XCITE ENERGY : Resignation of Non-Executive Directors

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LSE-AIM: XEL

1 July 2016

Xcite Energy Limited

('Xcite Energy' or the 'Company')

Resignation of Non-Executive Directors and other Board changes

Xcite Energy announces that Gregory Moroney, Scott Cochlan and Henry Wilson have resigned from the Board of Directors with immediate effect as part of the overhead review exercise being undertaken by the Company.

Stephen Kew has resigned as Chief Operating Officer of Xcite Energy Resources plc (the Company's 100% subsidiary, 'XER') with immediate effect, but will remain as a director of Xcite Energy Limited, in a non-executive capacity. Steve's XER responsibilities will be taken up by Matt Bower, currently the Operations Director of XER, who has been with the Company since February 2012.

The Board of Directors will now consist of Timothy Jones, Stephen Kew, Rupert Cole and Andrew Fairclough.

Timothy Jones, Chairman, commented:

'I would like to thank Greg, Scott and Harry for all their support over the years and wish them well in the future. They have been keen advocates of the Company and their experience and advice will be missed. Steve is, of course, remaining with us, but in a non-executive role in the current circumstances, and thus enabling us to retain his knowledge and experience for the future.'

Forward-Looking Statements

This announcement contains certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with the oil and gas exploration and production business. Whilst the Company believes the expectations reflected herein to be reasonable in light of the information available to it at this time, the actual outcome may be materially different owing to factors beyond the Company's control, or otherwise within the Company's control, for example, if the Company decides on a change of plan or strategy. Accordingly, no reliance may be placed on the figures contained in such forward-looking statements.

Notes to Editors

Xcite Energy (LSE-AIM: XEL) is an oil appraisal and development company with a portfolio of heavy oilfield assets in the Northern North Sea in the UK. Xcite Energy holds a 100% working interest in the Bentley field; a heavy oil field with 2P recoverable reserves of 267 MMstb, making Bentley one of the largest undeveloped oilfields in the UK Continental Shelf.