Offer Update

Aminex PLC 1 March 2002 FOR IMMEDIATE RELEASE AMINEX PLC The Directors of Aminex PLC ("Aminex") have noted the announcement this morning of the proposed all paper (non-cash) offer by Apple Oil & Gas Limited ("Apple"). The proposed offer has been made by a small Ofex company registered in the British Virgin Islands with a market capitalisation of less than £2 million1 (compared with Aminex's market capitalisation of £21 million2). It is an all paper offer which values each Aminex ordinary share at 2.36p3 against a closing price of 27.25p yesterday. It is opportunistic and highly speculative. The proposed offer contemplates breaking up Aminex and disposing of its assets so that Apple can benefit from Aminex's cash. It is clearly not in the interests of Aminex shareholders to cede any of the value of their interests to existing holders of shares, options and warrants in Apple. Apple acknowledges that Aminex shareholders could be left with as little as a 21% shareholding on a fully diluted basis. Apple's advisers note that there is no guarantee that cash resources would be available for payment to Aminex shareholders accepting Apple's all paper offer. Aminex has recently put proposals to its shareholders which involve returning approximately $7.5 million in cash in the short term, investing significant sums in its existing oil and gas operations and acquiring further oil and gas assets which will give investors considerable upside potential over time. Aminex has a good track record, a strong balance sheet, existing production and significant prospects for growth. Aminex has a considered strategy for delivering short and long term value to its shareholders. Apple has no history of achievement in this area and is proposing a highly speculative strategy which carries great uncertainty for Aminex shareholders. The directors of Aminex strongly advise shareholders to take no action in respect of this unsolicited, unwelcome and inadequate offer. A further announcement will be made in due course. 1 March 2002 Enquiries: Aminex PLC +44 (0)20 7240 1600 Brian Hall Davy Corporate Finance Limited +353 1 679 6363 Hugh McCutcheon LCF Rothschild +44 (0)20 7845 5955 Andrew Hay Old Mutual Securities +44 (0)20 7002 4615 Graham Ashley College Hill +44 (0)20 7457 2020 James Henderson Archie Berens Dennehy Associates +353 1 676 4733 Michael Dennehy Responsibility Statement The directors of Aminex accept responsibility for the information contained in this announcement except that the only responsibility accepted in respect of the information relating to Apple, which has been complied from published sources, is to ensure that it has been correctly and fairly reproduced and presented. Subject as aforesaid, to the best of the knowledge and belief of the directors of Aminex (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information. Davy Corporate Finance Limited, which is authorised to carry on investment business in Ireland by the Central Bank of Ireland, is acting exclusively for Aminex and no one else in connection with the offer and will not regard any other person as its client or be responsible to any person other than Aminex for providing the protections afforded to clients of Davy Corporate Finance Limited, nor for giving advice to any such person in relation to the offer. Davy Corporate Finance Limited has approved the contents of this announcement solely for the purpose of section 21 of the Financial Services and Markets Act 2000. The principal place of business of Davy Corporate Finance Limited is Davy House, 49 Dawson Street, Dublin 2, Ireland. Notes: 1. Based on the closing mid-market share price as at 28 February 2002 of an Apple share 2. Based on the closing mid-market share price as at 28 February 2002 of an Aminex share 3. As calculated by Apple's advisers This information is provided by RNS The company news service from the London Stock Exchange

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