Allotment of Shares

Cardinal Resources plc
17 October 2005


CARDINAL RESOURCES PLC ALLOTS ORDINARY SHARES IN ACCORDANCE WITH THE
ANTI-DILUTION RIGHT

LONDON - Monday, 17th October 2005

Cardinal Resources plc (AIM:CDL), an independent oil and gas exploration and
production company, today announces that it has allotted Ordinary Shares in
accordance with the Anti-Dilution Right approved by shareholders at the
Company's AGM on 25th July 2005.

Based on the terms of the Anti-Dilution Right, a total of 4,807,288 Ordinary
Shares (5.5% of the existing share capital) will be issued to seven shareholders
who invested as part of the Company's original private placement in 2004. The
Anti-Dilution Right was granted to incentivise the placement shareholders to
subscribe for additional shares at the time of the Company's admission to AIM
and to assist in maintaining favourable relations between Cardinal and its
shareholders. Under the Anti-Dilution Right, additional shares are allotted
because the agreed target price for Cardinal's Ordinary Shares over the previous
fifteen consecutive trading days was not met.

These new shares are subject to orderly market provisions until 15th January
2006.

Cardinal Resources plc
Cardinal Resources plc is an independent oil and gas exploration and production
company with assets in Ukraine. Cardinal is an experienced operator in the
country focused on expanding its existing operations through the farm-in or
acquisition of additional upstream oil and gas assets that can be further
developed through the application of modern technology and expertise.

###

This release may contain certain forward-looking statements. These statements
relate to future events or future performance and reflect management's
expectations regarding Cardinal's growth, results of operations, performance and
business prospects and opportunities. Such forward-looking statements reflect
management's current beliefs, are based on information currently available to
management and are based on reasonable assumptions as of this date. No
assurance, however, can be given that the expectations will be achieved. A
number of factors could cause actual results to differ materially from the
projections, anticipated results or other expectations expressed in this
release. While Cardinal makes these forward-looking statements in good faith,
neither Cardinal, nor its directors and management, can guarantee that the
anticipated future results will be achieved.

Contact:
Kate Spiro
DIRECTOR
Investor Relations
[e-mail]
[phone]



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