Holding(s) in Company

RNS Number : 0348I
Spitfire Oil Limited
13 November 2008

Spitfire Oil Ltd.
("Spitfire" or the "Company"; AIM Ticker: SRO)

Significant Shareholding

Spitfire Oil Limited announces that it has received notification that Citadel Equity Fund Ltd ("Citadel") has sold its holding of
16,666,667 ordinary shares in the Company to Griffin Mining Limited ("Griffin"; AIM Ticker: GFM), representing a 39.2% interest in the
issued share capital of Spitfire, at 15p per share for cash at a total value of approximately �2,500,000. Following this sale, Citadel has
no interest in the share capital of the Company.

Please see the announcement released at the same time as this announcement by Griffin. Mladen Ninkov and Roger Goodwin are on the boards
of both Spitfire and Griffin.

Further information

Roger Goodwin, Finance Director Telephone: +44(0)20 7629 7774
Spitfire Oil Limited

Notes for editors
Spitfire's principal activity is the pursuance of the production of fuel oil and distillate from the Salmon Gums Lignite deposits in
Western Australia. Spitfire controls six exploration tenements totalling 519 km2 near Salmon Gums, near Esperance, in the south east of
Western Australia. The tenements contain a large lignite (brown coal) deposit with a JORC Inferred Resource of 500 million tonnes of
lignite. The lignite has a high kerogen (hydrocarbon) content convertible into oil using low temperature pyrolysis at a yield of 0.43 bbl /
tonne. Extractable commercial oil reserves are estimated to exceed 200 million barrels. Salmon Gums is located next to a main road, railway
and pipeline connecting Kalgoorlie and the port of Esperance.

This information is provided by RNS
The company news service from the London Stock Exchange

END

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