Holding(s) in Company

Fusion Oil & Gas PLC
5 March 2003

                  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.

       NOT DISCLOSED

5)   Number of shares/amount of stock acquired.



6)   ( N/A %) of issued Class

7)   Number of shares/amount of stock disposed

      NOT DISCLOSED

8)   ( NOT DISCLOSED) of issued Class

9)   Class of security

       ORDINARY SHARES

10)  Date of transaction

       NOT DISCLOSED

11)  Date company informed

       5 MARCH 2003

12)  Total holding following this notification


               
13)  Total percentage holding of issued class following this notification

       BELOW 3%

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 5 MARCH 2003




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