4 August 2011
Xcite Energy Limited ("Xcite Energy" or the "Company")
Option Award to Directors, Management and Project Team
Xcite Energy announces the award of an aggregate of 1,850,000 options to purchase ordinary shares of the Company to the Directors, members of the Xcite Energy Resources Limited (the Company's wholly owned subsidiary) management team and to certain members of the Bentley field project team.
The options, which vest immediately, were granted under the terms of the Company's share option scheme by reference to the closing price of the Company's ordinary shares on 3 August 2011. All options have an exercise price of CAN$2.30 (GBP1.46) per ordinary share and are exercisable for a period of five years. This award is made in recognition of the significant progress made to achieve submission of the final draft of the Field Development Plan for the Bentley field to the Department of Energy and Climate Change.
Following these option awards, the Directors of the Company have the following aggregate number of ordinary shares under option:
Option award now being Aggregate ordinary shares under made option
Roger Ramshaw 100,000 690,000
Gregory 100,000 490,000 Moroney
Timothy Jones 100,000 590,000
Scott Cochlan 100,000 590,000
Richard Smith 100,000 2,521,000
Stephen Kew 100,000 2,521,000
Rupert Cole 100,000 2,521,000