Holding(s) in Company

Cardinal Resources plc
21 March 2007



LONDON - Wednesday, 21st March 2007

Cardinal Resources plc (AIM:CDL) ('Cardinal' or 'the Company'), an independent
oil and gas exploration and production company operating in Ukraine, was
notified:

   •  by Hares Group Limited on 20 March 2007 that they have an interest in 
      21,949,364 of the Company's ordinary 20p shares ('Ordinary Shares') 
      representing 19.16 per cent. of the issued Ordinary Share capital of the 
      Company;

   •  by Providence Recovery Partners LP on 20 March 2007 that they have an 
      interest in 3,480,000 of the Company's ordinary 20p shares 
      ('Ordinary Shares') representing 3.04 per cent. of the issued Ordinary 
      Share capital of the Company; and

   •  by QVT Financial LLP on 19 March 2007 that QVT Fund LP has an interest in
      20,395,000 of the Company's ordinary 20p shares ('Ordinary Shares') 
      representing 17.8 per cent. of the issued Ordinary Share capital of the 
      Company.

                                        ###

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.

                                    ###






                      This information is provided by RNS
            The company news service from the London Stock Exchange