Holding(s) in Company

Cardinal Resources plc
08 January 2007


HOLDINGS IN COMPANY

LONDON - Monday, 8th January 2007

Cardinal Resources plc (AIM:CDL) ('Cardinal' or 'the Company'), an independent
oil and gas production and exploration company operating in Ukraine, was
notified on 15 December 2006 that Ospraie Portfolio Ltd and Ospraie Management,
LLC, ('Ospraie') following a purchase on 13 December 2006 for a price per share
of £0.14, had an interest in 4,301,650 Cardinal Ordinary Shares representing
3.76% of the issued Ordinary Share Capital of the Company. Following a request
for clarification, Ospraie confirmed on 5 January 2007 that the two interests
disclosed are both in respect of the same shareholding and that, following the
sale of 400,000 Cardinal Ordinary Shares, their combined interest as shown on
the Cardinal share register as at 31 December 2006 is 3,901,650 Cardinal
Ordinary Shares representing 3.41% of the issued Ordinary Share Capital of the
Company.

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For further information please contact:

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

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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