Emulsions based on ammonium nitrate (AN) and water locally ignited by a heat source do not undergo sustained combustion when the pressure is lower than some threshold value usually called the Minimum Burning Pressure (MBP). This concept is now being used by some manufacturers as a basis of safety. However, before a technique to reliably measure MBP values can be designed, one must have a better understanding of the ignition mechanism. Clearly, this is required to avoid under ignitions which could lead to the erroneous interpretation of failures to ignite as failures to propagate. In the present work, facilities to prepare and characterize emulsions were implemented at the Canadian Explosives Research Laboratory. A calibrated hot-wire ignition system operated in a high-pressure vessel was also built. The system was used to study the ignition characteristics of five emulsion formulations as a function of pressure and ignition source current. It was found that these mixtures exhibit complicated pre-ignition stages and that the appearance of endotherms when the pressure is lowered below some threshold value correlates with the MBP. Thermal conductivity measurements using this hot-wire system are also reported.