Issuance of Share Options

Cardinal Resources plc
13 March 2006


CARDINAL RESOURCES PLC GRANTS SHARE OPTIONS

LONDON - Monday, 13th March 2006

Cardinal Resources plc (AIM:CDL) ('Cardinal' or 'The Company'), an independent
oil and gas production and exploration company operating in Ukraine, today
announces that its Board of Directors has granted share options to Directors and
employees with effect from 10th March 2006.

Directors and employees will have the right to purchase up to an aggregate of
1,550,000 ordinary shares at an exercise price of 32p per ordinary share,
exercisable until 10th March 2011. The options vest as to 1/3 on 10th March
2007, 2008 and 2009. The options have been granted in accordance with the terms
and conditions of the existing Share Option Scheme approved by shareholders on
9th March 2005.

The number of options granted to Cardinal's Directors is detailed below. The
remaining options have been granted to eleven additional employees. Cardinal
will continue to issue options to motivate employees and ensure that they
participate in the value enhancement of the Company along with its shareholders.


Director                                Number of Options

Robert J. Bensh
Chairman and Chief Executive Officer         350,000

Charles C. Green
Vice-Chairman and Chief Financial Officer    200,000

Misbah Al Droubi
Non-Executive Director                        62,500

Jonathan C.R. Morley-Kirk
Non-Executive Director                        62,500

David F. Phillips
Non-Executive Director                        62,500

Marcus J.G. Stanton
Non-Executive Director                        62,500

Following this announcement, a total of 13,230,000 options are currently held by
Directors and employees under the existing scheme.

###

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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