Holding in Company

Cardinal Resources plc
31 January 2006


HOLDINGS IN COMPANY

LONDON - Tuesday, 31st January 2006

Cardinal Resources plc (AIM:CDL) ('Cardinal' or 'The Company'), an independent
oil and gas production and exploration company operating in Ukraine, was today
notified that, following a sale of 6,145,000 shares at 27 pence per share, DKR
Saturn Event Driven Holding Fund Ltd. no longer holds Cardinal Ordinary Shares.

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For further information please contact:

Cardinal Resources             Parkgreen Communications
Kate Spiro                     Justine Howarth / Victoria Thomas
[phone]           [phone]
[e-mail]         [e-mail]


Notes to Editor

Cardinal Resources plc
Cardinal Resources plc is an independent oil and gas production and exploration
company with assets in Ukraine. Cardinal is an experienced operator in the
country focused on expanding its existing operations through the farm-in or
acquisition of additional upstream oil and gas assets that can be further
developed through the application of modern technology and expertise.




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