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Xcite Energy Limited Announces Award of Options


August 19, 2014 - Aberdeenshire, United Kingdom

Xcite Energy Limited (TSX VENTURE: XEL) (LSE: XEL)

TSX-V: XEL; LSE: XEL

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

19 August 2014

Xcite Energy Limited
("Xcite Energy" or the "Company")

Award of Options

Xcite Energy announces the award of an aggregate of 6,700,000 options to purchase ordinary shares of the Company to all members of the Xcite Energy Resources plc management team and staff, and to the Board of Directors.

The options were granted under the terms of the Company's Share Option Scheme by reference to the closing price on the TSX-V of the Company's ordinary shares on 18 August 2014 and vest immediately. This award is made in recognition of the substantial progress made in 2014 to re-finance the Company, the formation of the Bentley development partner group and the work to define and de-risk the costs and schedule for the field development plan.

All options have an exercise price of £ 0.64 (CAN$1.17) per ordinary share and carry a term of five years from the date of award.

Following these option awards, the Directors of the Company have the following aggregate number of ordinary shares under option:



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Option award now being Aggregate ordinary shares under
made option
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Timothy Jones 200,000 790,000
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Gregory Moroney 100,000 690,000
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Scott Cochlan 100,000 790,000
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Henry Wilson 100,000 250,000
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Stephen Kew 650,000 4,071,000
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Rupert Cole 650,000 4,071,000
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Andrew Fairclough 850,000 2,100,000
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This information is provided by RNS
The company news service from the London Stock Exchange

ENQUIRIES:

Xcite Energy Limited
+44 (0) 1483 549 063
Rupert Cole / Andrew Fairclough

Liberum (Joint Broker and Nomad)
+44 (0) 203 100 2222
Clayton Bush / Tim Graham

Morgan Stanley (Joint Broker)
+44 (0) 207 425 8000
Andrew Foster

Bell Pottinger
+44 (0) 207 861 3232
Mark Antelme / Henry Lerwill

MarketWire

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