Cardinal Resources Plc, London, (AIM: CDL) has completed the acquisition of Rudis Drilling Co. from Hares Group Ltd. for an undisclosed sum. The acquisition adds 9.1 million barrels of oil equivalent, an increase of approximately 50%, to Cardinal's existing reserves and increases net daily production by 75% to more than 1,100 barrels of oil equivalent per day. With this acquisition, Cardinal will now own and operate three oil and gas licences - Dubrivska, Bilousivsko-Chornukhinska and North Yablunivska - and a 50% working interest in a joint activity agreement with Ukrgazvydobuvannya, a subsidiary of Naftogaz Ukraine. All acquired license areas are in Eastern Ukraine.
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