Holding(s) in Company

Fusion Oil & Gas PLC
21 August 2002

                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

FUSION OIL & GAS PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

ZURICH FINANCE 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               1,600,000
LITTLEDOWN NOMINEES LIMITED A/C 21667                 400,000
LITTLEDOWN NOMINEES LIMITED A/C 07203                 780,000
LITTLEDOWN NOMINEES LIMITED A/C 05576                 570,409
LITTLEDOWN NOMINEES LIMITED A/C 05577                  34,223

5)   Number of shares/amount of stock acquired.

754,633

6)   (.81%) of issued Class

7)   Number of shares/amount of stock disposed

1,200,000

8)   (1.29%) of issued Class

9)   Class of security

ORDINARY SHARES

10)  Date of transaction

NOTIFICATION REQUIREMENT TRIGGERED BY TRANSACTION ON 19 AUGUST 2002

11)  Date company informed

20 AUGUST 2002

12)  Total holding following this notification

3,384,633
               
13)  Total percentage holding of issued class following this notification

3.64%

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 21 AUGUST 2002................

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