Cloudbreak Regulatory News (CDL)

1 Oct 2007 07:30

Cardinal Resources plc01 October 2007 CARDINAL RESOURCES PLC ANNOUNCES DELAY IN RELEASE OF INTERIM RESULTS LONDON - Monday, 1 October 2007 Cardinal Resources plc (AIM:CDL) ("Cardinal" or "the Company"), an independent oil and gas exploration and production company operating in Ukraine, today announces a delay in release of its Interim Results. On 18 September 2007 Cardinal announced that refinancing discussions continue and cash flow remains very tight. The Company has now received a proposal from Silver Point Capital LP, its main provider of finance (who are a related party under the AIM Rules) to include the possible purchase of the Company's assets. In addition, another potential provider of finance (who is not a related party) has made proposals to the Company which are in course of amendment to include the restructuring of the Company's balance sheet, the underwriting of an institutional private placement or the purchase of all of the Company's assets. It has not yet been possible to conclude negotiations with either party or reach agreement on acceptable terms that the Board of Cardinal could recommend to shareholders. In the absence of such agreement and with consequent uncertainty over the source of short or medium term funding, the Company's Interim Results to 30 June 2007 which were due for publication by 28 September 2007, have been delayed. The Company has requested suspension of its shares to trading on AIM until it can both clarify its financial position and publish its Interim Results for the six months to 30 June 2007. For further information please contact: Cardinal Resources Nominated Adviser Charles Green / Natalia Egorova Nabarro Wells & Co. Limited +44 (0) 20 7936 5250 John Wilkes / Marc Cramsie investor.relations@cardinal-uk.com +44 (0) 20 7710 7400 cardinal@nabarro-wells.co.uk Notes to Editor Cardinal Resources plc is an independent oil and gas company engaged in the acquisition, development, production and exploration of oil and natural gas properties 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