Result of Bondholder Meeting

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LSE-AIM: XEL

30 June 2016

Xcite Energy Limited

("Xcite Energy" or the "Company")

Result of Bondholder Meeting

Xcite Energy announces that holders (the "Bondholders") of the $135 million senior secured bonds (the "Bonds") have approved the amendments to the bond agreement dated 27 June 2014 (the "Bond Agreement"). The maturity date of the Bonds has been extended until 30 September 2016 in order to continue negotiations with the Bondholders.

There were sufficient Bondholders present at the meeting to hold a quorum. The proposed resolution obtained 100% of the votes, and the proposal was adopted according to the voting requirements of the Bond Agreement.

Forward-Looking Statements

 This announcement contains certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with the oil and gas exploration and production business. Whilst the Company believes the expectations reflected herein to be reasonable in light of the information available to it at this time, the actual outcome may be materially different owing to factors beyond the Company's control, or otherwise within the Company's control, for example, if the Company decides on a change of plan or strategy. Accordingly, no reliance may be placed on the figures contained in such forward-looking statements.