XCITE ENERGY LIMITED : Appointment of CFO and Director [BOA]

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TSX-V, LSE-AIM: XEL

3 February 2014

Xcite Energy Limited

("Xcite Energy" or the "Company")

Appointment of Chief Financial Officer and Director

Xcite Energy is pleased to announce that Andrew Fairclough has been appointed Chief Financial Officer and a Director of the Company with immediate effect.

Andrew Fairclough, aged 44, joined Xcite Energy Resources Limited in August 2012 as Corporate Affairs Director for the Xcite Energy group, following 17 years' experience in investment banking and corporate finance, including a close working relationship with Xcite Energy for nearly five years. Since joining, Andrew has become increasingly involved with the financing strategy and development of the Company.

Andrew Fairclough has a beneficial interest in 15,000 ordinary shares of Xcite Energy.

Rupert Cole, CEO of Xcite Energy, commented:

"I am very pleased that Andrew has taken up the position of CFO. He has played an active role in the Company since joining us in 2012 and his appointment further strengthens the Board at this important time."

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.