Holding in Company

Fusion Oil & Gas PLC
1 August 2001

1 August 2001

Fusion Oil & Gas PLC ('Fusion')

Holding in Company.


Fusion announces that by a letter dated 26 July 2001 received pursuant to S198
Companies Act 1985, it has been advised that The Fleming Mercantile Investment
Trust Plc has a beneficial interest in 3,000,000 ordinary shares in the share
capital of Fusion.


Enquiries

Fusion Oil & Gas plc   - Tel: [phone]

Dr Alan Stein, Managing Director

Dr Peter Dolan, Chairman

College Hill Associates - Tel: [phone]

James Henderson

Peter Brookes