Disposal

Aminex PLC 19 March 2004 AMINEX PLC ("Aminex" or "the Company") DISPOSAL OF INVESTMENT IN TATARSTAN ASSET Aminex PLC ("Aminex"), the oil and gas company listed on the London and Irish Stock Exchanges, announces that it has today completed an agreement to sell its shareholding in OAO Ideloil ("Ideloil"), an oil company operating in the Russian internal republic of Tatarstan, to Dolkono Holdings Limited and Nereids Holdings Limited. Total consideration payable to Aminex is US$2.2 million, all of which is to be satisfied by cash payments. US$1.2 million relates to the repayment by OAO Ideloil of outstanding loans and accrued interest due to Aminex and the balance of US$1.0 million (payable by Dolkano Holdings Limited and Nereids Holdings Limited in equal amounts of US$500,000) relates to the equity interest itself. The net sale proceeds, after expenses, of over US$2.0 million will be applied to the enhancement of existing assets, possible new ventures under consideration and general working capital purposes. Ideloil is treated as an associate in the consolidated accounts of Aminex and the net equity investment in OAO Ideloil at December 31, 2002, as stated in the books of Aminex PLC, amounted to US$757,000. During 2002, gross production of OAO Ideloil was approximately 676,000 barrels of oil and the volume of reserves attributable to Aminex's interest at December 31, 2002 amounted to approximately 10.2 million barrels of oil. Historically Aminex has only received minimal dividends from its accumulated share of Ideloil's profits of US$2 million. As previously advised to shareholders, Aminex has been engaged in litigation with OAO Ideloil since March 2002, contesting the validity of a series of share issues that have potentially diluted Aminex's interest from approximately 29% at December 31, 2001 to approximately 10% now. A condition of the sale and the loan repayment is that Aminex will cease all such litigation against OAO Ideloil. The Aminex Group acts as operator on many of its significant leases in the USA and on its licences in Tanzania, in particular the Nyuni exploration programme where drilling is currently in progress. Following the sale of Aminex's larger, operated Russian oil and gas interests in 2001, Ideloil has become a non-core part of Aminex's business. In order to concentrate on its core operated activities, Aminex has decided to take advantage of current market conditions and dispose of what was likely in due course to become only a trade investment in Ideloil. This is the last of the company's assets in Russia, exit from which will result in significant cost savings and free up resources for other, potentially more productive activities. 19 March 2004 ENQUIRIES: Aminex PLC Tel: 020 7240 1600 Brian Hall College Hill Tel: 020 7457 2020 James Henderson Nick Elwes This information is provided by RNS The company news service from the London Stock Exchange