RNS Number:2664B
Fusion Oil & Gas PLC
17 September 2002


                              Fusion Oil & Gas plc

                          ("Fusion" or "the Company")

                                    Placing


Fusion Oil & Gas plc ("Fusion" or the "Company") announces that it has today
entered into arrangements, conditional inter alia on admission, to place up to
4,500,000 new ordinary shares of 1p each ("new Ordinary Shares") at 45 pence per
share (the "Placing"), to raise up to approximately #2.0 million before
expenses.  The new Ordinary Shares represent approximately 4.8% of Fusion's
existing issued share capital.

The net proceeds of the Placing will provide the Company with working capital
and, in particular, will finance further development planning regarding Fusion's
Mauritanian interests, cover costs associated with other key blocks and provide
flexibility regarding the timing of further exploration activity.

It is expected that the new Ordinary Shares will be admitted to the Alternative
Investment Market of the London Stock Exchange ("AIM") on 20 September 2002. On
issue, the new Ordinary Shares will rank pari passu with the existing ordinary
shares.



17 September 2002




Enquiries:
Fusion Oil & Gas plc                           020 7457 2020 (today)
Alan Stein, Managing Director                  +61(0) 89 226 3011 (thereafter)

Investec Investment Banking                    020 7597 5970
Keith Anderson
Simon Grafftey-Smith

College Hill                                   020 7457 2020
Peter Rigby                                    peter.rigby@collegehill.com




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

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