Aminex PLC Correction: Half Yearly Report -3-

The net increase in cash and cash equivalent for the six months ended 30 June 2014 was $5.27 million compared with $69,000 for the comparative period. The increase reflected the net proceeds of $12.24 million received on the issue of new equity in February 2014. Net cash outflows from operating activities amounted to $1.90 million (2013: net inflows $290,000) after interest payments of $1.18 million. Expenditure on exploration and evaluation assets in the current period amounted to $4.94 million, relating to the ongoing seismic acquisition on the Ruvuma PSA acreage, continuing licence costs and the settlement of liabilities carried forward from 2013. Expenditure on property, plant and equipment of $132,000 mainly related to licence costs and settlement of 2013 liabilities on the Kiliwani North licence. The cash balance at 30 June 2014 totalled $5.44 million (30 June 2013: $564,000).

Related Party Transactions

There were no related party transactions during the six-month period to 30 June 2014 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 2013 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. During the year ended 31 December 2013, the Group signed a loan facility for $8 million with a fund managed by Argo Capital Management (Cyprus) Limited ('Argo loan') which was drawn down in full and applied to the Group's working capital commitments. In February 2014, the Group reached agreement with its lender to extend the scheduled repayment date of its loan to July 2015. The Directors are satisfied that the Group has sufficient cash resources, together with a reasonable expectation of revenues commencing from the Kiliwani North gas field, to enable the Group to continue as a going concern until the date of repayment of the Argo Loan in July 2015, which falls within the twelve-month going concern forecast period. The Directors are therefore seeking one or more solutions to enable the Group to be able to repay or re-finance the Argo Loan before repayment of the loan is due. The Group's capital expenditure programme does not include the drilling of the well commitment in respect of the Nyuni Area PSA; the well was originally due to be spudded in April 2014 but the Group is currently seeking to renegotiate the terms of the PSA to focus on deep water exploration in the PSA area.

The Argo loan falls due for repayment in July 2015 and based on current cash flow projections, the Group will not be in a position to repay this loan in full on its due date. The Group expects its Kiliwani North gas field to commence production in the first quarter of 2015, and these revenues, together with other alternative measures available to the Group, including the successful sale of assets, deferral of planned expenditure, re-financing of the loan or an alternative method of raising capital, give the Directors a reasonable expectation that the Group will have sufficient funds to enable it to discharge its loan when it falls due.

These factors indicate the existence of a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern and, therefore, it may be unable to realise its assets and discharge its liabilities in the normal course of business. Notwithstanding the above, it is the Directors' reasonable expectation that, having considered the cash flow projections of the Group for a period of twelve months from the date of approval of the interim financial statements, and the alternative measures available to the Group as set out above, taking into account that the Directors believe that a successful outcome can be negotiated with the Tanzanian authorities in respect of the Nyuni Area PSA, the Group will have sufficient funds available to finance its ongoing working capital requirements and other capital commitments for the foreseeable future. Based on the above, the Directors continue to adopt the going concern basis for the preparation of the financial statements.

Principal Risks and Uncertainties

Aminex's Group activities are currently carried out in East Africa, North Africa and until August 2014 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:

Finance risk - arising from uncertain factors detailed in the basis of preparation note (Note 1) relating to the Group as a going concern.

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 the Group's central administrative costs) are made in local currencies (as was the Group's recent 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 8 of the 2013 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

Each of the directors whose names and functions are listed on page 13 of the most recent annual report, confirm our responsibility for preparing the half year financial report in accordance with the Transparency (Directive 2004/109/EC) Regulations 2007, the Transparency Rules of the Central Bank of Ireland and the Disclosure and Transparency Rules of the UK Financial Conduct Authority and with IAS 34 Interim Financial Reporting, as adapted by the EU and to the best of each person's knowledge and belief:

-- the condensed set of interim financial statements comprising the condensed consolidated income statement, the condensed consolidated statement of comprehensive income, the condensed consolidated balance sheet, the condensed consolidated statement of changes in equity, the condensed consolidated 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

   J.C. BHATTACHERJEE                  M.V. WILLIAMS 
   Chief Executive Officer                                   Chief Financial Officer/Company Secretary 

28 August 2014

Independent Review Report to Aminex PLC

Introduction