Circ re. Respose to QVT Circ

Cardinal Resources plc
20 March 2007



LONDON - Tuesday 20th March 2007

Cardinal Resources plc (AIM:CDL) ('Cardinal' or 'the Company'), an independent
oil and gas exploration and production company operating in Ukraine, today
mailed a circular to shareholders to address a number of allegations,
inaccuracies and factual errors made by dissident shareholder QVT Financial LLP
('QVT') in a letter to Cardinal shareholders dated the 5th March 2007. The
circular to shareholders is available in accordance with the AIM Rules on the
Company's website at: www.cardinal-uk.com.

The Board of Directors of Cardinal reiterates its unanimous recommendation that
shareholders vote against the EGM resolutions.


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For further information please contact:

Cardinal Resources                                   Brunswick Group
Charles Green / Natalia Egorova                      Paul Scott
[phone]                                 [phone]
[e-mail]                   [e-mail]


Nominated Adviser
Nabarro Wells & Co. Limited
John Wilkes
[phone]
[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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