AmKomi Agree Tech. Co-operation with OAO Tebukneft

AMINEX PLC 21 October 1999 Aminex PLC, the oil and gas and oil industry service company, announces that its subsidiary AmKomi has reached agreement for technical co-operation with OAO Tebukneft, a Russian oil company, for operations on the Kirtayel Field. This agreement provides for AmKomi, using an Aminex owned service rig, to re- enter an existing Tebukneft well which needs repairs with a view to bringing it back on to production as soon as possible. Tebukneft will receive a rental for the well and AmKomi will benefit from any production achieved. In early 1998 Tebukneft brought a legal action in the Russian courts claiming the rights to a licence held by AmKomi to part of the Kirtayel Field. The field is divided into two licences, one held by Tebukneft and one by AmKomi. In late 1998 a Russian federal appeal court found in favour of AmKomi's licence and dismissed Tebukneft's claim. An attempt by Tebukneft to have the case re-submitted to the Russian Supreme Court was subsequently rejected. Commenting on this agreement, Brian Hall, Aminex CEO, said: 'We very much welcome this co-operation which marks the end of a dispute which has lingered for some time and which involved us in costly and time consuming litigation. Once the well repair is complete, AmKomi will be able to accelerate oil production from Kirtayel, where we are currently preparing to start drilling our first new development well.' For further information Aminex PLC Brian Hall, Chief Executive 0171 240 1600 Financial Dynamics John Evans 0171 269 7295