Cardinal Resources plc
28 March 2007
LONDON - Wednesday, 28th March 2007
Cardinal Resources plc (AIM:CDL) ('Cardinal' or 'the Company'), an independent
oil and gas exploration and production company operating in Ukraine, today
announces that it has successfully recovered a debt amounting to US $773,559
previously written off as unrecoverable. Cardinal and its JAA partner JSC
'Ukrnafta' were owed funds for the gas production from its joint activity for
the period between 1998 - first quarter of 2001.
This will be reflected as an exceptional profit in Cardinal's interim results
for the six months to 30 June 2007 and the funds received will be applied to
development of Cardinal's assets in Ukraine.
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For further information please contact:
Cardinal Resources Brunswick Group
Charles Green / Natalia Egorova Paul Scott
+44 (0) 20 7936 5250 +44 (0) 20 7404 5959
investor.relations@cardinal-uk.com cardinal@brunswickgroup.com
Nominated Adviser
Nabarro Wells & Co. Limited
John Wilkes
+44 (0) 20 7710 7400
cardinal@nabarro-wells.co.uk
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.
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