Licences for two oilfields in the Republic of Tatarstan have been transferred to Ideloil, the company in which Aminex holds a 35 per cent stake and there are plans to transfer a further 11 licences. Under a new development agreement with Ideloil, Aminex is provide the company with loans, giving it controlling rights at board and shareholder level for as long as the loans remain.

Testing of the two oilfields will begin shortly, starting with one in Dachnoye, which has the benefit of existing production. Work at the other well in the adjacent Ivinskoye area will begin in the summer of 1998.