Director Shareholding

Fusion Oil & Gas PLC 18 December 2003 Fusion Oil & Gas Plc ('Fusion' or the 'Company') Directors' Shareholdings The Company was yesterday notified that the following Directors and associates have accepted, in respect of their entire beneficial holdings of Fusion ordinary shares of 1p each ('Fusion Shares'), the offer made on behalf of Sterling Energy Plc ('Sterling') for the entire issued and to be issued share capital of Fusion announced on 25 September 2003 comprising of 3.5 Sterling ordinary shares, or 2.5 Sterling ordinary shares and 10p cash for each Fusion Share and an Additional Cash Election (the 'Offer'). The Offer was declared unconditional in all respects on 10 December 2003: Director/significant shareholder Number of Fusion Shares in respect of which acceptances have been made Peter Dolan 1,025,649 Alan Stein 900,100 Jonathan Taylor4 2,550,100 Patrick O'Connor3 1,237,000 Richard Stabbins2 2,755,000 FIL Resources Limited1 10,315,592 Note 1 Peter Dolan holds a 45 per cent. legal and beneficial interest, and Alan Stein holds a 20 per cent. legal and beneficial interest, in FIL Resources Limited. Alan Stein, also, holds a 50 per cent. legal and beneficial interest in MHS Enterprises Limited which is the legal and beneficial owner of 10 per cent. of the issued share capital of FIL Resources Limited. FIL Resources Limited is the legal owner of 10,315,592 Fusion Shares. 2 Richard Stabbins holds a 93.75 per cent legal and beneficial interest in Panther Energy Limited which is the legal owner of 2,225,000 Fusion Shares. Panther Energy Limited holds a 90 per cent. interest in Montrose Industries Limited which is the legal owner of 530,000 Fusion Shares. 3 Patrick O'Connor holds a beneficial interest in Cenotaph Nominees Pty Ltd which is the trustee of the Cenotaph discretionary trust, the legal owner of 1,237,000 Fusion Shares. 4 Jonathan Taylor and his wife jointly own 34.8 per cent. in Ronech Exploration Limited which holds 1,000,000 Fusion Shares. Jonathan Taylor and his wife jointly hold 1,550,000 Fusion Shares. Jonathan Taylor holds 100 Fusion Shares. 'Additional Cash Election' shall have the same meaning as set out in the offer document dated 1 October 2003 sent by Evolution Beeson Gregory on behalf of Sterling to Fusion shareholders and as in the announcements made by Sterling on 25 September 2003 relating to its offer for the entire issued and to be issued share capital of Fusion. 18 December 2003 Enquiries Fusion Oil & Gas plc Alan Stein, Managing Director Tel: +61 8 9226 3011 Fax: +61 8 9226 3022 Email: astein@fusionoil.com.au Peter Dolan, Chairman Tel: 020 8891 3252 Fax: 020 8891 1555 Email: pdolan@fusionoil.co.uk College Hill Associates James Henderson Tel: 020 7457 2020 Phil Wilson-Brown Fax: 020 7248 3295 Email: james.henderson@collegehill.com Email: phil.wilson-brown@collegehill.com This information is provided by RNS The company news service from the London Stock Exchange
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