Xcite Energy announced Monday that it has appointed Andrew Fairclough as its new CFO with immediate effect. Fairclough, who joined Xcite in August 2012 as a corporate affairs director, has 17 years’ experience in investment banking and corporate finance. Since joining the firm Fairclough has been increasingly involved with its financing strategy and development, Xcite said.

Xcite CEO Rupert Cole commented in a company statement:

"I am very pleased that Andrew has taken up the position of CFO. He has played an active role in the company since joining us in 2012 and his appointment further strengthens the board at this important time."