Xcite Energy Regulatory News (XEL)

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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."

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