Xcite Energy has appointed Timothy S. Jones to the Board of Directors of the Company and as Chairman of the Audit Committee.
Timothy Stephen Jones, aged 60, is a Chartered Accountant, with twenty years experience in professional practice covering a number of industries including oil and gas. Following major public company roles, he formed his own accountancy and consulting practice to focus on the oil and gas sector, where he specializes in providing advice to AIM listed companies. He is currently on the board of a number of AIM listed natural resources companies. The appointment of Jones is subject to the approval of the TSX Venture Exchange.
Jones was a director of Reg Hayler Limited which was placed in administration on November 18, 2002. The company was subsequently sold as a going concern.
There are no further disclosures required pursuant to schedule 2 of the AIM Rules.
Roger Ramshaw, Chairman of Xcite Energy, commented, "I am pleased to welcome Tim Jones to the Board and as Chairman of the Audit Committee. His long standing financial and sector experience will be valuable to the Company in the current economic conditions and also as we move forward with the next phase in the development of the Bentley field."
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