SOURCE: Xcite Energy Limited

June 26, 2012 02:00 ET

Option Award to Management and Project Team

ABERDEENSHIRE, UNITED KINGDOM--(Marketwire - Jun 26, 2012) -


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO
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SUCH JURISDICTION


                         TSX-V, LSE-AIM: XEL



26 June 2012



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

            Option Award to Management and Project Team

Xcite Energy announces the award of an aggregate of 4,700,000 options
to purchase ordinary shares of the Company to members of the Company's
senior (non-board) management team and to certain members of the
Bentley field project team.

The options, which vest immediately, were granted under the terms of
the Company's share option scheme by reference to the closing price of
the Company's ordinary shares on 25 June 2012. All options have an
exercise price of CAN$1.19 (GBP0.74) per ordinary share and are
exercisable for a period of five years. This award is made in
recognition of the significant progress made in the Phase 1A and Phase
1B work programmes during 2012.


ENQUIRIES:

Xcite Energy Limited                              +44 (0) 1483 549 063
Richard Smith                Chief Executive
                             Officer
Rupert Cole                  Chief Financial
                             Officer

Oriel Securities (Joint Broker and Nomad)         +44 (0) 207 710 7600
Emma Griffin                 Partner
Michael Shaw                 Partner

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

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

Paradox Public Relations                          +1 514 341 0408
Jean-Francois Meilleur       Consultant


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

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