2009-12-01 00:17:57 -
ABERDEENSHIRE, UK -- (Marketwire) -- 11/30/09 --
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES
Xcite Energy Limited (TSX-V: XEL) (LSE: XEL) (AIM: XEL), a developer of heavy oil assets in the UK North Sea, today announces the award of 100,000 options to purchase ordinary shares of the Company to each of the following Directors and members of the Xcite Energy Resources Limited (the Company's wholly owned subsidiary) Management Team:
Roger Ramshaw, Gregory Moroney, Timothy Jones, Scott Cochlan, Richard Smith, Stephen Kew, Rupert Cole, Jonathan Dale, Barnaby Brennan, Richard West and Charles Lucas-Clements.
All of these options were granted today under the terms of the Company's share option scheme, at an exercise price of CAN$0.74 per ordinary share and are exercisable for a period of five years. This award recognises the significant progress that has been made with respect to the Bentley field during 2009.
Following these option awards, the Directors of the Company have the following aggregate number of ordinary shares under option:
Aggregate ordinary
shares under option
Roger Ramshaw 300,000
Gregory Moroney 200,000
Timothy Jones 200,000
Scott Cochlan 200,000
Richard Smith 1,100,000
Stephen Kew 1,100,000
Rupert Cole 1,100,000
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.
ENQUIRIES:
Xcite Energy Limited
+44 (0) 1330 826740
Richard Smith, Chief Executive Officer
Rupert Cole, Chief Financial Officer
Strand Hanson Limited (Nomad)
+44 (0) 20 7409 3494
James Harris, Director
Rory Murphy, Director
Arbuthnot Securities Limited (Broker)
+44 (0)20 7012 2000
Andrew Fairclough, Director
Ed Burbidge
Pelham Public Relations
+44 (0) 20 7337 1500
Mark Antelme, Director
Paradox Public Relations
+1 514 341 0408
Jean-François Meilleur, Consultant
Karl Mansour, Consultant
