EGM Statement

Cardinal Resources plc
25 January 2007

                       

QVT REQUISITION FOR EGM


LONDON -25 January 2007

Cardinal Resources plc (AIM:CDL) ('Cardinal' or 'the Company'), an independent
oil and gas production and exploration company operating in Ukraine, today
announces that it has received a requisition from Vidacos Nominees Limited,
acting as nominee and on the instructions of Deutsche Bank in its capacity as
prime broker for QVT Fund LP ('QVT'), to convene an extraordinary general
meeting (an 'EGM'). QVT, as a shareholder holding more than ten percent, is
proposing to remove Robert J. Bensh as director, chairman and chief executive
officer of Cardinal and to replace him with Igor Effimoff as director and chief
executive officer of the Company.

QVT first announced by way of press release on 27 November 2006 that it would
formally request an EGM.

Shareholders will receive further notification in due course.

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For further information please contact:

Cardinal Resources                          Brunswick
Charles Green / Franziska Stahlknecht       Paul Scott
[phone]                        [phone]
[e-mail]          [e-mail]

Nominated Adviser
Nabarro Wells & Co. Limited
John Wilkes / Marc Cramsie
[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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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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