TIDMSRO
RNS Number : 6619P
Spitfire Oil Limited
30 March 2009
60 St James's Street, London SW1A 1LE, United Kingdom
Telephone: + 44 (0)20 7629 7774 Facsimile: + 44 (0)20 7629 7773
Monday 30th March 2009
INTERIM STATEMENT FOR THE SIX MONTHS ENDED 31st DECEMBER 2008
Spitfire Oil Limited's ("Spitfire Oil" or the "Company") is pleased to publish
its unaudited interim results for the six months ended 31st December 2008, a
summary of which is attached.
Introduction
Spitfire Oil Limited ("Spitfire" or "the Company") and its subsidiaries
(together "the Group") recorded a loss before tax for the six months ended 31
December 2008 of A$766,608 (2007 A$1,295,142).
During 2008, most of Spitfires' activities were focused on advancing the
delineation of the lignite resource base at Salmon Gums, commencing
environmental approvals and progressing proof-of-concept laboratory work on its
proprietary L2VTM process to extract oil and other products from the lignite at
Salmon Gums. A number of significant management changes have been made in order
to improve the quality and structure of the staff required for future
development.
On 27 November 2008, Griffin Mining Limited ("Griffin") acquired a 39.2% equity
interest in Spitfire from Citadel Equity Fund Ltd. With Mladen Ninkov and Roger
Goodwin being directors of the Company and Griffin, Spitfire is now an
associated company of Griffin.
License Status
At 31 December 2008, following statutory partial relinquishments, the Group
still held 368,000 square kilometres of exploration tenements. In addition, two
mining leases holding the bulk of the currently known resource and totalling
9,854 hectares, were applied for in July 2008 from the Western Australian
Department of Industry and Resources.
Resource Delineation and Exploration Program
Since November 2007, Spitfire has been undertaking field delineation and
exploration drilling amounting to 420 holes for a total of 12,624 metres
drilled. The resource delineation program consisted of infill drilling, special
on-lake drilling, logging and coring with the aim of bringing the previously
defined Inferred resource to Indicated status. The exploration drilling program
consisted of additional air-core drilling in the area surrounding the known
resource.
All drilling data and analyses are being entered into a database to generate a
new lignite resource with the view of producing an independent updated JORC
Indicated resource estimate by June 2009. In addition, 12 tons of lignite bulk
samples were collected for use in various laboratory test work.
Other Field Programs
Whilst the main focus of the drilling in the field program has been on
exploration and resource delineation, a number of important other activities
have also taken place during 2008 including:
* a helicopter electromagnetic survey;
* a hydro-geological investigation, including flow tests from 5 well bores;
* an aerial LIDAR survey to provide up-to-date photogrammetry over the license
area;
* an aerial multi-spectral survey providing detailed environmental and botanical
data; and
* further testing of the L2VTM Process Technology.
L2V Process Technology
In June 2007, the Company's wholly owned subsidiary, Spitfire Oil Pty Ltd,
entered into a A$4.4 million multi-year research contract with Curtin University
of Technology's ("Curtin") Centre for Advanced Energy Science and Engineering
("CAESE") to pursue the optimisation of the L2VTM process. The program of test
work initially fell behind schedule, principally due to academic staff
movements. As a result, Spitfire decided to bolster its technical staff to
provide greater interaction and continuity with Curtin, by employing Mr Barry
Tindall, a coal-to-liquids specialist with over 10 years experience with Sasol
of South Africa, including the design and commissioning of coal to liquids
technology, as its new Chief Technical Officer.
Subsequently, Professor Chun-Zhu Li joined Curtin as head of CAESE. Professor Li
was previously at Monash University where he spent years studying Victorian
brown coal (i.e. lignite) and carried out extensive research in various areas of
energy science and engineering including coal and biomass pyrolysis. Since these
new staff appointments, good progress has been made on further proving of the
L2VTM process technology, in particular:
* a new, specifically designed, laboratory was completed at Curtin;
* detailed lignite characterisation, small scale Pyrolysis and small-scale
materials handling and lignite drying tests have been performed;
* larger scale handling and drying tests have been contracted to
Tsing Hua University in Beijing;
* optimum "off the shelf" industrial lignite drying technology has been
identified;
* Spitfire's prototype rotary kiln laboratory reactor has been constructed,
commissioned and oil extraction commenced;
* analysis of the oil produced begun; and
* a new, fluidised bed, laboratory reactor has been identified and procurement
started.
Significant progress is anticipated in the near term on key technology,
feasibility & optimisation issues.
Environment and Communities
Following consultation with the relevant Australian Federal and State
environmental agencies, it has been determined that the development of the
Salmon Gums project will be assessed for its environmental impact by way of an
Environmental Review and Management Plan which includes an eight week period for
public comment. Extensive baseline flora, fauna, salt lake ecology, waste rock
characterisation and groundwater studies were completed during 2008.
Consultation with local communities has been ongoing for some years. During
2008, the communities from the nearby port of Esperance and local town of Salmon
Gums were canvassed and public meetings were held at both locations. These
attracted significant interest from local residents and landholders. Both
communities and their businesses and local governments have been supportive of
Spitfire's future plans.
Contact has also been made with various Australian Federal and State government
bodies for support for Spitfire's proposed activities. With the resource being
locally based and the L2V Process offering an attractive alternative source of
energy, Spitfire, in conjunction with CAESA, has been favourably received
wherever it has made presentations.
Management
In 2008, Spitfire moved its principal office and management from Melbourne to
Perth to align its management activities with the location of its assets, board
of directors and State government departments. In June 2008, Mr Thyl Kint was
appointed Chief Executive Officer of Spitfire, replacing Mr Andrew Woskett, who
also resigned his position from the board of directors of Spitfire. Mr Kint is
an energy industry professional with over 25 years experience worldwide with oil
and gas projects including, most recently, the position of Project Director for
BHP Billiton Petroleum's large Australian Stybarrow and Pyrenees oil and gas
projects. Following these changes, the Company is in a much stronger position to
undertake the tasks ahead and realise the objectives of achieving viable and
economic oil production from the Salmon Gums lignite deposits.
Other Business Opportunities
Although Spitfire's primary objective remains the commercialisation of its L2V
lignite-to-liquids technology over the large resource at Salmon Gums, management
continues to evaluate other energy related opportunities and other possible
synergistic business opportunities.
The Future
With the dwindling of known world energy resources and the subsequent
expectation of significant increases in the price of oil, the Salmon Gums coal
to liquids project has become a highly attractive venture. Should the results
from the L2VTM tests be successful and the development of a commercial plant be
achievable, the Company has the potential to reap significant financial rewards
upon the Salmon Gums project coming into commercial operation.
Further Information
Spitfire Oil Limited
Mladen Ninkov - ChairmanTelephone: +44(0)20 7629 7774
Roger Goodwin - Director
Investec Investment Banking
Gerard Kisbey-Green
Stephen CooperTelephone: +44(0)20 7597 5167
Spitfire Oil Limited's shares are quoted on the Alternative Investment Market
(AIM)
of the London Stock Exchange (symbol SRO).
The Company's news releases are available on the Company's web site:
www.spitfireoil.com
Spitfire Oil Limited
Consolidated Income Statement
For the Half Year Ended 31 December 2008
(expressed in Australian dollars)
+----------------------------+------+----------------+--+----------------+--+-
=-----------+
| | | CONSOLIDATED ENTITY
|
+----------------------------+------+--------------------------------------
=--------------+
| | | | |
| |
|
+----------------------------+------+----------------+--+----------------+-
+--------------+
| | | Half year | |
Half year | | Year ended |
| | | ended
31 | | ended | | 30 June 2008 |
|
| | December 2008 | | 31 December | | Audited |
|
| | Unaudited | | 2007 | |
|
| | | | | Audited |
|
|
+----------------------------+------+----------------+--+----------------+-
+--------------+
| | Note | A$ | | A$
| | A$
|
+----------------------------+------+----------------+--+----------------+-
+--------------+
| REVENUE | | | |
| |
|
+----------------------------+------+----------------+--+----------------+-
+--------------+
| | | | |
| |
|
+----------------------------+------+----------------+--+----------------+-
+--------------+
| Non-Operational Revenue | | 668,522 | |
740,059 | | 1,251,885
|
+----------------------------+------+----------------+--+----------------+-
+--------------+
| | | | |
| |
|
+----------------------------+------+----------------+--+----------------+-
+--------------+
| EXPENSES | | | |
| |
|
+----------------------------+------+----------------+--+----------------+-
+--------------+
| | | | |
| |
|
+----------------------------+------+----------------+--+----------------+-
+--------------+
| Technology and development | | (374,740) | |
(438,849) | | (1,883,681)
|
+----------------------------+------+----------------+--+----------------+-
+--------------+
| Promotion and investor | | - | |
16,563 | | (17,783) |
| relations | |
| | | |
|
+----------------------------+------+----------------+--+----------------+-
+--------------+
| Impairment of goodwill | | - | |
(1,120,096) | | (534,439)
|
+----------------------------+------+----------------+--+----------------+-
+--------------+
| Corporate expenses | | (905,363) | |
116,113 | | (1,410,557)
|
+----------------------------+------+----------------+--+----------------+-
+--------------+
| Other expenses | | (155,027) | |
(608,932) | | (234,326)
|
+----------------------------+------+----------------+--+----------------+-
+--------------+
| LOSS BEFORE INCOME TAX | | (766,608) | |
(1,295,142) | | (2,828,901)
|
+----------------------------+------+----------------+--+----------------+-
+--------------+
| INCOME TAX EXPENSE | | - | |
- | | -
|
+----------------------------+------+----------------+--+----------------+-
+--------------+
| LOSS FOR THE PERIOD | | (766,608) | |
(1,295,142) | | (2,828,901)
|
+----------------------------+------+----------------+--+----------------+-
+--------------+
| | | | |
| |
|
+----------------------------+------+----------------+--+----------------+-
+--------------+
| | | Cents | |
Cents | | Cents
|
+----------------------------+------+----------------+--+----------------+-
+--------------+
| Basic loss per share | 5 | (1.83) | |
(3.04) | | (7.06)
|
+----------------------------+------+----------------+--+----------------+-
+--------------+
| Diluted loss per share | 5 | (1.83) | |
(3.04) | | (7.06)
|
+----------------------------+------+----------------+--+----------------+-
+--------------+
| | | | |
| |
|
+----------------------------+------+----------------+--+----------------+-
+--------------+
The accompanying notes form part of these financial statements.
Spitfire Oil Limited
Consolidated Balance Sheet
31 December 2008
(expressed in Australian dollars)
+-------------+--------+-------------+--------+-------------+--------+-------------+
| | | CONSOLIDATED ENTITY |
+-------------+--------+-----------------------------------------------------------+
| | | | | | | |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| | | Half | | Half | | |
| | | year | | year | | Year |
| | | ended | | ended | | ended |
| | | 31 | | 31 | | 30 |
| | | December | | December | | June |
| | | 2008 | | 2007 | | 2008 |
| | | Unaudited | | Audited | | Audited |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| | Note | A$ | | A$ | | A$ |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| | | | | | | |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| ASSETS | | | | | | |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| | | | | | | |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| Current | | | | | | |
| Assets | | | | | | |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| Cash | | 11,656,022 | | 18,709,664 | | 14,100,639 |
| and | | | | | | |
| cash | | | | | | |
| equivalents | | | | | | |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| Trade | | 207,273 | | 76,963 | | 194,553 |
| and | | | | | | |
| other | | | | | | |
| receivables | | | | | | |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| Other | | 44,832 | | 56,135 | | 36,270 |
| current | | | | | | |
| assets | | | | | | |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| Total | | 11,908,127 | | 18,842,762 | | 14,331,462 |
| Current | | | | | | |
| Assets | | | | | | |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| | | | | | | |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| Non-Current | | | | | | |
| Assets | | | | | | |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| Other | | - | | 10,000 | | - |
| Financial | | | | | | |
| Assets | | | | | | |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| Property, | | 14,674 | | 8,412 | | 41,220 |
| plant and | | | | | | |
| equipment | | | | | | |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| Intangible | | 6,489,280 | | 883,346 | | 3,416,172 |
| asset | | | | | | |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| Total | | 6,503,954 | | 901,758 | | 3,457,392 |
| Non-Current | | | | | | |
| Assets | | | | | | |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| | | | | | | |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| TOTAL | | 18,412,081 | | 19,744,520 | | 17,788,854 |
| ASSETS | | | | | | |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| | | | | | | |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| LIABILITIES | | | | | | |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| | | | | | | |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| Current | | | | | | |
| Liabilities | | | | | | |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| Trade | | 374,233 | | 207,900 | | 1,172,319 |
| and | | | | | | |
| other | | | | | | |
| payables | | | | | | |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| Total | | 374,233 | | 207,900 | | 1,172,319 |
| Current | | | | | | |
| Liabilities | | | | | | |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| | | | | | | |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| TOTAL | | 374,233 | | 207,900 | | 1,172,319 |
| LIABILITIES | | | | | | |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| | | | | | | |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| NET | | 18,037,848 | | 19,536,620 | | 16,616,535 |
| ASSETS | | | | | | |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| | | | | | | |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| EQUITY | | | | | | |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| Issued | 4 | 20,854,412 | | 20,570,009 | | 20,854,412 |
| capital | | | | | | |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| Reserves | | 778,945 | | 261,753 | | (1,408,976) |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| Accumulated | | (3,595,509) | | (1,295,142) | | (2,828,901) |
| losses | | | | | | |
+-------------+--------+-------------+--------+-------------+--------+-------------+
| TOTAL | | 18,037,848 | | 19,536,620 | | 16,616,535 |
| EQUITY | | | | | | |
+-------------+--------+-------------+--------+-------------+--------+-------------+
The accompanying notes form part of these financial statements. Spitfire Oil
Limited
Consolidated Statement of Changes in Equity
For the Half Year Ended 31 December 2008
(expressed in Australian dollars )
+----------------------+-------------+---------------+-------------+---------------+-------------+
| | Issued | Foreign | Accumulated | Share Based | Total |
| | Capital | Currency | Losses | Remuneration | |
| | | Translation | | | |
+----------------------+-------------+---------------+-------------+---------------+-------------+
| | A$ | A$ | A$ | A$ | A$ |
+----------------------+-------------+---------------+-------------+---------------+-------------+
| | | | | | |
+----------------------+-------------+---------------+-------------+---------------+-------------+
| Balance at 30 June | - | - | - | - | - |
| 2007 | | | | | |
+----------------------+-------------+---------------+-------------+---------------+-------------+
| Shares issued | 23,300,973 | - | - | - | 23,300,973 |
+----------------------+-------------+---------------+-------------+---------------+-------------+
| Share issuance costs | (2,730,964) | - | - | - | (2,730,964) |
+----------------------+-------------+---------------+-------------+---------------+-------------+
| Translation of | - | 261,753 | | - | 261,753 |
| Foreign currency | | | - | | |
+----------------------+-------------+---------------+-------------+---------------+-------------+
| Net (Loss) for the | - | - | (1,295,142) | - | (1,295,142) |
| period | | | | | |
+----------------------+-------------+---------------+-------------+---------------+-------------+
| Balance at 31 | 20,570,009 | 261,753 | (1,295,142) | | 19,536,620 |
| December 2007 | | | | - | |
+----------------------+-------------+---------------+-------------+---------------+-------------+
| | | | | | |
+----------------------+-------------+---------------+-------------+---------------+-------------+
| Share issuance costs | 284,403 | - | - | - | 284,403 |
+----------------------+-------------+---------------+-------------+---------------+-------------+
| Share based | - | - | - | 592,667 | 592,667 |
| remuneration | | | | | |
+----------------------+-------------+---------------+-------------+---------------+-------------+
| Translation of | - | (2,263,396) | - | - | (2,263,396) |
| Foreign currency | | | | | |
+----------------------+-------------+---------------+-------------+---------------+-------------+
| Net (Loss) for the | - | - | (1,533,759) | - | (1,533,759) |
| period | | | | | |
+----------------------+-------------+---------------+-------------+---------------+-------------+
| Balance at 30 June | 20,854,412 | (2,001,643) | (2,828,901) | 592,667 | 16,616,535 |
| 2008 | | | | | |
+----------------------+-------------+---------------+-------------+---------------+-------------+
| | | | | | |
+----------------------+-------------+---------------+-------------+---------------+-------------+
| Share based | - | - | - | 127,001 | 127,001 |
| remuneration | | | | | |
+----------------------+-------------+---------------+-------------+---------------+-------------+
| Translation of | - | 2,060,920 | - | - | 2,060,920 |
| Foreign currency | | | | | |
+----------------------+-------------+---------------+-------------+---------------+-------------+
| Net (Loss) for the | - | - | (766,608) | - | (766,608) |
| period | | | | | |
+----------------------+-------------+---------------+-------------+---------------+-------------+
| Balance at 31 | 20,854,412 | 59,277 | (3,595,509) | 719,668 | 18,037,848 |
| December 2008 | | | | | |
+----------------------+-------------+---------------+-------------+---------------+-------------+
| | | | | | |
+----------------------+-------------+---------------+-------------+---------------+-------------+
| The accompanying notes form part of these financial statements |
+----------------------+-------------+---------------+-------------+---------------+-------------+
Spitfire Oil Limited
Consolidated Cash Flow Statement
For the Half Year Ended 31 December 2008
(expressed in Australian dollars)
+-------------------------------+--------------+--------------+--------------+--+--------------+
| | CONSOLIDATED ENTITY |
+-------------------------------+--------------------------------------------------------------+
| | | | | | |
+-------------------------------+--------------+--------------+--------------+--+--------------+
| | 31 December | | 31 December | | 30 June |
| | 2008 | | 2007 | | 2008 |
+ +--------------+ +--------------+ +--------------+
| | Unaudited | | Audited | | Audited |
+-------------------------------+-------------------------------+--------------+--------------+--+--------------+
| | A$ | | A$ | | A$ |
+-------------------------------+--------------+--------------+--------------+--+--------------+
| | | | | | |
+-------------------------------+--------------+--------------+--------------+--+--------------+
| CASH FLOWS RELATED TO | | | | | |
| OPERATING ACTIVITIES | | | | | |
+-------------------------------+--------------+--------------+--------------+--+--------------+
| Payments to suppliers and | (2,052,256) | | (3,980,202) | | (2,818,468) |
| employees | | | | | |
+-------------------------------+--------------+--------------+--------------+--+--------------+
| Interest received | 305,028 | | 457,600 | | 965,664 |
+-------------------------------+--------------+--------------+--------------+--+--------------+
| R&D tax concession received | 311,018 | | 277,788 | | 277,788 |
+-------------------------------+--------------+--------------+--------------+--+--------------+
| NET OPERATING CASH FLOWS | (1,436,210) | | (3,244,814) | | (1,575,016) |
+-------------------------------+--------------+--------------+--------------+--+--------------+
| | | | | | |
+-------------------------------+--------------+--------------+--------------+--+--------------+
| CASH FLOWS RELATED TO | | | | | |
| INVESTING ACTIVITIES | | | | | |
+-------------------------------+--------------+--------------+--------------+--+--------------+
| Proceeds from sales of plant | 6,727 | | - | | - |
| and equipment | | | | | |
+-------------------------------+--------------+--------------+--------------+--+--------------+
| Payment for purchases of | (2,946) | | (8,913) | | (45,262) |
| plant and equipment | | | | | |
+-------------------------------+--------------+--------------+--------------+--+--------------+
| Exploration expenditure | (3,073,108) | | (893,346) | | (3,131,852) |
+-------------------------------+--------------+--------------+--------------+--+--------------+
| NET INVESTING CASH FLOWS | (3,069,327) | | (902,259) | | (3,177,114) |
+-------------------------------+--------------+--------------+--------------+--+--------------+
| | | | | | |
+-------------------------------+--------------+--------------+--------------+--+--------------+
| CASH FLOWS RELATED TO | | | | | |
| FINANCING ACTIVITIES | | | | | |
+-------------------------------+--------------+--------------+--------------+--+--------------+
| Proceeds from issues of | - | | 22,939,791 | | 20,854,412 |
| securities | | | | | |
+-------------------------------+--------------+--------------+--------------+--+--------------+
| Capital raising costs | - | | (344,807) | | - |
+-------------------------------+--------------+--------------+--------------+--+--------------+
| NET FINANCING CASH FLOWS | - | | 22,594,984 | | 20,854,412 |
+-------------------------------+--------------+--------------+--------------+--+--------------+
| NET INCREASE/(DECREASE) IN | (4,505,537) | | 18,447,911 | | 16,102,282 |
| CASH AND CASH EQUIVALENTS | | | | | |
+-------------------------------+--------------+--------------+--------------+--+--------------+
| | | | | | |
+-------------------------------+--------------+--------------+--------------+--+--------------+
| Cash and cash equivalents at | 14,100,639 | | - | | - |
| the beginning of the period | | | | | |
+-------------------------------+--------------+--------------+--------------+--+--------------+
| Effects of exchange rate | 2,060,920 | | 261,753 | | (2,001,643) |
| changes on cash and cash | | | | | |
| equivalents | | | | | |
+-------------------------------+--------------+--------------+--------------+--+--------------+
| CASH AND CASH EQUIVALENTS AT | 11,656,022 | | 18,709,664 | | 14,100,639 |
| THE END OF THE PERIOD | | | | | |
+-------------------------------+--------------+--------------+--------------+--+--------------+
| | | | | | |
+-------------------------------+--------------+--------------+--------------+--+--------------+
| | | | | | |
+-------------------------------+--------------+--------------+--------------+--+--------------+
| The accompanying notes form part of these financial statements. |
+-------------------------------+--------------+--------------+--------------+--+--------------+
Spitfire Oil Limited
Notes to the Financial Statements
Note 1. Basis of Preparation
The general purpose financial report for the interim half year reporting period
ended 31 December 2008 has been prepared in accordance with Accounting Standard
IAS134 Interim Financial Reporting and the Corporations Act 2001.
This half- year report has been prepared on an accruals basis and is based on
historical costs modified by revaluation of selected non-current assets,
financial assets and financial liabilities for which the fair value basis of
accounting has been applied. It does not include all notes of the type normally
included in an annual financial report and therefore cannot be expected to
provide as full an understanding of the financial performance, financial
position and financing and investing activities of the consolidated entity as
the full financial report.
Accordingly, this report is to be read in conjunction with the annual report for
the year ended 30 June 2008 and any public announcements made by Spitfire Oil
Limited during the interim reporting period in accordance with the continuous
disclosure requirements of the Corporations Act 2001.
The accounting policies adopted are consistent with the 2008 Annual Report for
the year ended 30 June 2008.
All amounts stated in this interim financial report are represented in
Australian Dollars (AUD) unless otherwise stated.
Note 2. Dividends
The Company has not declared any dividends in the period ended 31 December 2008.
Note 3. Contingent Liabilities and Assets
There has been no change in contingent liabilities and assets since the last
annual reporting date.
Note 4. Issued Capital
+----------------------+------------+-------------+------------+-------------+------------+-------------+
| | 31 December 2008 | 31 December 2007 | 30 June 2008 |
+----------------------+--------------------------+--------------------------+--------------------------+
| | No. | $ | | $ | No. | $ |
| | | | No. | | | |
+----------------------+------------+-------------+------------+-------------+------------+-------------+
| Issued and Paid Up | | | | | | |
| Capital | | | | | | |
+----------------------+------------+-------------+------------+-------------+------------+-------------+
| Fully Paid Ordinary | 42,550,668 | 20,854,412 | 42,550,668 | 20,570,009 | 42,550,668 | 20,854,412 |
| Shares | | | | | | |
+----------------------+------------+-------------+------------+-------------+------------+-------------+
| Total Issued Capital | | 20,854,412 | | 20,570,009 | | 20,854,412 |
+----------------------+------------+-------------+------------+-------------+------------+-------------+
Notes to the Financial Statements (continued)
Note 5: Loss per Share
+-----------------------------------+----------------+----------------+-------------+
| | 31 December | 31 December | 30 June |
| | 2008 | 2007 | 2008 |
+-----------------------------------+----------------+----------------+-------------+
| | | | |
+-----------------------------------+----------------+----------------+-------------+
| Basic loss per share (cents) | (1.83) | (3.04) | (7.06) |
+-----------------------------------+----------------+----------------+-------------+
| Diluted loss per share (cents) | (1.83) | (3.04) | (7.06) |
+-----------------------------------+----------------+----------------+-------------+
| | | | |
+-----------------------------------+----------------+----------------+-------------+
| a) Net loss used in the | ($776,608) | ($1,295,142) | (2,828,901) |
| calculation of basic and diluted | | | |
| loss per share | | | |
+-----------------------------------+----------------+----------------+-------------+
| | | | |
+-----------------------------------+----------------+----------------+-------------+
| b) Weighted average number of | 42,550,668 | 42,550,668 | 40,050,309 |
| ordinary shares outstanding | | | |
| during the period used in the | | | |
| calculation of basic and diluted | | | |
| loss per share | | | |
+-----------------------------------+----------------+----------------+-------------+
Options that are considered to be potential ordinary shares are excluded from
the weighted average number of ordinary shares used in the calculation of basic
loss per share. Where dilutive, potential ordinary shares are included in the
calculation of diluted loss per share.
All the options on issue do not have the effect to dilute loss per
share. Therefore they have been excluded from the calculation of diluted loss
per share. There have been no other conversions to, call of, or subscriptions
for ordinary shares since the reporting date and before the completion of this
report.
Note 6: Net Tangible Assets
+-----------------------------------+----------------+----------------+--------------+
| | 31 December | 31 December | 30 June |
| | 2008 | 2007 | 2008 |
+-----------------------------------+----------------+----------------+--------------+
| | | | |
+-----------------------------------+----------------+----------------+--------------+
| Net Tangible Assets | $11,548,568 | $18,653,274 | $13,200,363 |
+-----------------------------------+----------------+----------------+--------------+
| | | | |
+-----------------------------------+----------------+----------------+--------------+
| Shares (No.) | 42,550,668 | 42,550,668 | 42,550,668 |
+-----------------------------------+----------------+----------------+--------------+
| | | | |
+-----------------------------------+----------------+----------------+--------------+
| Net Tangible Assets (Cents) | 27.14 | 43.84 | 31.02 |
+-----------------------------------+----------------+----------------+--------------+
Note 7. Events Subsequent to Reporting Date
No matters or circumstances have arisen since 31st December 2008 which
significantly affected or may significantly affect the operations of the
consolidated entity, the result of those operations or the state of affairs of
the consolidated entity in subsequent financial years.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DDLFLKXBEBBB
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