement this morning
of the proposed all paper (non-cash) offer by Apple Oil & Gas Limited ("Apple").

The proposed offer has been made by a small Ofex company registered in the
British Virgin Islands with a market capitalisation of less than £2 million1
(compared with Aminex's market capitalisation of £21 million2). It is an all
paper offer which values each Aminex ordinary share at 2.36p3 against a closing
price of 27.25p yesterday. It is opportunistic and highly speculative.

The proposed offer contemplates breaking up Aminex and disposing of its assets
so that Apple can benefit from Aminex's cash. It is clearly not in the interests
of Aminex shareholders to cede any of the value of their interests to existing
holders of shares, options and warrants in Apple. Apple acknowledges that Aminex
shareholders could be left with as little as a 21% shareholding on a fully
diluted basis. Apple's advisers note that there is no guarantee that cash
resources would be available for payment to Aminex shareholders accepting
Apple's all paper offer.

Aminex has recently put proposals to its shareholders which involve returning
approximately $7.5 million in cash in the short term, investing significant sums
in its existing oil and gas operations and acquiring further oil and gas assets
which will give investors considerable upside potential over time. Aminex has a
good track record, a strong balance sheet, existing production and significant
prospects for growth.

Aminex has a considered strategy for delivering short and long term value to its
shareholders. Apple has no history of achievement in this area and is proposing
a highly speculative strategy which carries great uncertainty for Aminex
shareholders.

The directors of Aminex strongly advise shareholders to take no action in
respect of this unsolicited, unwelcome and inadequate offer. A further
announcement will be made in due course.

                                                                    1 March 2002



Enquiries:

Aminex PLC                                            [phone]
Brian Hall

Davy Corporate Finance Limited                        [phone]
Hugh McCutcheon

LCF Rothschild                                        [phone]
Andrew Hay

Old Mutual Securities                                 [phone]
Graham Ashley

College Hill                                          [phone]
James Henderson
Archie Berens

Dennehy Associates                                    [phone]

Michael Dennehy




Responsibility Statement

The directors of Aminex accept responsibility for the information contained in
this announcement except that the only responsibility accepted in respect of the
information relating to Apple, which has been complied from published sources,
is to ensure that it has been correctly and fairly reproduced and presented.
Subject as aforesaid, to the best of the knowledge and belief of the directors
of Aminex (who have taken all reasonable care to ensure that such is the case),
the information contained in this announcement for which they accept
responsibility is in accordance with the facts and does not omit anything likely
to affect the import of such information.

Davy Corporate Finance Limited, which is authorised to carry on investment
business in Ireland by the Central Bank of Ireland, is acting exclusively for
Aminex and no one else in connection with the offer and will not regard any
other person as its client or be responsible to any person other than Aminex for
providing the protections afforded to clients of Davy Corporate Finance Limited,
nor for giving advice to any such person in relation to the offer.



Davy Corporate Finance Limited has approved the contents of this announcement
solely for the purpose of section 21 of the Financial Services and Markets Act
2000. The principal place of business of Davy Corporate Finance Limited is Davy
House, 49 Dawson Street, Dublin 2, Ireland.






Notes:

 1. Based on the closing mid-market share price as at 28 February 2002 of an
    Apple share

 2. Based on the closing mid-market share price as at 28 February 2002 of an
    Aminex share

 3. As calculated by Apple's advisers





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