Holding(s) in Company

Cardinal Resources plc
10 May 2005

                             Cardinal Resources plc

                      Announcement of notifiable interest

The Board of Directors of the Ukrainian oil and gas producer and explorer
Cardinal Resources plc notifies the shareholdings set out below that have been
issued in connection with the Admission to trading on the AIM Market of London
Stock Exchange plc on 15th April 2005 and that have been disclosed and/or become
known to the company since the publication of the Admission document and
Admission:

•   DKR Saturn Event Driven Holding Fund Ltd. acquired 13,336,000 ordinary
    shares at 32p each, representing 15.19% of the issued share capital of the
    company. DKR Saturn Multi-Strategy Holding Fund Ltd. acquired 3,334,000 
    ordinary shares at 32p each, representing 3.80 % of the issued share capital 
    of the company. The shares held by both of these funds are registered in the 
    name of Morstan Nominees Limited;

•   RAB Special Situations LP acquired 3,334,000 ordinary shares at 32p each. 
    Together with its then existing shareholding this represents 11.39% of the
    issued share capital of the company. These shares are registered in the 
    name of Credit Suisse First Boston Client Nominees Limited;

•   Millennium Global High Yield Fund acquired 3,335,468 ordinary shares at 
    32p each. Together with its then existing shareholding this represents 
    5.70% of the issued share capital of the company;

•   JVL Global Energy LP acquired 1,653,125 ordinary shares at 32p each, JVL 
    Global Energy (QP) LP acquired 2,479,688 ordinary shares at 32p each. The
    shares held by both of these funds are registered in the name of Goldman 
    Sachs Securities (Nominees) Limited.  Navitas Fund LP also acquired 826,563 
    ordinary shares at 32p each.  JVL Global Energy LP, JVL Global Energy 
   (QP) LP and Navitas Fund LP are all controlled by JVL Partners LP, which, 
   accordingly has a beneficial interest in a total of 4,959,376 ordinary 
   shares representing 5.65% of the issued share capital of the company.


Contacts:


Names:                         Tel No:

Charles Green                  020 7936 5250
CFO
Franziska Stahlknecht          020 7936 5250
Investor Relations


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