Xcite Energy Limited ("Xcite Energy" or the "Company") TR-1: Notification of Major Interests in Shares

   Xcite Energy Limited (TSX-V: XEL) (LSE: XEL) (AIM: XEL)

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  1. Identity of the issuer or the underlying issuer   XCITE ENERGY (CDI)
of existing shares to which voting rights are
attached:
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  2. Reason for the notification (please tick the appropriate box or
boxes)
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  An acquisition or disposal of voting rights                              X
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  An acquisition or disposal of financial instruments which may result in
the acquisition of shares already issued to which voting rights are
attached
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  An event changing the breakdown of voting rights
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  Other (please specify): ___________
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  3. Full name of person(s) subject to the                Ignis Investment
notification obligation:                                  Services Limited
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  4. Full name of shareholder(s) (if different from 3.):
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  5. Date of the transaction (and date on which the          16/11/2010
threshold is crossed or reached if different):
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  6. Date on which issuer notified:                          17/11/2010
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  7. Threshold(s) that is/are crossed or reached:                5%
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  8. Notified details:                                    Nominee holdings
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A: Voting rights attached to shares
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Class/type  Situation          Resulting situation after the
of shares   previous to        triggering transaction
            the Triggering
if possible transaction
using the
ISIN CODE
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            Number   Number    Number   Number of          % of
            of       of        of       voting rights ix   voting rights
            Shares   Voting    shares
                     Rights
                     viii
                               ---------------------------------------------
                               Direct   Direct x Indirect  Direct Indirect
                                                 xi
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B2942B1                                          7,118,383        4.64%
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B: Financial Instruments
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Resulting situation after the triggering transaction xii
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Type of        Expiration Exercise/ Conversion     Number of      % of
financial      date xiii  Period/ Date xiv         voting rights  voting
instrument                                         that may be    rights
                                                   acquired if the
                                                   instrument is
                                                   exercised/
                                                   converted.
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Total (A+B)
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Number of voting rights               % of voting rights
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7,118,383.00                          4.64%
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9. Chain of controlled undertakings through which the voting rights and/or
the financial instruments are effectively held, if applicable xv:
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Pearl Group Limited
Impala Holdings Limited
Pearl Group Holdings (No.1) Ltd
Ignis Asset Management Ltd
Ignis Investment Services Ltd (indirect)
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Vidacos Nominees Ltd  (7,118,383.00 4.64%)
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Proxy Voting:
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10. Name of the proxy holder:
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11. Number of voting rights proxy holder will cease to hold:
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12. Date on which proxy holder will cease to hold voting
rights:
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13. Additional           Percentage calculation based on Issued Share
information:             Capital of 153,439,000
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14. Contact name:              Jean Birrell
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15. Contact telephone         [phone]
number:
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Contact: Jean Birrell 0141 222 8226