Loan Facility Agreement

AMINEX PLC
28 July 1999

                                  AMINEX PLC

Revised $17 million secured loan facility with warrant entitlement from the
International Finance Corporation for the Kirtayel Development Project

Aminex PLC ('Aminex') the oil development and production company whose shares
are listed in London and Dublin, announces that, together with its subsidiary,
AmKomi, it has entered into a revised $17m secured loan facility agreement
with the International Finance Corporation ('IFC') for the development of the
Kirtayel Oil Field in the Komi Republic, Russia.  As part of the arrangements,
AmKomi has conditionally agreed to grant the IFC security over certain assets
relating directly to the Kirtayel development project and Aminex has agreed to
grant the IFC a warrant to subscribe for 3.5 million new ordinary shares in
Aminex.

Aminex operates in Komi through AmKomi, a Russian limited liability company
owned 55 percent by Aminex, 10 percent by Komineft, a large Russian oil
company, and 35 percent by the government of the Komi Republic.  Currently
AmKomi produces approximately 1,300 barrels of oil per day from several
oilfields in Komi.  Following the resolution of a license dispute determined
by the Russian courts in AmKomi's favour at the end of last year, AmKomi
recommenced work on the project in early 1999.  A drilling pad has been
created, a rig brought to site, base facilities constructed and a pipeline
laid to the main export pipeline system.

AmKomi proposes to drill a total of 15 oil production wells and 5 injection
wells at Kirtayel and to complete construction of related oil  production
facilities.  The first production of oil from Kirtayel is scheduled for the
fourth quarter of 1999.  Aminex projects plateau production to be in excess of
14,000 barrels of oil per day and that the field will have a life of
approximately fifteen years.

Aminex has invested approximately $9 million in the project to date.  The
total additional investment costs required for the project are currently
estimated to be in excess of $45 million which Aminex anticipates will be
funded out of the $17 million loan facility from the IFC and Kirtayel Field
cash flow.  Aminex believes that the project economics would be robust even if
oil price levels were to revert to the low levels of early 1999.

The loan is expected to be drawn down in a number of tranches over the next
three years to meet drilling requirements.  It will also be repayable in
tranches with the final repayment due in 2007.  Interest will be payable on
the outstanding principal amount of the loan at the rate of 4 percent per
annum above the published inter-bank rate.

The warrant to subscribe for new shares in favour of the IFC will be
exercisable over a period of three years from the date of grant at an exercise
price of 23p per share.  IFC currently owns 7,534,358 ordinary shares in
Aminex, representing 10.7 percent of the existing issued share capital of the
Company.  In view of the material size of this interest, the issue of the
warrant and the security arrangements require the approval of Aminex's
shareholders.  A circular containing full details of the proposals will be
despatched to shareholders as soon as possible.

Commenting on the announcement Peter Elwes, Aminex Chairman said:

'This new agreement entered into with I.F.C. is a very significant landmark
for Aminex, which paves the way to a full development of the Kirtayel Field
after the delays experienced through legal disputes and last year's problems
in Russia and in the oil markets.  We are warmly appreciative of the support
we have received from IFC and the confidence they have displayed in us and in
the Kirtayel project throughout a very difficult period.  Kirtayel is by far
the largest and potentially most profitable project in which we are involved
and the agreement we have signed will allow us to implement it in an
expeditious manner.'

For further enquiries:-

Aminex PLC
Brian Hall                                             Tel:  [phone]

Gavin Anderson & Co.
John Evans                                             Tel:  [phone]