Tanzania Farm Out Agreement

Aminex PLC
05 February 2007





5 FEBRUARY 2007



                                   AMINEX PLC
                          ("Aminex" or "the Company")


                 FARMOUT OF INTEREST IN NYUNI LICENCE, TANZANIA


                   PROGRESS REPORT ON EAST AFRICA ACTIVITIES


Aminex PLC, the oil and gas company listed in London and Dublin, ("Aminex" or
the "Company") today announces that its wholly-owned Tanzanian subsidiary Ndovu
Resources Ltd. ("Ndovu") has signed an agreement with Key Petroleum Ltd. ("Key")
to farm out an interest in the Nyuni East Songo Songo licence ("Nyuni"),
offshore Tanzania.  Aminex is also providing an update on the status of all its
East African projects.


FARMOUT OF NYUNI INTEREST


Key, an Australian company based in Perth, has agreed to farm into Nyuni for a
20% working interest.  In order to earn its 20% interest Key will:


  • contribute 30% towards the costs of two exploration wells on Nyuni, the
    first of which is due to be spudded in the second quarter of this year and
    the second of which will be drilled later in the year;


  • issue 2 million new, fully-paid shares in Key to Aminex or such number of
    shares which will be valued at the time of its forthcoming admission to the
    Full List of the Australian Stock Exchange at A$600,000, whichever number of
    shares is the greater; and


  • contribute 10% of all licence costs arising in addition to drilling with
    effect from 1 November 2006 to the date of this agreement, estimated to be
    $2.5 million which will include the current seismic programme.


Further terms:


  • If the combined cost of the two proposed wells at Nyuni should exceed
    US$15.4 million, then Key will only be obliged to pay 20% of the excess cost
    over this amount.


  • The Agreement is conditional upon (1) admission of shares in Key to
    listing on the Australian Stock Exchange, anticipated in the near future,
    and (2) formal approval from the authorities in Tanzania.


Key was formed in 2006 by Mr. Ted Ellyard and Mr. Ken Russell.  Mr. Ellyard,
Chairman, is best known for his work at Hardman where, during his time as its
Managing Director, the company grew to be a highly successful explorer in
Mauritania and elsewhere.  Mr. Russell, Chief Executive, has worked in the
international oil and gas industry for over thirty years and has held management
positions in a number of companies.


PROGRESS ON EAST AFRICA ACTIVITIES


Aminex has a full programme of exploration activity in East Africa planned for
2007 and beyond.


Nyuni, Tanzania:  Two new exploration wells are planned at Nyuni in 2007 and rig
discussions are well-advanced.  Subject to final agreement, the first well is
likely to be spudded towards the end of the second quarter.  Aminex and its
partners have now acquired extensive new seismic data over shallow reefs and
islands, employing innovative methods not previously used in the East Africa
region, and are close to finalising the location for the first Nyuni well in the
current programme.  Shareholders will be advised when a drilling contract has
been finalised.  Existing partners in Nyuni are Aminex 84%, Bounty Oil 6% and
East Africa Exploration Ltd. 10%.  Discussions with Pan-African Tanzania Ltd., a
subsidiary of East Coast Energy Ltd., to participate in Nyuni are continuing.


Ruvuma, Tanzania:   The Ruvuma Production Sharing Agreement ("PSA") consists of
two adjacent licences, Lindi and Mtwara, together covering over 12,000 sq kms,
of which about 20% is offshore.  The PSA was signed in October 2005 with a
commitment to drill two wells in an initial four year period and to shoot 500
kms of new seismic.  The first phase of this seismic has now been shot.  In
early 2006 Ndovu farmed out 50% of the PSA to Hardman Resources Ltd. ("Hardman")
which earns its share through acquiring further seismic, not yet completed.  In
late 2006 Hardman's shareholders accepted an offer for their company from Tullow
Oil PLC ("Tullow").  This transaction has recently been finalised and Aminex
welcomes Tullow as its partner in Ruvuma going forward.  A further seismic
contract is likely to be signed shortly and the additional seismic required is
planned for the second quarter of this year.  Timing of first drilling at Ruvuma
has not yet been finally determined pending completion of seismic.  Aminex
operates this PSA.


Manja, onshore Madagascar:  The Manja PSA (Block 3108) covers 10,750 sq kms in
the south of Madagascar adjacent to the west coast.  The PSA was signed in late
2005 and the 2006 work programme, consisting of gravity and aeromagnetic
surveys, surface evaluation and reprocessing of 2,000 kms of existing seismic
data acquired by previous licence holders, has now been accomplished and the
first year work programme signed off by the Madagascar authorities.  In
addition, evaluation of old wells, one of which flowed 2.7 million cubic of gas
per day under test in 1958, has been undertaken.  The 2007 programme consists of
500 kms of new seismic acquisition.  Preliminary reconnaissance surveys for this
programme have now been completed, an environmental impact assessment is in
progress and negotiations ongoing with seismic contractors.  The objective of
the survey will be to define a drillable prospect with a view to first drilling
in 2008.  The Manja PSA is held by Amicoh Resources Ltd., a company owned 50-50
by Aminex and Mocoh Ltd., a downstream oil company.  Aminex operates this PSA.


Blocks L17 & L18, near shore Kenya:  An Aminex subsidiary participates in a
Technical Evaluation Agreement ("TEA") in Kenya with a 25% interest.  Blocks L17
and L18 were formerly part of larger blocks L9 and L10 and have recently been
redesignated.  Together they cover 5,000 sq kms, partly onshore and partly
offshore, close to the port city of Mombassa.  Partners in the TEA are Upstream
Petroleum Services Ltd. and SomKen Ltd.  The group acquired over 700 kms of new
2D marine seismic in 2006 and at the same time carried out seabed core sampling.
Negotiations for conversion of the TEA to a full PSA have been ongoing for
some time but the partners are confident that a PSA will be successfully
concluded in the near future.  Aminex jointly operates this TEA.


Commenting on the above Aminex Chief Executive Brian Hall said:


"The agreement with Key provides valuable support for our important 2007
drilling programme at Nyuni and a partner with a very experienced team for our
operations.  We welcome Key's participation and the vote of confidence it
provides.


Since Aminex's PSA's were signed in 2005 both the Ruvuma Basin (spanning
Tanzania and Mozambique) and Madagascar have become areas of  intense industry
interest and we believe our strategy of acquiring good acreage at an early stage
in the frontier area of the East African margin has been vindicated by
subsequent events."


END


Enquiries:


Aminex PLC                                      [phone]
Brian Hall - Chief Executive


Pelham Public Relations                         [phone]
Archie Berens



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