Xcite Energy Limited Statement re Result of Bondholder Meeting (3891L)

TIDMXEL

RNS Number : 3891L

Xcite Energy Limited

30 September 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

30 September 2016

Xcite Energy Limited

("Xcite Energy" or the "Company")

Result of Bondholder Meeting

Xcite Energy announces that holders (the "Bondholders") of the $135 million senior secured bonds (the "Bonds") have approved the amendments to the bond agreement dated 27 June 2014 (as amended and restated on 30 June 2016) (the "Bond Agreement").

The maturity date of the Bonds has been extended until the earlier of:

   a)       31 October 2016; and 

b) the date the Bond Trustee (acting on the instructions of the Bondholders) declares the Bonds to be immediately due and payable.

Further, the Bondholders have approved a deferral of fixed rate interest which would otherwise be due on 30 September 2016 to 31 October 2016.

The proposed resolution obtained 100% of the votes, and the proposal was adopted according to the voting requirements of the Bond Agreement.

 
 
 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 
 
 

This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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September 30, 2016 10:30 ET (14:30 GMT)