Holding in Company

Fusion Oil & Gas PLC
23 May 2001


                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

     FUSION OIL & GAS PLC


2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

     ZURICH FINANCIAL SERVICES AND ITS GROUP


3)   Please state whether notification indicates that it is in respect of 
     holding of the Shareholder named in 2 above or in respect of a 
     non-beneficial interest or in the case of an individual holder if it is a
     holding of that person's spouse or children under the age of 18

     2 ABOVE


4)   Name of the registered holder(s) and, if more than one holder, the 
     number of shares held by each of them.

     LITTLEDOWN NOMINEES LIMITED A/C 07197   2,500,000
     LITTLEDOWN NOMINEES LIMITED A/C 21567     190,000
     LITTLEDOWN NOMINEES LIMITED A/C 07203     400,000


5)   Number of shares/amount of stock acquired.

     350,000


6)   (.38%) of issued Class

7)   Number of shares/amount of stock disposed



8)   ( N/A %) of issued Class

9)   Class of security

     ORDINARY SHARES


10)  Date of transaction

     14-18 MAY 2001


11)  Date company informed

     22 MAY 2001


12)  Total holding following this notification

     3,090,000

               
              
13)  Total percentage holding of issued class following this notification

     3.34%


14)  Any additional information



15)  Name of contact and telephone number for queries

     R G GODSON
     020 7495 5916


16)  Name and signature of authorised company official responsible for 
     making this notification


     Date of Notification  23 MAY 2001