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Cardinal Resources plc Announces 2006 Interim Results

Cardinal Resources plc Announces 2006 Interim Results

LONDON -- (MARKET WIRE) -- 09/27/06 -- Cardinal Resources plc (AIM: CDL) ("Cardinal" or "the Company"), an independent oil and gas production and exploration company operating in Ukraine, today announces its interim results for the six month period ending 30th June 2006.

Financial highlights for the period:

--  Group turnover, including the Company's share of joint venture
    turnover at the Bytkiv Field, increased 205% to $5.8 million.
--  Gross profit increased to $3 million from $0.3 million.
--  Cash at bank and in hand at the end of the period totalled $14.8
    million. A further $14.1 million remains un-drawn from the $38 million
    Silver Point Capital (SPC) facility.
--  EBITDA improved to a loss of $1 million from a loss of $2.1 million in
    the same period last year.
--  Loss per ordinary share was $0.035, compared to $0.042 in the same
    period last year, and $0.093 at 2005 year-end.
    

Operational highlights during the period:

--  Well swap announced in March with joint activity partner,
    Ukrgazvydobuvannya (Ukrgaz), increased Cardinal's ownership and operational
    control of the Bilousivsko-Chornukhinska (BC) licence area. Work programme
    on Rudis assets was subsequently initiated.
--  Exploration well #2 on the Dubrivska (DB) licence reached total depth
    in March and workovers on wells BC #13 and Bytkiv #506 were successfully
    completed in January and March, respectively.
--  Highlights of Scott Pickford Ltd's reserve report were published in
    May, estimating Cardinal's P1 and P2 reserves at 32.5 MMBOE and the pre-tax
    present value of the Company's reserves, discounted at 10%, at $124.7
    million.
--  Average gas realisations for the Company during the period, including
    VAT, were $3.24/Mcf, an increase of 36% since year-end 2005. The price
    reached a high of $3.55/Mcf in April.
    

Post reporting period operational highlights:

--  BC well #3A reached total depth in September and is being prepared for
    testing.
--  Well NY #4 spudded in September.
--  3-D seismic survey commenced on the DB licence in September.
--  Recovery of production of BC well #111 was carried out and, in
    September, was being tested.
    

To view the full text of this press release, paste the following link into your web browser:

http://www.rns-pdf.londonstockexchange.com/rns/5808j_-2006-9-27.pdf

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

For further information please contact:

Cardinal Resources
Kate Spiro
+44 (0) 20 7936 5258
Email Contact

Parkgreen Communications
Justine Howarth / Victoria Thomas
+44 (0) 20 7493 3713
Email Contact

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