Holding(s) in Company

Independent Resources PLC
16 April 2008


Independent Resources plc (the 'Company')

Notification of substantial shareholding

The Company received notification on 16th April 2008 from Matterhorn Investment
LLP that as a result of the restructuring of the Palmyra Fund, its holding in
Independent Resources plc had been transferred to the Palmyra Master Fund:

     
1.   Non-beneficial funds under the discretionary management of Matterhorn
     Investment Management LLP now hold an interest in 4,416,667 ordinary shares 
     of Independent Resources Plc.

     The following interest is included in the number of shares shown above:


     Fund Name and Address                          No of Ordinary Shares

     The Palmyra Master fund 3,717,272
     of
     Queensgate House
     South Church Street
     PO Box 1234
     Grand Cayman KY1-1108
     Cayman Islands

     
2.   The registered holders of the total above mentioned shares are:

     Registered Holder                              No of Ordinary Shares

     Morstan Nominees Limited                             3,717,272
     Goldman Sachs Securities (Nominees) Limited            699,395

     
3.   The Palmyra Fund, as a result of the transfer of its shares to the Palmyra 
     Master Fund, no longer has a direct holding in Independent Resources Plc.

     
4.   Matterhorn Investment Management LLP and The Palmyra Master Fund are 
     interested in none of the above shares by virtue of such an interest as is
     mentioned in s.208(5) Companies Act 1985.


Enquiries:

Tim James, Financial Director, Independent Resources plc 00 39 06 45 49 07 20



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