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Xcite Appoints Board & Senior Management

Source: 8/3/2012, Location: Europe

Xcite Energy announces a series of Board and senior management appointments as the Company continues successfully to progress its development of the Bentley field in the current Phase 1A work programme.

Key points:
- Richard Smith has decided to retire from his role as Chief Executive Officer and as a Director of the Company.

- Rupert Cole has been appointed as Chief Executive Officer. He is a founding member of Xcite Energy and previously held the role of Chief Financial Officer. He will continue to maintain overall responsibility for the strategic financing of the Company and the associated external relationships.

- Stephen Kew, also a founding member of Xcite Energy and currently Exploration and Development Director, will formally take on the role of Chief Operating Officer for the Company, which will continue to include his responsibilities for oilfield asset acquisition and development.

- Jon Dale has been appointed as Finance Director of Xcite Energy Resources Limited ("XER"), the Company's 100% owned operating subsidiary. He has been the Xcite Energy group's financial controller since early 2008 and was appointed as Company Secretary for XER in September 2011.

- Andrew Fairclough has been appointed as Corporate Affairs Director for the Xcite Energy group. He will play a leading role in the Company's external communications and relationship management. He has over 17 years of corporate broking and corporate finance experience, having previously worked for a number of leading financial institutions, including Espirito Santo Investment Bank, Merrill Lynch and Rothschild.

- Matt Bower has been appointed as Operations Director for XER, taking over full responsibility for operational matters from Richard West on completion of the Phase 1A work programme.

- Following the completion of the Phase 1A work programme, Richard West will assume responsibility for industry related regulatory and compliance matters for XER, thus providing important continuity in the transition from Phase 1A to Phase 1B of the Bentley field development.

Commenting on today's appointments Roger Ramshaw, Chairman, said: "We thank Richard for his important contribution up to this point and as one of the founding members of the Company. We wish him well in his future endeavours.

The Board is pleased to appoint Rupert as CEO and to welcome Andrew to work in the external communications role. With Steve formally taking on the group COO role, Matt's appointment to the XER Board and Jon taking on the FD role for XER, the Aberdeen operations group is in safe hands and we have a good balance in our financial management. With the good progress being made in the current well operations, as announced separately today, together with this strengthened management team now in place to continue driving our on-going operational, financial and commercial progress, the Company remains firmly on track to deliver its strategic objectives."

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