Completes Gambia Seismic

Fusion Oil & Gas PLC
12 February 2001



               Fusion Oil & Gas plc ('Fusion' or 'the Company')

              Fusion Completes Gambia Deepwater Seismic Survey &

                      New West African Licences Ratified

Fusion is an international oil and gas exploration company, with extensive
interests in deepwater West Africa, comprising 8 licences across 6 countries.
Fusion listed on AIM in September 2000.

Fusion announces today the completion of a 660 km 2D seismic survey in its
deepwater exploration licence in The Gambia. The Gambia seismic survey was
acquired by Veritas DGC Limited using the survey vessel M/V 'Akademik
Nemchinov' and will be processed at the Veritas processing centre in London.
This survey was designed to detail a highly prospective salt related
structural feature identified during an earlier Fusion seismic survey in 1999.
The feature lies in a favourable position to have received oil charge from
source rocks equivalent to those thought to have sourced prospects in
Mauritania, where Fusion will be drilling two back to back wells in PSC A and
B during 2Q 2001 using the ENI-Saipem rig 'Scarabeo 7'.

Fusion has a 100% interest in the Gambia deepwater licence covering 5,000
square kilometres and has a 3% interest in PSC A and a 6% interest in PSC B.
The Mauritanian PSC's cover an area of 28,000 square kilometres. Fusion is
free carried through the cost of drilling the two Mauritania wells.

The company also announces that it has recently been notified by the agency
which administers the Senegal and Guinea Bissau joint development area,
L'Agence de Gestion et de Cooperation entre la Guinee-Bissau et le Senegal
('AGC'), that formal ratification of both its licence interests has been
granted. Fusion has an 88% interest and operates the Croix du Sud licence
covering an area of 3,500 square kilometres and has a 10% interest in the
Cheval Marin licence covering an area of 6,300 square kilometres where AGIP is
the operator with 75%. The company plans to conduct 2D seismic surveys in both
licences prior to designing 3D surveys to identify drilling locations.

Fusion will announce its interim results for the period ended 31 December 2000
before the end of March, 2001.



                                                              12 February 2001





For further details please refer to the company's recently updated web page or
contact:
Fusion Oil & Gas plc               www.fusionoil.com.au

Level 2 Scott House                Tel      [phone]

46 Kings Park Rd                   Fax     [phone]

West Perth 6005                    e-mail [e-mail]

Western Australia

Alan Stein                         Managing Director

Jonathan Taylor                    Exploration Director

Fusion Oil & Gas plc               Tel     [phone]

8 Old Lodge Place                  Fax     [phone]

St. Margarets

Twickenham

Middlesex

TW1 1RQ

United Kingdom

Peter Dolan                        Chairman

College Hill Associates            Tel : [phone]

Peter Brookes