Aminex Regulatory News (AEX)

2012 HALF-YEARLY FINANCIAL REPORT

Aminex PLC ('Aminex' or the 'Company'), an independent oil company listed on the main market of the London and Irish Stock Exchanges with exploration and development assets in the emerging hydrocarbon province of East Africa, today announces its half-yearly results for the six months ended 30 June 2012.

Highlights

Operational

·; A significant gas discovery at Ntorya in the Ruvuma Basin with an estimated 1.17 TCF potential (195 million BOE)

·; The Ntorya-1 discovery flow tested 20.1 million standard cubic feet per day of gas (the equivalent of 3,350 BOEPD) and an estimated 139 barrels a day of 53 degrees API condensate

·; 11.4 TCF of discovered and undiscovered gas initially in place (GIIP) volumes for the Nyuni Area and Ruvuma PSAs as defined in an independent report (a 400% increase compared to previous study)

·; An increase in our working interest in the Ruvuma PSA from 56.5% to 75%

·; Launch of a new national pipeline project that will allow the connection of Aminex gas discoveries at Ntorya and Kiliwani North to Dar es Salaam, the largest gas market in Tanzania, by 2014

·; Completion of the sale of the Somerset Field in Texas signalling the beginning of the US asset divestiture

·; Appointment of advisers to facilitate divestiture of US assets

Financial

·; 16% increase in oil and gas production from continuing operations to 49,500 BOE (2011: 42,600 BOE)

·; Loss before tax of $3.26 million (2011: $0.90 million)

·; Advanced negotiations for $15 million loan to fund ongoing exploration programme in Tanzania

Resources

Technical evaluation of hydrocarbon potential by Isis Petroleum Consultants attributed:

·; 11.4 TCF total discovered and undiscovered mean GIIP (1.9 billion BOE) for the Ruvuma and Nyuni Area PSAs combined

·; A total 5.75 TCF (960 million BOE) discovered and undiscovered Pmean GIIP was attributed to the Ruvuma PSA including 1.17 TCF (195 million barrels of oil equivalent) for the Ntorya prospect

Aminex Chief Executive Stuard Detmer said: "The first six months of the year have been transformational for Aminex's position in Tanzania. Our increased holding in the Ruvuma PSA to 75% was rewarded with the Ntorya-1 discovery, which yielded a flow rate of around 3,500 BOEPD including condensate and a resource potential of 1.2 TCF Pmean GIIP. An independent resource report on our Ruvuma and Nyuni Area PSAs confirmed a total resource potential of 11.4 TCF Pmean GIIP, a 400% uplift on previous estimates. Finally, the government's inauguration of the gas pipeline construction between Dar es Salaam, Ruvuma and Songo-Songo provides us with a clear route to monetisation for our Ntorya-1 and Kiliwani North discoveries by 2014.

We have an active seismic program planned in Nyuni Area and Ruvuma PSAs for H2 2012 in anticipation of drilling in 2013 and we continue to look at growth opportunities in the region."

For further information:

Aminex PLC +44 (0) 20 7291 3100

Stuard Detmer - CEO

M: Communications

Patrick d'Ancona +44 (0) 20 7920 2347 or +44 (0) 7768 981 256

Chris McMahon +44 (0) 207 920 2358 or +44 (0) 7703 045 103

The first half of 2012 was an exciting period in the Company's core area of East Africa. Over 100 TCF of natural gas has now been discovered by companies operating in the Ruvuma Basin where Aminex holds key acreage. These discoveries have focused international attention on the region, which is now poised to become one of the most important natural gas hubs in the world.

As Aminex sharpens its focus on Africa, its accomplishments in the first half of 2012 have strengthened its position in this rapidly developing hydrocarbon province.

Developments include:

·; A significant gas discovery at Ntorya in the Ruvuma Basin with an estimated 1.17 TCF potential (195 million barrels of oil equivalent)

·; The Ntorya-1 discovery flow tested 20.1 million standard cubic feet per day of gas (the equivalent of 3,350 barrels of oil per day) and an estimated 139 barrels of 53 degrees API condensate per day

·; 11.4 TCF of discovered and undiscovered mean gas initially in place volumes for our Nyuni Area and Ruvuma PSAs as defined in an independent report (a 400% increase compared to previous study)

·; An increase in the Company's working interest in the Ruvuma PSA from 56.5% to 75%

·; Launch of a new national pipeline project that will facilitate the connection of Aminex gas discoveries at Ntorya and Kiliwani North to Dar es Salaam, the largest gas market in Tanzania, by 2014

·; Completion of the sale of the Somerset Field in Texas signalling the beginning of the US asset divestiture

·; Appointment of advisers to facilitate divestiture of remaining US assets

·; Active seismic and drilling programme planned for 2H 2012 and 2013 in Tanzania

Ntorya Discovery

In February Aminex made a significant natural gas discovery in the Ruvuma PSA in Tanzania. The Ntorya-1 discovery was flow tested in June and flowed gas at a maximum rate of 20.1 million standard cubic feet per day (the equivalent of 3,350 barrels of oil per day) and an estimated 139 barrels per day of 53 degrees API condensate through a 1" choke. An independent evaluation of the Ntorya discovery and prospect attributes 1.17 TCF discovered and undiscovered mean unrisked Gas Initially-in-Place (195 million barrels of oil equivalent) of which 178 billion cubic feet (30 million barrels of oil equivalent) are discovered.

During the period and prior to the Ntorya discovery, Tullow withdrew from the Ruvuma PSA and Aminex increased its working interest from 56.5% to 75% by assuming its pro-rata share of deepening the well beyond the planned total depth.

The Ntorya-1 drilling campaign thus resulted in a significant discovery with strong flow rates of gas and condensate, while increasing our working interest in the Ruvuma PSA with no incremental costs beyond our pro-rata share for deepening the well. The discovered gas from Ntorya should soon have a route to monetisation. The Tanzanian Government has recently announced the inauguration of the Mnazi Bay to Dar es Salaam Gas Pipeline Project, which will pass through the Ruvuma PSA and is expected to be commissioned in 2014.

Resources Update

Earlier in the reporting period Aminex commissioned Isis Petroleum Consultants to carry out an independent technical evaluation of the Ruvuma and Nyuni Area PSAs. This has attributed 11.4 TCF total discovered and undiscovered mean GIIP (1.9 billion barrels of oil equivalent) for the two PSAs combined.

A total 5.75 TCF discovered and undiscovered Pmean GIIP was attributed to the Ruvuma PSA including 1.17 TCF for the Ntorya prospect.

In the Nyuni Area PSA, 5.67 TCF of undiscovered mean GIIP is attributed to structural and stratigraphic leads. Lead 3 is considered the most important of the stratigraphic leads with an estimated 1.3 TCF undiscovered mean GIIP in the deep water section of the block contiguous to the East Pande block operated by Ophir.

The 11.4 TCF discovered and undiscovered mean GIIP attributed to the Aminex's Tanzanian properties represents a 400% increase in GIIP compared to the previous report, with the largest part of the increase coming from the Ruvuma PSA, which has now been evaluated in its entirety for the first time. The results of the report are extremely encouraging as Aminex plans an active seismic programme in the second half of the year to further define leads and drillable prospects on both Nyuni Area and Ruvuma PSAs. The report also shows that the resource potential for the Aminex properties are of a comparable size to some of the large discoveries being made in the deep water of Tanzania and Mozambique where over 100 TCF of gas is reported to have been discovered.

Gas Transportation Infrastructure

The Government of Tanzania announced on July 21st 2012 the inauguration of a 36" diameter pipeline construction project that will run from Mnazi Bay, just 40 km from the Ntorya-1 discovery, to Dar es Salaam. The project also includes a 24" spur line which will connect the main pipeline to Songo Songo Island, the location of Aminex's Kiliwani North development licence, where the Government plans to build an additional gas processing facility. Completion of the pipeline project is expected in early 2014. Construction of the new pipeline will provide a direct route to market for gas from Aminex's Kiliwani North and Ntorya discoveries and, thus, a direct route to monetization.

Seismic Programmes

A comprehensive seismic programme is planned for both of Aminex's Tanzanian exploration properties. In May, Aminex launched a 335 kilometre 2D seismic survey across the reefs and shallow water area of the Nyuni Area PSA. After shooting approximately 50% of the seismic lines, Aminex suspended the survey due to heavy seas, which were causing significant downtime. The transition zone survey is expected to be resumed later in the year.

Aminex is also planning a programme of over 1,000 km of 2D seismic in the deep-water section of the Nyuni Area PSA which covers about 30% of the total PSA area. This part of the programme is aimed at unlocking the significant stratigraphic potential of the deep water. Aminex is currently sourcing seismic vessels for the deep water seismic programme.

In the Ruvuma PSA, Aminex plans to shoot approximately 900 km of onshore seismic with special focus on the Ntorya-1 discovery and surrounding prospects, the Namisange lead and the Sudi lead in the north. The Ruvuma seismic programme is expected to commence in the fourth quarter.

US Asset Divestiture

In March Aminex announced the completion of the sale of its 100% owned and operated Somerset Field in Texas for a total consideration of $701,600. The Somerset sale was the first step in rationalising the Aminex portfolio and redirecting resources towards high impact investments in Africa.

Subsequently, Aminex announced that it had launched a marketing programme to sell its remaining assets in the United States including Alta Loma and Weslaco in Texas and Shoats Creek in Louisiana. Aminex has retained Meagher Energy Advisors to help market the properties and advise on the sale. After the initiation of the marketing process, however, Aminex separately received notice of upgrading projects from the operators of Alta Loma and Shoats Creek which should significantly reduce operating costs and increase production. Both these projects should be completed quickly and are likely to have a material effect on asset performance, so the sales process is being delayed to ensure maximum realised value from the divestiture.

Other Assets

There has been no further activity in Egypt during the period and Aminex has withdrawn from exploration activities in the Korean Peninsula.

Amossco performed in line with expectations, providing procurement services to the Ntorya-1 drilling campaign during the period.

Looking Forward

To ensure long-term success activities in the second half of 2012 are focused on executing the key components of our corporate strategy as published earlier this year.

·; Establish strategic partnerships to fund growth: Aminex is in active discussions with investors to ensure funding for long-term growth.

·; Rationalise the portfolio: Resumption of marketing of US assets following completion of current capital

·; Manage exploration risk: Aminex has an active seismic programme for H2 at both Tanzanian PSAs. To manage this, Aminex is likely to farm down its large percentage interests in both properties.

·; Growth through acquisition: Aminex continues work on M&A opportunities to extend and diversify the portfolio and achieve critical mass.

In first half of 2012 Aminex has significantly fortified its position in Tanzania with the Ntorya discovery, an increased 75% working interest in the Ruvuma PSA, an updated gas potential of 11.4 TCF and the launch of the Tanzanian Government's gas pipeline project to provide a direct route to market for Aminex gas by 2014.

Our position in East Africa has never been stronger and yet the greatest opportunities still lie ahead.

OPERATIONS REPORT

Tanzania

Ruvuma PSA (Aminex 75% - operator)

On 28th June 2012, Aminex reported the successful testing of the Ntorya-1 gas discovery. The Ntorya-1 exploration well penetrated a gross sand interval of 25 metres between 2,663 and 2,688 metres. The interval comprised an upper 3.5 metre net gas-bearing pay zone with 20% porosity sandstone and a 16.5 metre lower sandstone interval with further possible gas pay.

The upper 3.5 metres of the gross 25 metre Cretaceous sand interval was perforated and the well was flow tested on several choke sizes for extended periods over four days with corresponding shut-ins for pressure build-up data.

The well flowed gas at a maximum rate of 20.1 million standard cubic feet per day and an estimated 139 barrels per day of 53 degrees API condensate through a 1" choke. The discovery of condensate holds the potential to significantly enhance the economics of a future Ntorya development.

Operations on the Ntorya-1 well have now been completed and the well has been left with a Christmas tree installed, pending decisions on the future use of the well.

The results of a new geological and geophysical study commissioned by Aminex for the Ruvuma PSA were reported on 2nd July. For the Ntorya Prospect, a total of 1.17 TCF mean unrisked gas initially-in-place (GIIP) is estimated, of which 178 BCF is assigned as discovered GIIP. For the other leads on the block, 2.62 TCF undiscovered mean GIIP is assigned for the Namisange lead updip from Ntorya, 435 BCF for the Sudi lead and 709 BCF for the Kiswa lead in the offshore sector of the PSA. The total undiscovered gas initially in place for all leads in the Ruvuma PSA, both onshore and offshore, is estimated at 5.57 TCF.

In July 2012, the Government of Tanzania announced that funding was in place via the Chinese Exim Bank for a major gas infrastructure project to commence. Starting immediately, the construction is commencing of a 36" gas pipeline from near Mtwara in the south to Dar es Salaam to the north. In addition a gas processing plant will be built at the pipeline terminal in the south. Construction is forecast to be complete in the first quarter of 2014.

Preparations are being made for an extensive seismic campaign in the Ruvuma PSA. The onshore survey of around 900 kms will focus on detailing the Ntorya discovery and enhancing definition of the key leads mapped at Namisange, updip from Ntorya and Sudi to the north in order to upgrade them to drillable status. It is also planned to acquire new seismic in the offshore portion of the Ruvuma block to evaluate the Kiswa Lead and other potential offshore prospectivity. The timing of offshore seismic acquisition will be subject to vessel availability.

Aminex will be seeking offers from potential partners to participate in the next round of exploration and appraisal work on the block.

Nyuni Area PSA (Aminex 70% - operator)

The Nyuni Area PSA, signed in October 2011, covers an area comprising a small onshore section in the northwest, passing into a marine shelf/transition zone and out into deep water to the east. The deep water area comprises about 30% of the area of the PSA.

The geological and geophysical study referred to above identified overall potential of undiscovered gas in all leads, of 5.67 TCF mean unrisked gas initially-in-place in the Nyuni Area PSA. This comprises a total of 2.44 TCF for structural leads in the shelf/transition zone area and a further 3.23 TCF for stratigraphic leads, including the Lead 3 in the deep water part of the block. Analysis of the results of the Nyuni-1A and Nyuni-2 wells downgraded the potential for moveable gas in the Aptian/Albian sands and thus the previously assessed 233 BCF of 'contingent' GIIP can no longer be supported.

On 30th May 2012, Aminex announced the start of a 335 kilometre transition zone survey where ocean bottom cable is being used in the shallow water and land-based seismic sources are employed on emergent reefs and islands. After acquiring just over 140 kilometres of data it was decided, due to deteriorating wind and wave conditions, to suspend operations and return later in the year to complete the survey.

In the deep water area of the block, the adjoining operator of the East Pande block to the east, Ophir Energy, has completed the acquisition of a large 3D seismic survey including the lead previously identified by Ophir as 'Lead 3', which is shown as extending updip into the Nyuni block. The results of the geological and geophysical study of the Nyuni Area PSA, commissioned by Aminex, confirms the presence of a lead in this area, with undiscovered mean unrisked potential of 1.3 TCF in the Nyuni block.

Aminex has been actively checking the availability of suitable seismic vessels for an initial 2D survey in the deep water zone to be acquired in the second half of 2012. It is planned to acquire in excess of 1,000 kilometres of 2D data.

Kiliwani North Development (Aminex 65% - operator)

The announcement by the Government of Tanzania that on 20th June 2012, an agreement was signed on financing the construction of a gas pipeline from Mtwara to Dar es Salaam through a loan from the Chinese Exim Bank, provided a fillip to Aminex's efforts to achieve production from Kiliwani North field. The investment will also include a 24" offshore line linking Songo Songo to the 36" onshore line at Somanga Funga, and a gas processing plant on Songo Songo which is likely to be located closer to Kiliwani North than the existing Songas Plant. Commissioning is expected in 2014.

The current 2D transition zone seismic programme includes seismic acquisition over the Kiliwani North block including the Fanjove North prospect as a potential drillable target.

USA

Aminex has interests in three fields in the US: Alta Loma (37.5%) and South Weslaco (25%) in Texas and Shoats Creek (100% plus 50% of the Aminex-El Paso 'Wilcox' joint venture area) in Louisiana. Aminex operates its 100% interests in the Shoats Creek field and is non-operator on the other interests.

During 1H 2012, there was no material capital expenditure on any of the fields. Production from the Sunny Ernst-2 well at Alta Loma was choked back due to an increasingly high water cut requiring an expensive salt water trucking operation. The operator plans to convert the Sunny Ernst-1 well to a salt water disposal well and, following the recent receipt of the permit from the Texas Rail Road Commission, the conversion is expected to performed in August or early September. Following completion of the conversion, it is anticipated that the well will be able to produce at significantly increased rates, while also removing the need to incur trucking costs. At Shoats Creek, three workovers were required on the Cain-1 during the period to maintain production. El Paso has received partners' approval to recomplete the Olympia Minerals 10-1 well and to put the lowest two zones originally tested in 2010 on production. These zones have not previously produced because of a high water content but El Paso now has access to a salt water disposal well in the area. Operations at South Weslaco have been reliable and production for the first six months of the year was higher than the comparative period because of a series of workovers carried out during 2011.

Aminex has decided to dispose of all the US assets and has appointed an adviser to assist with marketing.

Financial Review

Financing and future operations

The Group's capital expenditure programme on its Tanzanian assets seeks to enhance the value of the assets with comprehensive new seismic on the onshore, transition zone and deep water before the next phase of exploration drilling. To enable the Group to proceed with the full programme, the Group is in advanced negotiations for a $15 million loan which is expected to be completed in early September and would be repayable out of the proceeds of the sale of the US assets. In addition the Group plans to farm down its interest in the Ruvuma and Nyuni Area PSAs when appropriate.

Revenue Producing Operations

The Group's oil and gas production, derived from US operations, increased 16% from 42,600 BOE to 49,500 for the continuing operations. This reflected a 28% increase in gas sales from 183,000 Mcf to 235,000 Mcf and a 14% decrease in oil production from 12,000 barrels to 10,300 barrels. On a total production basis, production decreased 2% from 50,500 BOE, including the Somerset field sold in late 2011, to 49,500 BOE.

The Sunny Ernst-2 well at Alta Loma was recompleted in the S Sands in April 2011 and the current period under review reflects a full six month's production from these sands. The first half of 2011 included lower rate production from the Upper Andrau prior to the recompletion. Oil production percentage breakdown by field was: Alta Loma 62%, Shoats Creek 36% and South Weslaco 2%. Similarly, gas production by field was: Alta Loma 73%, South Weslaco 25% and Shoats Creek 2%. The average oil price achieved in the period increased by 11% to $109.13 per bbl (2011: $97.99 per bbl), whereas the average gas price fell as a result of the decline in US gas prices by 49% to $2.50 per Mcf (2011: $4.86 per Mcf).

As a result, the Group's oil and gas revenues were $1.72 million for the first six months of 2012 compared with $2.84 million for the comparative period, a decrease of 39%. Oilfield services and supplies revenues fell 50% to $0.83 million (2011: $1.66 million) with lower sales to third parties and lower volumes to operated ventures following the completion of the drilling campaign in Tanzania. Total revenues of $2.55 million for the Group were 43% lower than the comparative period.

Cost of sales, excluding depletion and depreciation, was $1.58 million (2011: $2.62 million), the decrease arising from a 41% decrease in production costs (in part due to the disposal of the Somerset field) and a 38% decrease in the cost of oilfield supplies and services. The depletion and depreciation charge of $729,000 has increased 4% over the charge of $702,000 for the comparative period, arising from the increased production and restated reserves from independently prepared reports at 1 January 2012.

Gross profit of $0.24 million (2011: $1.18 million) reflects mainly the lower gas prices obtained during the period.

Group administrative expenses, net of own costs capitalised against projects, increased to $2.89 million in the period under review from $2.33 million for the first six months of 2011. The increase of $556,000 arises from one-off changes in payroll and consultancy costs. Finance income is interest receivable of $39,000 (2011: $23,000): in 2011 the Group reported a foreign exchange gain of $325,000 which arose principally from the conversion of sterling funds into dollars, for which there is no equivalent in 2012. The Group also incurred a loss of $534,000 on the disposal of an unlisted investment. Finance costs of $114,000 (2011: $106,000) include the non-cash discount arising on the decommissioning provision. The resulting loss before tax for the first six months of 2012 was therefore $3.26 million (2011: $0.90 million), resulting in a basic and diluted loss per share of 0.40 cents per share (2011: 0.13 cents per share).

Balance Sheet

The Group's total non-current assets increased from $81.80 million at 31 December 2011 to $97.13 million at 30 June 2012. The increase in these assets of $15.37 million comprised: $16.14 million of exploration expenditure in Tanzania, including the drilling and testing of the Ntorya-1 well on the Ruvuma PSA and the commencement of transition zone seismic acquisition on the Nyuni Area PSA; a net decrease after depletion and depreciation of $267,000 in property, plant and equipment; and the disposal of an unlisted investment. Interest bearing debt (short and long-term) has been reduced to $67,000 at 30 June 2012.

Total equity has decreased by $3.22 million since 31 December 2011 to $94.53 million at 30 June 2012. The movement comprises: an increase of $111,000 in the share option reserve; the net loss of $72,000 in the foreign currency translation reserve; and the net loss for the period of $3.26 million.

Cash Flows

The net decrease in cash and cash equivalents for the six month period ended 30 June 2012 was $15.65 million which compares with a net increase for the comparative period ended 30 June 2011 of $30.67 million. Net cash outflows from operating activities during the current reporting period amounted to $5.17 million, including working capital adjustments arising from Tanzanian drilling operations, and compares with net cash outflows $2.27 million for the first half of 2011. The Group spent $9.92 million on exploration and evaluation assets, including expenditure on the Ntorya-1 well, transition zone seismic on the Nyuni Area PSA and general licence costs on its two exploration assets. Aminex also spent $0.56 million on property plant and equipment including the line pipe for Kiliwani North delivered in June 2012. The Group received bank interest of $39,000 and reduced interest bearing debt by $8,000 (2011: $28,000).

Related Party Transactions

There were no related party transactions during the six-month period to 30 June 2012 that have materially affected the financial position or performance of the Group. In addition, there were no changes in the related parties set out in Note 27 to the Financial Statements contained in the 2011 Annual Report that could have had a material effect on the financial position or performance of the Group during the six-month period.

Going Concern

The Directors have given careful consideration to the Group's ability to continue as a going concern. The Group is in advanced negotiations for a $15 million loan repayable from the proceeds of the planned sale of the US assets. The Directors have reasonable expectation that the loan finance will be completed in early September and have therefore concluded that the Group has sufficient ongoing operating cash flows to continue as a going concern. The Group's ability to continue to make planned capital expenditure, in particular on its assets in Africa, can be assisted by the sale of assets, including the successful sale of the US assets currently being marketed, the farm-out of interests in Tanzanian exploration assets, the deferral of planned expenditure or an alternative method of raising working capital. The Directors have reasonable expectation that the Group will be able to implement this strategy successfully. For this reason, they continue to adopt the going concern basis in preparing this half-yearly financial report.

Principal Risks and Uncertainties

Aminex's Group activities are carried out in many parts of the world, in particular East Africa, North Africa and the USA. The Directors carry out periodic reviews to identify risk factors which might affect the business and financial performance. Although the summary set out below is not exhaustive as it is not possible to identify every risk that could affect the Group's business, the following risks have been identified as the principal risks and uncertainties facing the business over the next six months:

Exploration risk - exploration and development activities may be delayed or adversely affected by factors outside the Group's control, in particular: climatic and oceanographic conditions; performance of joint venture partners; performance of suppliers and exposure to rapid cost increases; availability, delays or failures in installing and commissioning plant and equipment; unknown geological conditions resulting in dry or uneconomic wells; remoteness of location; actions of host governments or other regulatory authorities (relating to, inter alia, the grant, maintenance, changes or renewal of any required authorisations, environmental regulations - in particular in relation to plugging and abandonment of wells, or changes in law).

Production risks - operational activities may be delayed or adversely affected by factors outside the Group's control, in particular: blowouts; unusual or unexpected geological conditions; performance of joint venture partners on non-operated and operated properties; seepages or leaks resulting in substantial environmental pollution; increased drilling and operational costs; uncertainty of oil and gas resource estimates; production, marketing and transportation conditions; and actions of host governments or other regulatory authorities.

Commodity prices - the demand for, and price of, oil and gas is dependent on global and local supply and demand, weather conditions, availability of alternative fuels, actions of governments or cartels and general global economic and political developments.

Currency risk - although the Group's reporting currency is the US dollar, which is the currency most commonly used in the pricing of petroleum commodities and for significant exploration and production costs, other expenditures (in particular for central administrative costs) are made in local currencies (as is equity funding), thus creating currency exposure.

Political risks - as a consequence of the Group's activities in different parts of the world, Aminex may be subject to political, economic and other uncertainties, including but not limited to terrorism, military repression, war or other unrest, nationalisation or expropriation of property, changes in national laws and energy policies, exposure to less developed legal systems.

A more detailed listing of risks and uncertainties facing the Group's business is set out on page 7 of the 2011 Aminex PLC Annual Report and Accounts (available on the Aminex website www.aminex-plc.com).

Forward Looking Statements

Certain statements made in this half-yearly financial report are forward-looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual events or results to differ materially from the expected future events or results referred to in these forward-looking statements.

Statement of the Directors in respect of the Half-Yearly Financial Report

We, the board of directors, as listed on page 12 of the most recent annual report confirm our responsibility for the half-yearly financial statements and that to the best of our knowledge:

● the condensed set of interim financial statements comprising the condensed income statement, the condensed statement of comprehensive income, the condensed balance sheet, the condensed statement of changes in equity, the condensed statement of cashflows and the related notes have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU.

● the interim management report includes a fair review of the information required by:

(a)Regulation 8(2) of the Transparency (Directive 2004/109/EC) Regulations 2007, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and

(b)Regulation 8(3) of the Transparency (Directive 2004/109/EC) Regulations 2007, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.

On behalf of the Board

L.S. DETMER M.V. WILLIAMS

Chief Executive Officer Chief Financial Officer/Company Secretary

31 August 2012

Independent Review Report to Aminex PLC

Introduction

We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2012 which comprises the condensed consolidated interim income statement, condensed consolidated statement of comprehensive income, condensed consolidated interim balance sheet, condensed consolidated statement of changes in equity, condensed consolidated interim statement of cashflows and the related explanatory notes. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

This report is made solely to the Company in accordance with the terms of our engagement to assist the Company in meeting the requirements of the Transparency (Directive 2004/109/EC) Regulations 2007 ("the TD Regulations"). Our review has been undertaken so that we might state to the Company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work, for this report, or for the conclusions we have reached.

Directors' responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the half-yearly financial report in accordance with the TD Regulations.

As disclosed in Note 1, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the EU. The Directors are responsible for ensuring that the condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU.

Our responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Going concern

In forming our opinion, we have considered the adequacy of the disclosures made in note 12 of the condensed financial statements in relation to the group's ability to continue as a going concern, in particular in relation to financing. As set out in that note, one of the fundamental assumptions underlying the going concern basis relates to the ability of the Group to successfully finalise a $15m loan facility which is currently being negotiated. While the ultimate outcome of these negotiations cannot be assessed with certainty at this time, the directors are of the opinion that, based on the current stage of discussions and or other expenditure curtailment or deferral options available to them should this finance not be concluded in the near term, it is appropriate to continue to prepare the financial statements on a going concern basis. We consider that this should be drawn to your attention but our opinion is not qualified in this respect.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly report for the six months ended 30 June 2012 is not prepared, in all material respects, in accordance with IAS 34 as adopted by the EU and the TD Regulations.

Patricia Carroll

For and behalf of

KPMG

Chartered Accountants, Statutory Audit Firm

31 August 2012

1 Stokes Place

St. Stephen's Green

Dublin CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT

for the six months ended 30 June 2012

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the six months ended 30 June 2012

CONDENSED CONSOLIDATED INTERIM BALANCE SHEET

At 30 June 2012

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the six months ended 30 June 2012

Unaudited

Attributable to equity shareholders of the Company

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASHFLOWS

for the six months ended 30 June 2012

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited)

for the six months ended 30 June 2012

1. Basis of preparation

The condensed consolidated interim financial statements for the six months ended 30 June 2012 are unaudited but have been reviewed by the auditor. The financial information presented herein does not amount to statutory financial statements that are required by Section 7 of the Companies (Amendment) Act, 1986 to be annexed to the annual return of the Company. The statutory financial statements for the financial year ended 31 December 2011 were annexed to the annual return and filed with the Registrar of Companies. The audit report on those statutory financial statements was unqualified. The auditor drew attention to the Company's disclosures made in the Basis of Preparation paragraph in the Statement of Accounting Policies included in the 2011 Annual Report concerning the Group's ability to continue as a going concern but the auditor's opinion was not qualified in this respect.

The condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU.

The financial information contained in the condensed interim financial statements has been prepared in accordance with the accounting policies set out in the 2011 annual report.

These condensed consolidated interim financial statements were approved by the Board of Directors on 31 August 2012.

(i) New accounting standards and interpretations adopted

Below is a list of standards and interpretations that were required to be applied in the period ended 30 June 2012. There was no material impact to the financial statements in the period from these standards.

·; Disclosures - Transfers of financial assets (amendments to IFRS7)

·; Deferred tax - Recovery of underlying assets (amendments to IAS 12)

(ii) New standards and interpretations not yet adopted

Standards that are not yet required to be applied but can be early adopted are set out below. None of these standards have been applied in the period. There would not have been a material impact to the financial statements if these statements had been applied in the current accounting period. These will be applied as required on a prospective basis.

·; Presentation of items in other comprehensive income (amendments to IAS1) - effective 1 July 2012

·; IFRS 10 Consolidated Financial Statement - effective 1 January 2013

·; IFRS 11 Joint arrangements - effective 1 January 2013

·; IFRS 12 Disclosure of interests in other entities - effective 1 January 2013

·; IFRS 13 Fair value measurement - effective 1 January 2013

·; IAS 19 Employee benefits (amended 2011) - effective 1 January 2013

·; IAS 27 Separate financial statements (2011) - effective 1 January 2013

·; IAS 28 Investments in associates and joint ventures (2011) - effective 1 January 2013

·; Disclosures offsetting financial assets and financial liabilities (amendments to IFRS 7) - effective 1 January 2013

·; Offsetting financial assets and financial liabilities (amendment s to IAS 32) - effective 1 January 2014

·; IFRS 9 Financial instruments - effective 1 January 2015

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited)

for the six months ended 30 June 2012

2. Segmental disclosure

The Group considers that its operating segments consist of (i) Producing Oil and Gas Properties, (ii) Exploration Activities and (iii) Oilfield Services and Supplies. These segments are those that are reviewed regularly by the Chief Executive Officer (Chief Operating Decision Maker) to make decisions about resources to be allocated to the segment and assess its performance and for which discrete financial information is available. However it further analyses these by region for information purposes. Segment results include items directly attributable to the segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly head office expenses, cash balances and certain other items. The exploration activities in Africa and Asia do not give rise to any revenue at present.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited)

for the six months ended 30 June 2012

2. Segmental disclosure (continued)

3. Finance income

4. Finance costs

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited)

for the six months ended 30 June 2012

5. Tax

The Group has not provided any tax charge for the six month periods ended 30 June 2012 and 30 June 2011 or for the year ended 31 December 2011. The Group's operating divisions have accumulated losses which are expected to exceed profits earned by operating entities for the foreseeable future.

6. Loss per share

The basic loss per Ordinary Share is calculated using a numerator of the loss for the financial period and a denominator of the weighted average number of Ordinary Shares in issue for the financial period. The diluted loss per Ordinary Share is calculated using a numerator of the loss for the financial period and a denominator of the weighted average number of Ordinary Shares outstanding and adjusted for the effect of all potentially dilutive shares, including the share options and share warrants, assuming that they have been converted.

The calculations for the basic loss per share of the financial periods ended 30 June 2012, 30 June 2011 and the year ended 31 December 2011 are as follows:

There is no difference between the basic loss per Ordinary Share and the diluted loss per Ordinary Share for the financial periods ended 30 June 2012, 30 June 2011 and the year ended 31 December 2011 as all potentially dilutive Ordinary Shares outstanding are anti-dilutive. There were 50,215,000 anti-dilutive share options (30 June 2011: 27,715,000 and 31 December 2011: 50,215,000) in issue as at 30 June 2012.

7. Exploration and evaluation assets

Exploration and evaluation assets during the period relate to Production Sharing Agreements held in Tanzania.

The Directors have considered the licence, exploration and appraisal costs incurred in respect of its exploration and evaluation assets, which are, with the exceptions of the partial write down of the Nyuni-1 well in Tanzania, carried at historical cost. These assets have been assessed for impairment and in particular with regard to remaining licence terms, likelihood of renewal, likelihood of further expenditures and ongoing acquired data for each area, as more fully described in the Operations Review. The Directors are satisfied that there are no further indicators of impairment but recognise that future realisation of these oil and gas assets is dependent on further successful exploration and appraisal activities and the subsequent economic production of hydrocarbon reserves. 

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited)

for the six months ended 30 June 2012

8. Property, plant and equipment

Property, plant and equipment shown above include assets held under finance leases as follows:

The majority of the Group's property, plant and equipment comprises its producing oil and gas properties which are depleted on a unit of production basis, based on proven and probable reserves at each field. At 1 January 2012, an independent valuation was carried out based on estimated future discounted cash flows of each producing property at the Shoats Creek, South Weslaco and Alta Loma fields. At 30 June, the Directors reviewed the carrying value for indicators of impairment and are satisfied that property, plant and equipment is not impaired.

During the year the Company announced plans to sell the Shoats Creek, South Weslaco and Alta Loma fields. The Directors have considered the classification of these assets in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations and are satisfied that it is appropriate to continue to classify the Shoats Creek, South Weslaco and Alta Loma fields as non-current assets.

Following the award of the Kiliwani North Development Licence by the Tanzanian Government in April 2011, the carrying cost relating to the development licence was reclassified as a development asset under property, plant and equipment, in line with accounting standards and the Group's accounting policies. Depletion will be charged once the field commences commercial production. The Directors have reviewed the carrying value of the asset at 30 June 2012 based on estimated discounted future cashflows and are satisfied that no impairment has occurred.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited)

for the six months ended 30 June 2012

9. Other investments

During the year the Company made a loan of $34,000 to Korex Limited which the Company has since forgone. On 9 June 2012 the Company disposed of its entire holding of 50 shares in Korex Limited for a nominal consideration. The loss arising on disposal was US$534,000.

10. Cash and cash equivalents

Included in cash and cash equivalents is an amount of US$843,000 held on behalf of partners in joint operations.

11. Capital Commitments - exploration activity

In accordance with the relevant Production Sharing Agreements, Aminex has an obligation to contribute its share of the following outstanding work programmes:

(a) On the Nyuni Area PSA, Tanzania: to acquire 800 kilometres of 2D seismic, 200 kilometres of which shall be acquired in the transition zone by October 2013 and to drill two wells by the end of the initial work period ending October 2015, the first well to be spudded no later than April 2014.

(b) On the Ruvuma PSA, Tanzania: to acquire additional seismic and drill two exploration wells by December 2013.

12. Going concern

The Directors have given careful consideration to the Group's ability to continue as a going concern. The Group is in advanced negotiations for a $15 million loan repayable from the proceeds of the planned sale of the US assets. The Directors have reasonable expectation that the loan finance will be completed in early September and have therefore concluded that the Group has sufficient ongoing operating cash flows to continue as a going concern. The Group's ability to continue to make planned capital expenditure, in particular on its assets in Africa, can be assisted by the sale of assets, including the successful sale of the US assets currently being marketed, the farm-out of interests in Tanzanian exploration assets, the deferral of planned expenditure or an alternative method of raising working capital. The Directors have reasonable expectation that the Group will be able to implement this strategy successfully. For this reason, they continue to adopt the going concern basis in preparing this half-yearly financial report.

13. Related party transactions

There were no related party transactions during the six month period to 30 June 2012 that have materially affected the financial position or performance of the Group.

14. Statutory information

The interim financial information to 30 June 2012 and 30 June 2011 is unaudited and does not constitute statutory financial information. The information given for the year ended 31 December 2011 does not constitute the statutory accounts within the meaning of Section 19 of The Companies (Amendment) Act 1986. The statutory accounts for the year ended 31 December 2011 have been filed with the Registrar of Companies in Ireland. This announcement is being sent to shareholders and will be made available at the Company's registered office at 6 Northbrook Road, Dublin 6 and at the Company's UK representative office at 7 Gower Street, London WC1E 6HA.