Holding(s) in Company

Cardinal Resources plc
30 October 2006


HOLDINGS IN COMPANY


LONDON - Monday, 30th October 2006


Cardinal Resources plc (AIM:CDL) ('Cardinal' or 'the Company'), an independent
oil and gas production and exploration company operating in Ukraine, was
notified on 27th October 2006 that QVT Fund LP have increased their shareholding
by 900,000 Cardinal Ordinary Shares (0.78%) to 18,545,000 Cardinal Ordinary
Shares which enlarged shareholding represents 16.18% of the issued Ordinary
Share capital of the Company.


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For further information please contact:


Cardinal Resources                            Parkgreen Communications

Charles Green / Franziska Stahlknecht         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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