THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES Xcite Energy (
Financial -- June 2007 - completion of an oversubscribed Private placement of shares - Raised US$20million (approximately £10 million) -- November 2007 - completion of an oversubscribed Initial Public Offering of shares - Listed on the TSX-V and AIM - Raised CAD$30 million (approximately £15 million) -- Cash balance as at December 31, 2007 was £21.07 million, compared with £0.14 million as at October 31, 2006 2008 OUTLOOK
-- RPS Energy, independent reserve engineers, have been engaged to prepare an updated Competent Person's Report incorporating the technical data collected from the 9/3b-5 appraisal well -- The Company intends to participate in the 25th Licence Round in the United Kingdom North Sea -- The Company continues to assess further opportunities to farm-in or swap into production to further enhance shareholder value, through close cooperation with selected groups -- The Company intends to submit a Field Development Plan to the UK Department for Business, Enterprise and Regulatory Reform by the end of 2008, and is targeting early phased development to commence in 2009Paste the following link to view PDF: http://www.rns-pdf.londonstockexchange.com/rns/6675s_-2008-4-18.pdf
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Contact Information: Enquiries: Xcite Energy +44 (0) 1330 826 740 Richard Smith Chief Executive Officer Rupert Cole Chief Financial Officer Thomas Weisel Partners (UK) Limited +44 (0) 20 7290 9716 Paul Colucci Managing Director Paul Newman Managing Director Strand Partners Ltd. +44 (0) 20 7409 3494 James Harris Director Warren Pearce Associate Director Pelham Public Relations +44 (0) 20 7743 6676 Alisdair Haythornthwaite Director Katherine Stewart Account Executive