Director Shareholding

Fusion Oil & Gas PLC
5 November 2001

5 November 2001


Fusion Oil & Gas plc ('Fusion' or the 'Company')


Dealings by Director


The Company today announces that in relation to a long standing debt granted
by Peter Dolan (Chairman) to Troy-Ikoda Limited (a 0.26 per cent. shareholder
in Fusion) the debt has now been settled in full by the issue of 25,649 shares
owned by Troy-Ikoda Limited to Peter Dolan himself. The transfer of these
shares was to cover the outstanding debt totalling £8,207.37 establishing a
transfer value per share of 32p.


Following the transfer Peter Dolan holds an interest in 10,214,824 ordinary
shares in Fusion, representing an interest in 11.03 per cent. of its issued
ordinary share capital of 92,592,072 shares.




End