Holding(s) in Company

Cardinal Resources plc
16 December 2005

HOLDINGS IN COMPANY

LONDON - Friday, 16th December 2005

Cardinal Resources plc (AIM:CDL), an independent oil and gas production and
exploration company, was today notified of the following changes in
shareholdings:

•  Following the sale of shares, DKR Saturn Management LP has reduced
   its interest in Cardinal to 7,145,000 Cardinal Ordinary Shares, representing
   6.24% of the issued Ordinary Share capital of the Company;

•  JVL Advisors LLP purchased 1,000,000 shares at 18.5p. As a result
   Cardinal believes that JVL has an interest in 5,959,376 Cardinal Ordinary
   Shares, representing 5.20% of the issued Ordinary Share capital of the 
   Company; and

•  East Capital Bering Ukraine Fund has purchased 5,000,000 Cardinal
   Ordinary Shares at 18.5p and holds 4.36% of the issued Ordinary Share 
   capital of the Company.

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.

Contact
Kate Spiro
Director, Investor Relations
[e-mail]
[phone]

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