Holding(s) in Company

Cardinal Resources plc
04 October 2006


HOLDINGS IN COMPANY

LONDON - Wednesday, 4th October 2006

Cardinal Resources plc (AIM:CDL) ('Cardinal' or 'the Company'), an independent
oil and gas production and exploration company operating in Ukraine, was
notified on 3rd October 2006 that following a number of transactions QVT Fund LP
('QVT') have an interest in 17,645,000 Cardinal Ordinary Shares, representing
15.40% of the issued Ordinary Share capital of the Company, and that such shares
are registered in the name of Vidacos Nominees Ltd and held for the benefit of
QVT. In February 2006, 16,390,000 of these shares were previously disclosed as
held by Deutsche Bank AG London and have since been transferred into the name
Vidacos Nominees.

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For further information please contact:

Cardinal Resources                     Parkgreen Communications
Charles Green / Franziska Stahlknecht  Justine Howarth / Victoria Thomas
[phone]                   [phone]
[e-mail]     [e-mail]

Notes to Editor

Cardinal Resources plc
Cardinal Resources plc is an independent oil and gas production and exploration
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.




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