Response to Release

Cardinal Resources plc
06 November 2006


CARDINAL RESOURCES PLC

Response to Release

LONDON - Monday, 6 November 2006

Cardinal Resources plc, (AIM:CDL) ('Cardinal' or 'the Company'), an independent
oil and gas exploration and production company operating in Ukraine, today notes
the announcement made by QVT Financial LLP (QVT) on 3rd November 2006.

The Board takes shareholder's views seriously and gives them appropriate and
timely consideration. The Company's management team are available at all times
to meet with shareholders and explain publicly available information and listen
to their views.

The Company believes QVT's assertions are not based on a full understanding of
the facts as they pertain to accessing capital and building the infrastructure
to operate and develop the Company's asset base in Ukraine.

Commenting on today's release, Robert J. Bensh, Chairman and Chief Executive
Officer of Cardinal said:

'We look forward to meeting with QVT's advisers in the near future to resolve
the misunderstandings we believe QVT have about Cardinal. We have recently
reported significant progress in developing our Rudis properties in Ukraine and
we remain focused on meeting our incremental production objective by year end
2007.'

###

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 company engaged in the
acquisition, development, production and exploration of oil and natural gas
properties 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.

Cardinal's main assets are:

Rudivsko-Chernovozavodske (RC) Field
Rudivsko-Chernovozavodske is a large under-developed gas field (1.54 TCF
original gas in place), located in the Dnieper-Donets basin, 200km east of Kiev
in the Poltava Oblast. Cardinal has a Joint Activity Agreement (JAA) with a
subsidiary of Ukrnafta for production and further development in which Cardinal
holds a 14.9% net profit interest.

Bytkiv-Babchenske (Bytkiv) Field
Bytkiv-Babchenske is an oil field, located in the Carpathian fold belt, 45km
south-west of Ivano-Frankivsk in the Nadvirna Oblast. Cardinal has a 45%
interest through UkrCarpatOil, a Joint Venture (JV) with Ukrnafta, to operate
and develop the field.

Plus the following assets which were acquired as part of the Rudis Drilling
Company transaction in 2005:

Bilousivsko-Chornukhinska (BC) Licence
Bilousivsko-Chornukhinska is a producing gas-condensate licence in the
Dnieper-Donets basin, 100% owned and operated by Cardinal.

North Yablunivska (NY) Licence
North Yablunivska is a producing gas-condensate licence in the Dnieper-Donets
basin, 100% owned by Cardinal and operated under the JAA. For four wells on the
licence covered by JAA 429, Cardinal's interest is only 50% in each such well.

Dubrivska (DB) Licence
Cardinal has drilled an exploration well as part of the JAA with

Ukrgazvydobuvannya.
Ukrgazvydobuvannya JAA #429
Cardinal has a 50% percent interest in a JAA with Ukrgazvydobuvannya which
covers certain wells on the NY licence area and one well in the Bilskie field.

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.
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