Holdings in Company

Cardinal Resources plc
07 March 2007



LONDON - Wednesday, 7th March 2007

Cardinal Resources plc (AIM:CDL) ('Cardinal' or 'the Company'), an independent
oil and gas exploration and production company operating in Ukraine, was today
notified that following a purchase on 5th March 2007 at £0.19, Ospraie Portfolio
Ltd and Ospraie Management, LLC, ('Ospraie') have increased their shareholding
by 6,172,652 Cardinal Ordinary Shares (5.39%) to 10,474,302 Cardinal Ordinary
Shares which enlarged shareholding represents 9.14 % of the issued Ordinary
Share Capital of the Company. Continental Capital SPC has also notified the
Company that they no longer hold any shares in Cardinal.

                                       ###


For further information please contact:

Cardinal Resources                       Brunswick Group
Charles Green / Natalia Egorova          Paul Scott
[phone]                     [phone]
[e-mail]       [e-mail]

Nabarro Wells & Co. Limited
John Wilkes / Marc Cramsie
[phone]
[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.

                      




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