BULA Resources' unfortunate experiences in Russia have not dissuaded fellow explorer Aminex from continuing to invest in the Russian oil industry, although chairman Mr Brian Hall said that Aminex would continue to move cautiously.

Aminex would secure results from one project before embarking on another in Russia, he said.

Aminex's main project in Russia is the Amkomi oilfield to which the Irish company has supplied technical expertise. Two further oilfields are currently being developed for production while development work is under way on a third oilfield, Kiryatel.

During the year, Aminex withdrew from active exploration, resulting in an exceptional write off of $1.08 million (£600,000).

Turnover in the year increased from $12.7 million to $15.1 million, although gross profits fell from $2.7 million to $1.2 million. Higher administration costs, listing expenses and exceptional items resulted in a pre tax loss of $2.8 million compared to a profit of $2 million in 1994.