Xcite Energy Limited Resignation of Non-Executive Directors (8699C)

TIDMXEL

RNS Number : 8699C

Xcite Energy Limited

01 July 2016

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

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."

 
 
 ENQUIRIES: 
                                        +44 (0) 1483 
  Xcite Energy Limited                  549 063 
 Rupert Cole / Andrew 
  Fairclough 
 
                                      +44 (0) 203 
 Liberum (Joint Broker and Nomad)      100 2222 
 Clayton Bush / Jamie 
  Richards 
 
 Morgan Stanley (Joint                +44 (0) 207 
  Broker)                              425 8000 
 Andrew Foster 
 
                                      +44 (0) 203 
 Bell Pottinger                        772 2500 
 Henry Lerwill 
 

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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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July 01, 2016 02:00 ET (06:00 GMT)