Xcite Energy Limited Announces Board Appointments

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

ABERDEENSHIRE, UNITED KINGDOM -- (Marketwired - May 8, 2014) - Xcite Energy Limited (TSX VENTURE: XEL) (LSE: XEL) (AIM: XEL) is pleased to announce the appointment of Timothy Stephen Jones as non-executive Chairman and Henry ("Harry") George Wilson as a non-executive director of the Company, effective from 7 May 2013. Roger Ramshaw has retired as Chairman for personal reasons and has resigned from the Board with immediate effect.

Mr. Jones has been a non-executive director of Xcite Energy since 2009 and has a beneficial interest in 50,000 ordinary shares of the Company.

Mr. Wilson, age 61, has over 35 years' international experience in upstream oil and gas, initially as an explorer with British Petroleum, and has since founded and been chief executive officer of several independent oil companies, including Dragon Oil plc, Endeavour Oil & Gas Limited and Sterling Energy Plc. He is currently non-executive Chairman of Eland Oil & Gas PLC.


Rupert Cole, CEO of Xcite Energy, commented:

"I am very pleased that Tim has agreed to accept the role of Chairman and to welcome Harry to the Board at this important time. With this combination of enhanced industry experience, I am looking forward to working with the new Board as we bring together our development partners and deliver a robust plan that will demonstrate the technical and financial capability to bring Bentley into production. I would like to thank Roger for his significant contribution since 2007 and we all wish him the very best for the future."


Additional Information

Mr Timothy Stephen Jones holds, or has held in the past five years, the following directorships or partnerships:

Current                             In the past five years

Club 2000 Bingo Limited             Bahamas Petroleum Company Limited
Esher Management Services Limited   Beacon Hill Resources Plc
Falkland Oil and Gas Limited        MacEvents Limited
Full House Bingo Limited            Point Leisure Limited
Management Resource Solutions Plc

There is no further information required to be disclosed pursuant to paragraph (g) of Schedule 2 of the AIM Rules.

Mr Henry ("Harry") George Wilson holds, or has held in the past five years, the following directorships or partnerships:

Current                          In the past five years

Roselea Limited                  Sterling Energy Plc
Roselea Developments Limited     Sterling Energy (UK) Limited
Park Securities Limited          Sterling Energy (International) Limited
Fairplay Securities Limited      Sterling Energy (Mauritania) Limited -
Mardall Securities A Limited     Jersey
Eland Oil & Gas PLC              Sterling Oil Limited
Park Holdings                    Sterling Oil (North America) Limited
New Town Property Developments   Sterling Northwest Africa Holdings
LLP                              Limited
Forres Property Development      Sterling Energy (Mauritania) Limited -
LLP                              UK
                                 Sterling Energy USA Inc
                                 Sterling Energy, Inc - USA
                                 Sterling oil & Gas Pty Ltd
                                 Sterling USA Operating, Inc - USA
                                 RIMCO Production Company, Inc - USA
                                 Whittier Energy Company - USA
                                 Westmount Resources, Inc - USA
                                 Flow Energy Ltd (Australian)
                                 Ocean Pakistan Ltd (BVI)
                                 Bow Energy Resources (Pakistan) SRL
                                 (Barbados)
                                 Orient Petroleum (Central Asia) Limited
                                 (BVI)

There is no further information required to be disclosed pursuant to paragraph (g) of Schedule 2 of the AIM Rules.


Notes to Readers

Xcite Energy Resources Limited is Operator of the Bentley field and holds a 100% working interest in the Bentley licence.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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



CONTACT INFORMATION

Xcite Energy Limited
+44 (0) 1483 549 063
Rupert Cole / Andrew Fairclough

Liberum (Joint Broker and Nominated Adviser)
+44 (0) 203 100 2222
Clayton Bush / Tim Graham

Morgan Stanley (Joint Broker)
+44 (0) 207 425 8000
Andrew Foster

Bell Pottinger
+44 (0) 207 861 3232
Mark Antelme / Henry Lerwill