SOURCE: Xcite Energy Limited

October 15, 2012 02:00 ET

Xcite Energy - Suspension of 9/3b-7 & 7Z wells

ABERDEENSHIRE, UNITED KINGDOM--(Marketwire - Oct 15, 2012) -


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                       LSE-AIM, TSX-V: XEL

15 October 2012

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

   Suspension of 9/3b-7 and 7Z wells and rig off hire on Bentley Field

Xcite Energy is pleased to announce the safe and successful conclusion
of the Phase 1A offshore work programme, with the Rowan Norway drilling
rig having been demobilised and handed back to Rowan Companies Inc.

The 9/3b-7 and 7Z wells were successfully suspended for future use as
production wells during Phase 1B. The Scott Spirit and shuttle tanker
are now off hire and the offtake pipelines have been safely recovered.

Commenting on the conclusion of the Phase 1A programme, Rupert Cole,
CEO, said:"On behalf of the Xcite Energy team, I would like to thank
everyone
involved in Phase 1A for their contribution to the safe and very
successful conclusion of the work programme. We look forward to
progressing towards Phase 1B."
ENQUIRIES:

Xcite Energy Limited                           +44 (0) 1483 549 063
Rupert Cole / Andrew Fairclough
Oriel Securities (Joint Broker and Nomad)      +44 (0) 207 710 7600
Emma Griffin / Michael Shaw / Ashton Clanfield

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

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accepts responsibility for the adequacy or accuracy of this release.

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