Re Offer

Aminex PLC
5 April 2002





Aminex PLC

                          ("Aminex" or "the Company")



      82 Per Cent. of Aminex Shareholders Have Not Accepted Apple's Offer



The Board of Aminex notes today's statement by Apple Oil and Gas Limited ("Apple
") that it has received acceptances from Aminex shareholders in respect of
17.74% of the total issued share capital of Aminex and that Apple has had to
extend its deadline for acceptance of its Offer until 25 April 2002.



The Board of Aminex continues to urge Aminex shareholders to reject Apple's
offer and take no action.  In particular, the Board of Aminex would like to draw
Aminex shareholders' attention to the following:



(a)        There is no certainty that Aminex shareholders would receive any cash
payment under the terms of Apple's Offer (other than pursuant to Aminex's own
proposal to return the equivalent of 6.9p per share to Aminex shareholders);



(b)        It is, however, certain that Apple will take the first £3 million of
Aminex's cash resources for its own purposes, including for high risk
exploration in Colombia, participation in which Aminex has previously turned
down;



(c)        Moreover, on three separate occasions since the start of 2001, Apple
has announced it was in discussions with potential partners in relation to these
Colombian interests.  None of these discussions appears to have led to anything
further;



(d)        This lack of success does not bode well for Apple's ability to
realise fair value for Aminex's assets;



(e)        This would clearly be even more difficult under "fire sale"
conditions;



(f)         Aminex Shareholders are being offered an absurdly low 2.36p per
share (the value attributed to each Aminex Share by Apple's Offer) and are being
asked to give up control of their company in exchange for only a potential 24.3%
holding in Apple;



(f)         In this event, the majority interest in the enlarged Apple will be
owned by directors of Apple and certain clients of Collins Stewart, who already
hold a substantial interest in Apple.


                        DAVID MCERLAIN, CHIEF EXECUTIVE,

                       OWNS OVER 50 PER CENT. OF APPLE...



A previous attempt by David McErlain, Apple's Chief Executive, to realise value
when disposing of Anglo United's assets in the early 1990's was so unsuccessful
that he was forced to go to Anglo United's bankers to refinance the company's
debt. This resulted in those banks taking control of more than half of Anglo
United's equity, with its shareholders being heavily diluted in the process.



When Mr McErlain led the takeover of Coalite by Anglo United in 1989, the price
of each Anglo United share was 52.5p.  Shortly after the refinancing, its share
price had fallen by 93% to 3.5p.



More recently, within the 12 month period leading up to the announcement of
Apple's offer for Aminex, Apple's share price had fallen over 56% from a high of
15p to 6.5p.



Brian Hall, Chief Executive of Aminex, said today:



"Apple announced that it had irrevocable undertakings to accept its offer in
respect of 17% of our shares as long as three weeks ago.  Since that time, it
doesn't seem to have convinced many more shareholders as to the merits of its
offer.  When you bear in mind that most of that 17% is made up by Forest
Nominees Limited (Collins Stewart), which owns over 30% of Apple, there would
appear to be very little external support for Apple's offer.



"We continue to urge our shareholders to take no action in respect of Apple's
offer.  Apple's own investment case is suspect, its proposals to repay the Loan
Notes are highly uncertain and its Chief Executive's track record must call into
question Apple's ability to deliver on its promises."



5 April 2002


Enquiries:

Aminex PLC                                            [phone]
Brian Hall

Davy Corporate Finance Limited                        [phone]
Hugh McCutcheon

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 compiled 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.

Davy Corporate Finance Limited has given and has not withdrawn its consent to
the issue of this announcement with the inclusion of its advice in the form and
context in which it is included.











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