AIM Admission - Update

Cardinal Resources plc
15 April 2005

PRESS ANNOUNCEMENT               15 APRIL 2005



FOR IMMEDIATE RELEASE



                             CARDINAL RESOURCES PLC

                                ADMITTED TO AIM

                             First day of Dealings

                                   (AIM: CDL)



Cardinal Resources plc ('Cardinal' or 'the Company'), an independent oil and gas
production  and exploration company, whose core operations are in Ukraine,
announces today the commencement of trading and admission of its shares to AIM.


At a placing price of 32p per share the company was fully subscribed and raised
£10.6 million before expenses. At the placing price the market capitalisation of
Cardinal will be approximately £28 million.


The Company has interests in two operating oil and gas fields in Ukraine, the
Rudivsko-Chernovozavodske Field and Bytkiv-Babchenske Field, in conjunction with
JSC Ukrnafta, the largest oil producing company in Ukraine. Both of these fields
are currently producing oil and gas for the Company.


An independent reserve report by ECL Scott Pickford, attributes net recoverable
reserves to Cardinal from the two fields of 110.6 Bscfe, or 18.4 MMBOE; with a
net present value of $40.3 million (using a 12% discount factor).


Commenting on the successful IPO for Cardinal, Robert Bensh, Chairman and CEO,
said today: 'The Placing and AIM admission will allow the Company to move
forward on the first phase of its strategy: to enhance its current portfolio of
producing assets with western technology. The successful applications of western
technology on our properties will increase production volumes and create further
opportunities to acquire or farm-in additional development assets in the
country. Furthermore, in light of the recent political developments we are
extremely excited by the potential in this region.'


Nabarro Wells & Co. is Cardinal's Nominated Adviser and Fox-Davies Capital
Limited is the Broker for the Company.





For further information, please contact:
Cardinal Resources plc                            [phone]

Fox-Davies Capital Limited                        [phone]

Nabarro Wells & Co.                               [phone]







NOTES TO EDITORS



The Placing

The net proceeds of the Placing will be used to finance the working capital
requirements for the workover and new well programme over the next 22 months and
may also be used to fund certain acquisition or farm-in opportunities.


The Company is seeking admission to AIM in order to access a broader investor
base and to provide access to equity capital markets.


Work programme

The Directors believe the Company will be able to implement an aggressive
development and drilling programme for the two fields, comprising 47 drilling
locations and 14 workovers, where there are significant proven underdeveloped
reserves. The Company projects this programme will increase its share of gas
production from the Rudivsko-Chernovozavodske field to over 21 MMscfd by 2011,
up from 2.7 MMscfd in 2004. At the Bytkiv-Babchenske field, Company estimates
its share of oil production will increase to over 500 bopd during 2007, up from
127 bopd in 2004.


Ukrnafta

Ukrnafta is the largest producing oil company in Ukraine, securing over 90% of
the country's oil, 40% of the gas condensate and 17% of the natural gas output.
Its shares (ADRs) are traded on the NYSE, (Ticker: UKRNY US) with a market
capitalisation of approximately US$ 1.3 billion. (Source: Alpha Bank Ukrainian
Equity Guide).


Directors

Robert J. Bensh, Chairman, Chief Executive Officer, has been Chairman and Chief
Executive Officer of Cardinal since February 2004. He has held numerous senior
positions in the industry including the roles of Vice President capital markets,
Senior Vice President, CFO and Corporate Secretary of Bellwether Exploration
Company (now Mission Resources Corporation), a NASDAQ-listed exploration and
production company. Prior to that, he was the director of investor relations at
Torch Energy Advisors Inc., oil and gas investment management company based in
Texas, and also held the position of director of investor relations and
strategic planning for Box Energy Corp. (now Remington Oil & Gas Corp.).


Charles C. Green, Vice Chairman, Chief Financial Officer is a Chartered
Financial Analyst and is the founder and joint managing director of
Eurostructures Limited, which was headquartered in London and involved in
wireless telecom and broadcast network infrastructure from 2001 to 2003. Prior
to that, Mr. Green was Executive Vice President - Head of Global Finance, and
was also member of the Office of the Chairman, Crown Castle International, a New
York-listed wireless tower company. He also served as President and was earlier
CFO of Torch Energy Advisors Inc. Mr. Green also served as Executive Vice
President and CFO and was a director of Bellwether Exploration Company (now
Mission Resources Corp.). He began his career at JP Morgan Investment
Management., first in New York as an energy analyst, and later in London as
Senior Portfolio Manager.


Jonathan C. R. Morley-Kirk, Director, is a Chartered Accountant and a member of
the Society of Trust and Estate Practitioners, the Securities Institute and the
Expert Witness Institute. He is a director of a number of offshore funds and
corporations. Prior to moving to Jersey in 1995, he was a director of S G
Warburg Securities and Samuel Montagu & Co, both in London. Mr. Morley-Kirk has
extensive experience of structuring and investing in emerging economies. Mr.
Morley-Kirk is Chairman of Fox-Davies Capital Limited, a London based,
FSA-regulated corporate finance boutique, which is the Company's broker.


David F. Phillips, Director, is a member of the Law Society of Alberta and a
partner in the Calgary office of McCarthy Tetrault LLP, Canada's largest law
firm (and Cardinal's solicitors), where he has served on the firm's Calgary
Executive Committee and in several other roles. Mr. Phillips' practice focuses
primarily on securities and corporate law and he was head of the firm's Calgary
corporate finance, mergers, and acquisitions group in 2003.


Andrew Seton, Director, has over 20 years of experience with leading City
institutes. Currently, he is Deputy Chairman of the Supervisory Board of
Telekomunikacja Polska SA ('TPSA'), Poland's leading telecommunications company,
as well as a member of its Audit and Remuneration Committees. He is also a
member of the Supervisory Board of CB Unionbank of Bulgaria. From 1999-2002, Mr.
Seton was Country Director for Ukraine for the European Bank for Reconstruction
and Development ('EBRD'), resident in Kiev. During this time, he was also a
director of 4 Ukrainian-based companies in which the EBRD has made investments,
including Ukrainian International Airlines. From 1989-1997 Mr. Seton was a Main
Board Director of Morgan Grenfell & Co. Limited (later Deutsche Morgan
Grenfell), including Director with responsibility at various times for corporate
and project finance in Eastern Europe/Former Soviet Union, as well as director
in charge of the New York office (1991-4) with responsibility for international
project and structured finance.


Marcus J. G. Stanton, Director, is a Chartered Accountant with extensive
experience in investment banking. He was a director of Robert Fleming & Co.,
from 1993-2000, where he was  Chief Operating Officer of Capital Markets and
Head of Structured Finance. Prior to this he was a director of Hill Samuel & Co.
Mr. Stanton is a non-executive director of two other quoted companies, one of
which is listed on AIM. He also acts as an expert witness in financial disputes
involving complex banking structures.


Senior Management

Cliff M. West (Executive Vice President and Chief Operating Officer)

Mr. West has been with the Company since April 2004. From November
1997-September 2001, Mr. West was Senior Vice President for Exploration and
Production, a Senior Geophysist, and a geophysical consultant for Bellwether
Exploration Company (now Mission Resources Corporation). From August 1984 to
June 1994 he was an Exploration Consultant and then Vice President of Norcen
Explorer (USA) where he was in charge of that company's operations in the Gulf
Mexico region. In November 1994, he became Vice President for Norcen Energy
Resources Limited, the parent company of Norcen Explorer in Calgary, Canada and
served in various positions at the Vice President level associated with oil and
gas exploration and production until June 1997.


William S. Hayes (Senior Vice President - General Counsel & Business
Development; and Company Secretary)

Mr. Hayes has practiced in the oil and gas industry since 1980, first in the US
domestic petroleum business and subsequent to 1989, in the international oil and
gas industry. From 2000-2003, he was Vice President-Legal for Vanco Energy
Company, an international oil exploration firm based in Houston, Texas. From
1995-2000, Mr. Hayes was in private law practice, specializing in international
energy transactions.  During the period1989-1995, Mr. Hayes was Senior Attorney
for British Gas Exploration & Production Ltd., first in Houston, Texas and later
resident in Cairo, Egypt. Before joining British Gas, Mr. Hayes was with an
independent oil and gas production company in Houston.


Zoya I. Frolova (Vice President & General Manager - Cardinal Ukraine)

Ms. Frolova, a native of Ukraine, has been Vice President & General Manager of
Cardinal Ukraine since December 2003, and was previously director of the
representative office of Carpatsky Petroleum Corporation from July 2000. Prior
to her employment with the Company, Ms. Frolova was a management consultant with
PricewaterhouseCoopers working and living in several Eastern European countries.


Graeme W. Moore (Group Financial Controller)

Mr. Moore is a Chartered Accountant with 14 years experience in the oil industry
and 10 years in other industries.. Prior to joining Cardinal he was a finance/
systems consultant with extended periods at Shell International and Tullow Oil.
Previous to this he was Financial Controller at CIECO UK Ltd (subsidiary of the
Itochu Corporation of Japan) and Finance Manager at Nimir Petroleum Ltd.



The AIM Market operated by London Stock Exchange plc neither approves nor
disapproves of the information contained herein.

Readers are cautioned that the statements herein may include certain estimates,
assumptions and other forward-looking information. The actual future
performance, developments and/or results of the Company and its subsidiaries may
differ materially from any or all of the forward-looking statements, which
include current expectations, estimates and projections, in all or part
attributable to general economic conditions and other risks, uncertainties and
circumstances partly or totally outside the control of the Company and its
subsidiaries, including oil prices, imprecision of reserve estimates, drilling
risks, future production of gas and oil, rates of inflation, changes in future
costs and expenses related to the activities involving the exploration,
development, production and transportation of oil, hedging, financing
availability and other risks related to financial activities, and environmental
and geopolitical risks.  The Company disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a result of new
information, future events, or otherwise.



The information contained herein does not constitute an offer of securities for
sale in the United States, United Kingdom, Canada, Japan or Australia.






                      This information is provided by RNS
            The company news service from the London Stock Exchange