SOURCE: Xcite Energy Limited

December 30, 2013 09:05 ET

Xcite Energy Limited: Closing of Re-financing of Unsecured Loan Notes

ABERDEENSHIRE, UNITED KINGDOM--(Marketwired - Dec 30, 2013) - Xcite Energy Limited (TSX VENTURE: XEL) (LSE: XEL) (AIM: XEL)


LSE-AIM, TSX-V: 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


30 December 2013

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

        Closing of Re-financing of Unsecured Loan Notes

Xcite Energy is pleased to announce that it has closed the non-brokered
private placements of: (i) US$80 million aggregate principal amount of
12.5% unsecured loan notes, and (ii) 1,000,000 units, each unit
consisting of one ordinary share in the capital of the Company (each,
a"Share") and one ordinary share purchase warrant, the details and terms
of such private placements were previously announced by the Company on
17 December 2013.

The net proceeds of the private placements will be used to repay the
Company's outstanding 14% unsecured loan notes, which are due 31
December 2013 and are currently valued at approximately US$72 million
aggregate principal amount (including payment-in-kind interest accrued
thereon), with the balance of the proceeds to be used for general
corporate purposes.

Total Voting Rights

Following admission of the 1,000,000 Shares to AIM ("Admission"), the
Company's enlarged issued share capital will comprise 292,811,000
Shares with one voting right per Share. There are no Shares held in
treasury. The total number of voting rights in the Company following
Admission will therefore be 292,811,000. At Admission there will be a
total of 17,250,000 outstanding warrants and 25,652,000 outstanding
options to subscribe for Shares.

This figure of 292,811,000 Shares may be used by shareholders of the
Company as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a change
in their interest in, the share capital of the Company under the
Financial Conduct Authority's Disclosure and Transparency Rules.

This press release shall not constitute an offer for sale of the
securities referenced herein in the United States. The securities
offered have not been and will not be registered under theU.S.
Securities Act of 1933, as amended, or any state securities laws and
may not be offered or sold in the United States absent registration or
an exemption from those registration requirements.


ENQUIRIES:

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

Liberum Capital Limited                             +44 (0) 203 100 2000
(Joint Broker and Nominated Adviser)
Clayton Bush / Tim Graham

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

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

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

Forward-Looking Statements

Certain statements contained in this announcement constitute
forward-looking information within the meaning of securities laws.
Forward-looking information may relate to the Company's future outlook
and anticipated events or results and, in some cases, can be identified
by terminology such as "may", "will", "should", "expect",
"plan","anticipate", "believe", "intend", "estimate", "predict",
"target","potential", "continue" or other similar expressions concerning
matters
that are not historical facts. These statements are based on certain
factors and assumptions including expected growth, results of
operations, performance and business prospects and opportunities. While
the Company considers these assumptions to be reasonable based on
information currently available to us, they may prove to be incorrect.
Forward-looking information is also subject to certain factors,
including risks and uncertainties that could cause actual results to
differ materially from what we currently expect. These factors include
risks associated with the oil and gas industry (including operational
risks in exploration and development and uncertainties of estimates oil
and gas potential properties), the risk of commodity price and foreign
exchange rate fluctuations and the ability of Xcite Energy to secure
financing. Additional information identifying risks and uncertainties
are contained in the annual Management's Discussion and Analysis for
Xcite Energy dated 25 March 2013 filed with the Canadian securities
regulatory authorities and available at  www.sedar.com . The Company
disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise, except as required under applicable
securities regulations.

Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
acceptsresponsibility for the adequacy or accuracy of this
release.

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

END

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