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Xcite Energy Ltd: Replacement: Board Appointments

ABERDEENSHIRE, UNITED KINGDOM -- (Marketwired) -- 05/08/14 -- Xcite Energy Ltd (TSX VENTURE: XEL) (LSE: XEL) (AIM: XEL)

The following amendment has been made to the 'Board Appointments' announcement released on 08/05/2014 at 7:00am under RNS No 5369G.

In the first paragraph of the announcement, the date of the appointment has been corrected to 7 May 2014.

All other details remain unchanged.

The full amended text is shown below.

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

TSX-V, LSE-AIM: XEL

8 May 2014

Xcite Energy Limited
("Xcite Energy" or the "Company")

Board Appointments

Xcite Energy 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 2014. 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 - Jersey
Mardall Securities A Limited  Sterling Oil Limited
Eland Oil & Gas PLC           Sterling Oil (North America) Limited
Park Holdings                 Sterling Northwest Africa Holdings Limited
New Town Property DevelopmentsSterling Energy (Mauritania) Limited - UK
LLP                           Sterling Energy USA Inc
Forres Property Development   Sterling Energy, Inc - USA
LLP                           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.

ENQUIRIES:
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

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.

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