ABERDEENSHIRE, UNITED KINGDOM--(Marketwire - Mar 1, 2012) -

 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION TSX-V, LSE-AIM: XEL 01 March 2012 Xcite Energy Limited ("Xcite Energy" or the "Company") Rowan Norway Update Xcite Energy is pleased to announce that the Rowan Norway jack-up drilling rig has left Dundee harbour and is being towed to location to commence Phase 1A of the First Phase Development of the Bentley field. ENQUIRIES: Xcite Energy Limited +44 (0) 1483 549 063 Richard Smith Chief Executive Officer Rupert Cole Chief Financial Officer Oriel Securities (Joint Broker and +44 (0) 207 710 7600 Nomad) Emma Griffin Partner Michael Shaw Partner Morgan Stanley (Joint Broker) +44 (0) 207 425 8000 Andrew Foster Managing Director Pelham Bell Pottinger +44 (0) 207 861 3232 Mark Antelme Director Henry Lerwill Account Director Paradox Public Relations +1 514 341 0408 Jean-Francois Meilleur Consultant Oriel Securities Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Xcite Energy and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Xcite Energy for providing the protections afforded to its clients or for providing advice in connection with the subject matter of this announcement. Morgan Stanley, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Xcite Energy and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Xcite Energy for providing the protections afforded to its clients or for providing advice in connection with the subject matter of this announcement. Neither the 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. This information is provided by RNS The company news service from the London Stock Exchange END