Placing Raises £1.8m for Develpmnt in Russia & USA

Aminex PLC 25 November 1999 Placing Raises £1.8m to Advance Development and Production Programmes in Russia and USA The Board of Aminex PLC (the 'Company'), the oil and gas development, production and oilfield services group, announces that 6,171,600 new ordinary shares of IR5 pence each in the Company (the 'Placing Shares') have been placed by Greig Middleton on its behalf at a price of 30 pence per share to raise approximately £1.8m before expenses. The Board intends to utilise the net proceeds from the placing to accelerate current oil and gas projects both in Russia and the United States. Part of the net proceeds from the placing may also be used to repay short-term indebtedness. Russia In Komi, the Company's AmKomi subsidiary will increase production on existing fields within Komi through well rehabilitation and infrastructure upgrading. It will also commence drilling a new well on the Gudrayel licence close to its producing fields. In Tatarstan, the Company intends to increase the pace of drilling operations on the Dachnoye Field through its associated company, Ideloil, where seven development wells have already been drilled and the eighth is in progress. USA In Louisiana, the Company's subsidiary, Aminex USA Inc., will carry out well workovers on the Vinton Dome Field to increase field production. Current Progress Drilling operations have commenced on the Kirtayel Field in Komi, where the first new development well will be spudded before the end of November, financed separately through an IFC loan announced in July. Drilling is also in progress on the Vinton Dome Field in Louisiana and the SW Danbury Field in Texas on 3-D seismic-defined prospects, financed separately through an agreement announced in September. The shares have been placed with institutional and other investors, including Mr. Peter Elwes, the Chairman of the Company who has agreed to subscribe for 41,667 shares. Commenting on the announcement Brian Hall, Chief Executive Officer of Aminex, said: 'This is a very active time for Aminex which received a very positive response from the investment community during the run-up to this placing. The funds raised will allow us to increase production in Russia and the US, taking advantage of strong oil prices.' Application will be made to the London Stock Exchange and the Irish Stock Exchange for the Placing Shares to be admitted to the Official Lists. The Shares will rank pari passu in all respects with the existing ordinary shares in the Company. The placing is conditional, inter alia, on admission to the Official Lists becoming effective, which is expected to occur on 2 December 1999 when dealings in the Shares are due to commence. For further information contact: Aminex PLC Brian Hall Tel: +44 171 240 1600 Chief Executive Greig Middleton Philip Dayer Tel: +44 171 655 4000 Director Financial Dynamics Tel: +44 171 269 7295 John Evans