Financing Re-development of Shoats Creek

Aminex PLC 11 November 1999 AMINEX ANNOUNCES FINANCING RE-DEVELOPMENT OF SHOATS CREEK, LOUISIANA Aminex PLC, the oil and gas development, production and oilfield services company, today announces a preliminary agreement for financing the re- development of its Shoats Creek Field in Beauregard parish, Louisiana. The Shoats Creek Field was acquired by Aminex in 1995 for a nominal consideration and comprises 20 wells requiring rehabilitation, penetrating five sandstone reservoir horizons between 5,000 and 9,500 feet, within a leased area of 1700 acres. An independent engineering estimate shows 1.4 million barrels of recoverable oil in which Aminex currently has a 100% net revenue interest. Under the agreement, European and American investors led by McAlester Fuel Corporation of Houston (together 'McAlester') will finance the total cost of re-developing the field in two phases at a total cost of up to $2million. McAlester will be entitled to receive 50% of net revenues from the field when on production. In September 1999 Aminex announced that it had entered into a similar agreement with McAlester for financing the drilling of ten firm and thirty provisional new wells, representing the greater part of the company's 1999- 2000 drilling programme over its Texas and Louisiana onshore Gulf Coast acreage. Commenting on the announcement Brian Hall, Aminex chief executive, said: 'Shoats Creek has been a dormant asset for some time as competing projects in Russia, the USA and Tunisia have made prior calls on our investment funds. We warmly welcome this further agreement with McAlester which will enable the potential of Shoats Creek to be unlocked to take advantage of improved oil prices'. For further information: BRIAN HALL Aminex PLC London 0171 240 1600 JOHN EVANS Financial Dynamics London 0171 269 7153