Drilling Report

Fusion Oil & Gas PLC
24 May 2001

                             Fusion Oil & Gas plc

                         ('Fusion' or 'the Company')


Fusion Oil & Gas plc announces that it has completed and abandoned the onshore
obligation well in Ghana, Fusion-IX, with no evidence of significant
hydrocarbons. The company will now evaluate the exploration implications of
data from the well.

                                                                   24 May 2001


For further details please refer to the company's web page
www.fusionoil.com.au or contact:

Fusion Oil & Gas plc
Level 2 Scott House             Tel      [phone]
46 Kings Park Rd                Fax     [phone]
West Perth 6005                 e-mail [e-mail]
Western Australia
Alan Stein                      Managing Director
Jonathan Taylor                 Exploration Director

Fusion Oil & Gas plc            Tel     [phone]
8 Old Lodge Place               Fax     [phone]
St. Margarets                   e -mail [e-mail]
Twickenham
Middlesex
TW1 1RQ
United Kingdom
Peter Dolan                     Chairman

College Hill Associates         Tel.     [phone]
78 Cannon Street                Fax.     [phone]
London EC4N 6HH                 e-mail [e-mail]
Peter Brookes