Placing Raises £1.8m for Develpmnt in Russia & USA

Aminex PLC
25 November 1999


Placing Raises £1.8m to Advance Development and
Production Programmes in Russia and USA


The  Board of Aminex PLC (the 'Company'), the oil and
gas  development,  production and  oilfield  services
group,  announces that 6,171,600 new ordinary  shares
of  IR5  pence  each  in  the Company  (the  'Placing
Shares') have been placed by Greig Middleton  on  its
behalf  at  a  price of 30 pence per share  to  raise
approximately £1.8m before expenses.

The  Board  intends to utilise the net proceeds  from
the   placing  to  accelerate  current  oil  and  gas
projects both in Russia and the United States.   Part
of the net proceeds from the placing may also be used
to repay short-term indebtedness.

Russia

In   Komi,  the  Company's  AmKomi  subsidiary   will
increase  production on existing fields  within  Komi
through   well   rehabilitation  and   infrastructure
upgrading.  It will also commence drilling a new well
on  the  Gudrayel  licence  close  to  its  producing
fields.    In  Tatarstan,  the  Company  intends   to
increase  the  pace  of drilling  operations  on  the
Dachnoye   Field  through  its  associated   company,
Ideloil,  where seven development wells have  already
been drilled and the eighth is in progress.

USA

In  Louisiana, the Company's subsidiary,  Aminex  USA
Inc.,  will  carry out well workovers on  the  Vinton
Dome Field to increase field production.

Current Progress

Drilling operations have commenced on the Kirtayel
Field in Komi, where the first new development well
will be spudded before the end of November, financed
separately through an IFC loan announced in July.
Drilling is also in progress on the Vinton Dome Field
in Louisiana and the SW Danbury Field in Texas on 3-D
seismic-defined prospects, financed separately
through an agreement announced in September.

The shares have been placed with institutional and
other investors, including Mr.  Peter Elwes, the
Chairman of the Company who has agreed to subscribe
for 41,667 shares.

Commenting on the announcement Brian Hall, Chief
Executive Officer of Aminex, said:

'This is a very active time for Aminex which received
a very positive response from the investment
community during the run-up to this placing.  The
funds raised will allow us to increase production in
Russia and the US, taking advantage of strong oil
prices.'


Application will be made to the London Stock Exchange
and  the Irish Stock Exchange for the Placing  Shares
to  be  admitted to the Official Lists.   The  Shares
will  rank  pari  passu  in  all  respects  with  the
existing ordinary shares in the Company.  The placing
is  conditional,  inter alia,  on  admission  to  the
Official  Lists becoming effective, which is expected
to  occur  on  2 December 1999 when dealings  in  the
Shares are due to commence.

For further information contact:

Aminex PLC
Brian Hall               Tel: [phone]
Chief Executive


Greig Middleton
Philip Dayer             Tel: [phone]
Director

Financial Dynamics       Tel: [phone]
John Evans