Xcite Energy Limited ("Xcite Energy" or the "Company") Rig Contract - Ocean Nomad

 | Source: Xcite Energy Ltd Xcite Energy Ltd

ABERDEENSHIRE, UK--(Marketwire - July 20, 2010) - This Announcement Is Not for Release, Publication or Distribution in or Into the United States

Xcite Energy is pleased to announce that Xcite Energy Resources Limited ("XER") (TSX-V: XEL) (LSE: XEL) (AIM: XEL) has entered into a binding contract for the Ocean Nomad semi-submersible rig to drill the 9/3b-R well on the Bentley field. With an expected spud date around the middle of September subject to the current rig programme, this will enable XER to complete the intended 9/3b-R well programme as planned in 2010.

Neither 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.

Contact Information:

ENQUIRIES:

Xcite Energy Limited
Richard Smith
Chief Executive Officer
Rupert Cole
Chief Financial Officer
+44 (0) 1330 826740

Arbuthnot Securities Limited
(Nomad and Broker)
Antonio Bossi
Director
+44 (0) 207 012 2000

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

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

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