Holding(s) in Company

Cardinal Resources plc
17 November 2006

                             CARDINAL RESOURCES PLC



                              HOLDINGS IN COMPANY



LONDON - Friday, 17th 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 yesterday that QVT Fund LP have increased their shareholding by
1,600,000 Cardinal Ordinary Shares (1.41%) to 20,145,000 Cardinal Ordinary
Shares which enlarged shareholding represents 17.59% of the issued Ordinary
Share capital of the Company.



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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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