TIDMSRO
RNS Number : 6155D
Spitfire Oil Limited
07 December 2009
?
60 St James's Street, London SW1A 1LE, United Kingdom
Telephone: + 44 (0)20 7629 7774 Facsimile: + 44 (0)20 7629 7773
7th December 2009
PRELIMINARY RESULTS
Spitfire Oil Limited ("Spitfire Oil" or the "Company"), has today published its
results for the period ended 30 June 2009, a summary of which is attached.
The Group's principal activity is the pursuance of the production of fuel oil
and distillate from the Salmon Gums Lignite deposits in Western Australia.
The Group has reported a loss before tax of A$1,437,020 in the year to 30th June
2009. (A$2,828,901 in the period from incorporation to 30 June 2008.)
Chairman's Statement
I think it is fair to say that the second half of 2008 and the beginning of 2009
will be remembered as a difficult and challenging year for all those involved in
the natural resources, financial and industrial sectors. Spitfire has been well
placed to weather this uncertain economic environment and hopefully prosper in
the years ahead.
During the financial year to 30th June 2009, Spitfire continued to progress its
proprietary L2VTM lignite-to-liquid
process and extended its lignite resource at Salmon Gums. With additional data
from drilling at Salmon Gums, Spitfire
was able, on 16th July 2009, to report
a 69% increase in the Salmon Gums JORC indicated and inferred resource from
519 million tonnes to 876 million tonnes, with a potential increase in the in
situ oil from 200 million barrels to about 330 million barrels.
Significant progress was also made in advancing key environmental,
hydro-geological, mining and other studies. This enabled Spitfire to update its
economic models and continued its path towards a feasibility study for a pilot
plant.
Unfortunately, in the third quarter of 2009, ongoing test work and
investigations highlighted the expanding complexity and growth in the scope of
research required in refining and finalising the proprietary L2VTM
lignite-to-liquid process to
extract an economic distillate from the Salmon Gums lignite. Consequently a
complete re-appraisal of the project was instigated including the evaluation of
processing the lignite at Salmon Gums with other coal to liquids technologies.
All other options are also being canvassed including the acquisition of other
energy related projects in which the Company has previous expertise. Discussions
are also continuing with Curtin University and other parties as to how best to
further progress and finance the future development of the project.
During the year, Spitfire noted a number of significant mining companies pegging
ground in and around the area surrounding Salmon Gums. A geological assessment
of the gold prospectively of Spitfire's tenements has shown that the tenements
host the intersection of two regional prospective gold trends and the
intersection of two regional faults. Regional geological interpretations
indicate a greenstone belt crossing the tenements. Consequently, the Company has
recently commenced a gold exploration program including 171 air core holes into
the granite basement on a 200m x 800m grid covering the intersection of the two
faults. This program is expected to be completed early next year.
There is no question that the past few months have been challenging, but the
Company will not rest until these challenges have been met and an economically
successful way is found to move both Salmon Gums and the future of the Company
forward.
Further information
Spitfire Oil Ltd
Mladen Ninkov - ChairmanTelephone: +44(0)20 7629 7774
Roger Goodwin - Director
Investec Investment Banking:
Stephen Cooper+44 (0)20 7597 5104
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
Income Statement
For the year ended 30 June 2009
(expressed in Australian dollars)
+---------------------------------+---------------------------------+-----------+-------------+-----------+--------------+-----------+--------------+
| | | | | | | | |
+---------------------------------+---------------------------------+-----------+-------------+-----------+--------------+-----------+--------------+
| | Consolidated | | Parent | | Consolidated | | Parent |
| | Group | | Entity | | Group | | Entity |
+---------------------------------+---------------------------------+-----------+-------------+-----------+--------------+-----------+--------------+
| | 2009 | | 2009 | | 2008 | | 2008 |
+ +---------------------------------+-----------+-------------+-----------+--------------+-----------+--------------+
| | A$ | | A$ | | A$ | | A$ |
+---------------------------------+---------------------------------+-----------+-------------+-----------+--------------+-----------+--------------+
| | | | | | | | |
+---------------------------------+---------------------------------+-----------+-------------+-----------+--------------+-----------+--------------+
| Other Revenue | 1,208,333 | | 356,519 | | 1,251,885 | | 949,590 |
+---------------------------------+---------------------------------+-----------+-------------+-----------+--------------+-----------+--------------+
| | | | | | | | |
+---------------------------------+---------------------------------+-----------+-------------+-----------+--------------+-----------+--------------+
| Corporate expenses | (1,651,427) | | (834,052) | | (1,410,557) | | (1,035,345) |
+---------------------------------+---------------------------------+-----------+-------------+-----------+--------------+-----------+--------------+
| Impairment of financial assets | - | | (862,142) | | (534,439) | | (2,636,793) |
+---------------------------------+---------------------------------+-----------+-------------+-----------+--------------+-----------+--------------+
| Technology and development | (697,216) | | - | | (1,883,681) | | - |
+---------------------------------+---------------------------------+-----------+-------------+-----------+--------------+-----------+--------------+
| Other expenses | (296,710) | | (97,345) | | (252,109) | | (106,353) |
+---------------------------------+---------------------------------+-----------+-------------+-----------+--------------+-----------+--------------+
| | | | | | | | |
+---------------------------------+---------------------------------+-----------+-------------+-----------+--------------+-----------+--------------+
| Loss before income tax | (1,437,020) | | (1,437,020) | | (2,828,901) | | (2,828,901) |
+---------------------------------+---------------------------------+-----------+-------------+-----------+--------------+-----------+--------------+
| Income tax expense | - | | - | | - | | - |
+---------------------------------+---------------------------------+-----------+-------------+-----------+--------------+-----------+--------------+
| Loss for the period | (1,437,020) | | (1,437,020) | | (2,828,901) | | (2,828,901) |
+---------------------------------+---------------------------------+-----------+-------------+-----------+--------------+-----------+--------------+
| | | | | | | | |
+---------------------------------+---------------------------------+-----------+-------------+-----------+--------------+-----------+--------------+
| Basic loss per share (cents per | (3.38) | | | | (7.06) | | |
| share) | | | | | | | |
+---------------------------------+---------------------------------+-----------+-------------+-----------+--------------+-----------+--------------+
| | | | | | | | |
+---------------------------------+---------------------------------+-----------+-------------+-----------+--------------+-----------+--------------+
| Diluted loss per share (cents | (3.38) | | | | (7.06) | | |
| per share) | | | | | | | |
+---------------------------------+---------------------------------+-----------+-------------+-----------+--------------+-----------+--------------+
| | | | | | | | |
+---------------------------------+---------------------------------+-----------+-------------+-----------+--------------+-----------+--------------+
| | | | | | | | |
+---------------------------------+---------------------------------+-----------+-------------+-----------+--------------+-----------+--------------+
Spitfire Oil Limited
Balance Sheet
As at 30 June 2009
(expressed in Australian dollars)
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+-------------+-------------------------+
| | Consoliodated | | Parent | | Consolidated | | Parent |
| | Group | | Entity | | Group | | Entity |
| | 2009 | | 2009 | | 2008 | | 2008 |
+ +------------------------------+-------------+-------------+------------+--------------+------------+-------------+
| | A$ | | A$ | | A$ | | A$ |
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+-------------+
| ASSETS | | | | | | | |
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+-------------+
| CURRENT ASSETS | | | | | | | |
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+-------------+
| Cash and cash equivalents | 10,019,229 | | 58,013 | | 14,100,639 | | 14,037,046 |
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+-------------+
| Trade and other receivables | 14,077 | | - | | 194,553 | | - |
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+-------------+
| Other current assets | 15,037 | | 14,287 | | 36,270 | | 36,270 |
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+-------------+
| TOTAL CURRENT ASSETS | 10,048,343 | | 72,300 | | 14,331,462 | | 14,073,316 |
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+-------------+
| | | | | | | | |
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+-------------+
| NON-CURRENT ASSETS | | | | | | | |
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+-------------+
| Trade and other receivables | - | | 17,374,375 | | - | | 2,556,540 |
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+-------------+
| Other assets | - | | 1,465 | | - | | 1,465 |
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+-------------+
| Property, plant and | 13,906 | | - | | 41,220 | | - |
| equipment | | | | | | | |
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+-------------+
| Intangible assets | 7,590,913 | | - | | 3,416,172 | | - |
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+-------------+
| TOTAL NON-CURRENT ASSETS | 7,604,819 | | 17,375,840 | | 3,457,392 | | 2,558,005 |
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+-------------+
| | | | | | | | |
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+-------------+
| TOTAL ASSETS | 17,653,162 | | 17,448,140 | | 17,788,854 | | 16,631,321 |
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+---------------------------------------+
| | | | | | | | |
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+-------------+
| LIABILITIES | | | | | | | |
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+-------------+
| CURRENT LIABILITIES | | | | | | | |
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+-------------+
| Trade and other payables | 202,299 | | 14,377 | | 1,172,319 | | 14,786 |
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+-------------+
| Provisions | 17,100 | | - | | - | | - |
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+-------------+
| TOTAL CURRENT LIABILITIES | 219,399 | | 14,377 | | 1,172,319 | | 14,786 |
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+-------------+
| | | | | | | | |
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+-------------+
| TOTAL LIABILITIES | 219,399 | | 14,377 | | 1,172,319 | | 14,786 |
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+-------------+
| | | | | | | | |
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+-------------+
| NET ASSETS | 17,433,763 | | 17,433,763 | | 16,616,535 | | 16,616,535 |
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+-------------+
| | | | | | | | |
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+-------------+
| EQUITY | | | | | | | |
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+-------------+
| Issued capital | 20,854,412 | | 20,854,412 | | 20,854,412 | | 20,854,412 |
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+-------------+
| Reserves | 845,272 | | 845,272 | | (1,408,976) | | (1,408,976) |
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+-------------+
| Accumulated loss | (4,265,921) | | (4,265,921) | | (2,828,901) | | (2,828,901) |
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+-------------+
| TOTAL EQUITY | 17,433,763 | | 17,433,763 | | 16,616,535 | | 16,616,535 |
+------------------------------+------------------------------+-------------+-------------+------------+--------------+------------+-------------+-------------------------+
Spitfire Oil Limited
Statement of Changes in Equity
For the year ended 30 June 2009
(expressed in Australian dollars)
+--------+------------+--------------+-------------+-------------+---------+------+----+--------------+
| | | Consolidated Group |
+--------+------------+-------------------------------------------------------------------------------+
| | | | | | |
+---------------------+--------------+-------------+-------------+----------------+-------------------+
| | Issued | Foreign | Accumulated | Share | Total |
| | Capital | Currency | Losses | Based | |
| | | Translation | | Remuneration | |
+---------------------+--------------+-------------+-------------+----------------+-------------------+
| | A$ | A$ | A$ | A$ | A$ |
+---------------------+--------------+-------------+-----------------------+-----------+--------------+
| Balance at 2 May | - | - | - | - | - |
| 2007 | | | | | |
+---------------------+--------------+-------------+-----------------------+-----------+--------------+
| Shares issued | 23,300,973 | - | - | - | 23,300,973 |
+---------------------+--------------+-------------+-----------------------+-----------+--------------+
| Share issuance | (2,446,561) | - | - | - | (2,446,561) |
| costs | | | | | |
+---------------------+--------------+-------------+-----------------------+-----------+--------------+
| Share based | - | - | - | 592,667 | 592,667 |
| remuneration | | | | | |
+---------------------+--------------+-------------+-----------------------+-----------+--------------+
| Translation of | - | (2,001,643) | - | - | (2,001,643) |
| Foreign currency | | | | | |
+---------------------+--------------+-------------+-----------------------+-----------+--------------+
| Net (Loss) for the | - | - | (2,828,901) | - | (2,828,901) |
| period | | | | | |
+---------------------+--------------+-------------+-----------------------+-----------+--------------+
| Balance at 30 June | 20,854,412 | (2,001,643) | (2,828,901) | 592,667 | 16,616,535 |
| 2008 | | | | | |
+---------------------+--------------+-------------+-----------------------+-----------+--------------+
| Share based | - | - | - | 197,334 | 197,334 |
| remuneration | | | | | |
+---------------------+--------------+-------------+-----------------------+-----------+--------------+
| Translation of | - | 2,056,914 | | - | 2,056,914 |
| Foreign currency | | | | | |
+---------------------+--------------+-------------+-----------------------+-----------+--------------+
| Net (Loss) for the | - | | (1,437,020) | - | (1,437,020) |
| period | | | | | |
+---------------------+--------------+-------------+-----------------------+-----------+--------------+
| Balance at 30 June | 20,854,412 | 55,271 | (4,265,921) | 790,001 | 17,433,763 |
| 2009 | | | | | |
+--------+------------+--------------+-------------+-------------+---------+------+----+--------------+
+--------+------------+--------------+-------------+-------------+---------+------+----+--------------+
| | | Parent Entity |
+--------+------------+-------------------------------------------------------------------------------+
| | | | | | |
+---------------------+--------------+-------------+-------------+----------------+-------------------+
| | Issued | Foreign | Accumulated | Share | Total |
| | Capital | Currency | Losses | Based | |
| | | Translation | | Remuneration | |
+---------------------+--------------+-------------+-------------+----------------+-------------------+
| | A$ | A$ | A$ | A$ | A$ |
+---------------------+--------------+-------------+-----------------------+-----------+--------------+
| Balance at 2 May | - | - | - | - | - |
| 2007 | | | | | |
+---------------------+--------------+-------------+-----------------------+-----------+--------------+
| Shares issued | 23,300,973 | - | - | - | 23,300,973 |
+---------------------+--------------+-------------+-----------------------+-----------+--------------+
| Share issuance | (2,446,561) | - | - | - | (2,446,561) |
| costs | | | | | |
+---------------------+--------------+-------------+-----------------------+-----------+--------------+
| Share based | - | - | - | 592,667 | 592,667 |
| remuneration | | | | | |
+---------------------+--------------+-------------+-----------------------+-----------+--------------+
| Translation of | - | (2,001,643) | - | - | (2,001,643) |
| Foreign currency | | | | | |
+---------------------+--------------+-------------+-----------------------+-----------+--------------+
| Net (Loss) for the | - | - | (2,828,901) | - | (2,828,901) |
| period | | | | | |
+---------------------+--------------+-------------+-----------------------+-----------+--------------+
| Balance at 30 June | 20,854,412 | (2,001,643) | (2,828,901) | 592,667 | 16,616,535 |
| 2008 | | | | | |
+---------------------+--------------+-------------+-----------------------+-----------+--------------+
| Share based | - | - | - | 197,334 | 197,334 |
| remuneration | | | | | |
+---------------------+--------------+-------------+-----------------------+-----------+--------------+
| Translation of | - | 2,056,914 | | - | 2,056,914 |
| Foreign currency | | | | | |
+---------------------+--------------+-------------+-----------------------+-----------+--------------+
| Net (Loss) for the | - | | (1,437,020) | - | (1,437,020) |
| period | | | | | |
+---------------------+--------------+-------------+-----------------------+-----------+--------------+
| Balance at 30 June | 20,854,412 | 55,271 | (4,265,921) | 790,001 | 17,433,763 |
| 2009 | | | | | |
+--------+------------+--------------+-------------+-------------+---------+------+----+--------------+
Spitfire Oil Limited
Cash Flow Statement
For the year ended 30 June 2009
(expressed in Australian dollars)
+------------------------------+--------------+--+--------------+--+--------------+--+--------------+
| | | | | | | | |
+------------------------------+--------------+--+--------------+--+--------------+--+--------------+
| | Consolidated | | Parent | | Consolidated | | Parent |
| | Group | | Entity | | Group | | Entity |
+------------------------------+--------------+--+--------------+--+--------------+--+--------------+
| | 2009 | | 2009 | | 2008 | | 2008 |
+------------------------------+--------------+--+--------------+--+--------------+--+--------------+
| | A$ | | A$ | | A$ | | A$ |
+------------------------------+--------------+--+--------------+--+--------------+--+--------------+
| CASH FLOWS RELATED TO | | | | | | | |
| OPERATING ACTIVITIES | | | | | | | |
+------------------------------+--------------+--+--------------+--+--------------+--+--------------+
| Payments to suppliers and | (2,621,682) | | (712,490) | | (2,818,468) | | (570,515) |
| employees | | | | | | | |
+------------------------------+--------------+--+--------------+--+--------------+--+--------------+
| Interest received | 551,708 | | 356,519 | | 965,664 | | 949,590 |
+------------------------------+--------------+--+--------------+--+--------------+--+--------------+
| R&D tax concession received | 656,096 | | - | | 277,788 | | - |
+------------------------------+--------------+--+--------------+--+--------------+--+--------------+
| CASH FLOWS USED IN OPERATING | (1,413,878) | | (355,971) | | (1,575,016) | | 379,075 |
| ACTIVITIES | | | | | | | |
+------------------------------+--------------+--+--------------+--+--------------+--+--------------+
| CASH FLOWS RELATED TO | | | | | | | |
| INVESTING ACTIVITIES | | | | | | | |
+------------------------------+--------------+--+--------------+--+--------------+--+--------------+
| Advances to subsidiary | - | | (15,679,976) | | - | | (5,193,333) |
+------------------------------+--------------+--+--------------+--+--------------+--+--------------+
| Proceeds from sales of plant | 10,484 | | - | | | | |
| and equipment | | | | | | | |
+------------------------------+--------------+--+--------------+--+--------------+--+--------------+
| Payment for purchases of | (2,976) | | - | | (45,262) | | - |
| plant and equipment | | | | | | | |
+------------------------------+--------------+--+--------------+--+--------------+--+--------------+
| Payment for purchases of | - | | - | | - | | (1,465) |
| equity investments | | | | | | | |
+------------------------------+--------------+--+--------------+--+--------------+--+--------------+
| Exploration Expenditure | (4,731,954) | | - | | (3,131,852) | | - |
+------------------------------+--------------+--+--------------+--+--------------+--+--------------+
| CASH FLOWS USED IN INVESTING | (4,724,446) | | (15,679,976) | | (3,177,114) | | (5,194,798) |
| ACTIVITIES | | | | | | | |
+------------------------------+--------------+--+--------------+--+--------------+--+--------------+
| CASH FLOWS RELATED TO | | | | | | | |
| FINANCING ACTIVITIES | | | | | | | |
+------------------------------+--------------+--+--------------+--+--------------+--+--------------+
| Proceeds from issues of | - | | - | | 20,854,412 | | 20,854,412 |
| securities | | | | | | | |
+------------------------------+--------------+--+--------------+--+--------------+--+--------------+
| CASH FLOW FROM FINANCING | - | | - | | 20,854,412 | | 20,854,412 |
| ACTIVITIES | | | | | | | |
+------------------------------+--------------+--+--------------+--+--------------+--+--------------+
| | | | | | | | |
+------------------------------+--------------+--+--------------+--+--------------+--+--------------+
| NET (DECREASE) / INCREASE IN | (6,138,324) | | (16,035,947) | | 16,102,282 | | 16,038,689 |
| CASH AND CASH EQUIVALENTS | | | | | | | |
+------------------------------+--------------+--+--------------+--+--------------+--+--------------+
| | | | | | | | |
+------------------------------+--------------+--+--------------+--+--------------+--+--------------+
| Cash and cash equivalents at | 14,100,639 | | 14,037,056 | | - | | - |
| the beginning of the year | | | | | | | |
+------------------------------+--------------+--+--------------+--+--------------+--+--------------+
| Effects of exchange rate | 2,056,914 | | 2,056,914 | | (2,001,643) | | (2,001,643) |
| changes on cash and cash | | | | | | | |
| equivalents | | | | | | | |
+------------------------------+--------------+--+--------------+--+--------------+--+--------------+
| CASH AND CASH EQUIVALENTS AT | 10,019,229 | | 58,013 | | 14,100,639 | | 14,037,046 |
| THE END OF THE YEAR | | | | | | | |
+------------------------------+--------------+--+--------------+--+--------------+--+--------------+
Notes:
1. This statement has been prepared using accounting policies and
presentation consistent with those applied in the
preparation of the
statutory accounts of the Group.
2. The summary accounts set out above do not constitute statutory accounts as
defined by Section 84 of the
Bermuda Companies Act 1981 or Section
240 of the UK Companies Act 1985. The summarised consolidated and
parent balance sheets at 30 June 2009 and the summarised consolidated and parent
income statements,
consolidated and parent statements of changes in
equity and the summarised consolidated and parent cash flow
statements for the period then ended have been extracted from the Group's 2009
statutory financial statements
upon which the auditors' opinion is
unqualified. The statutory financial statements for the year to 30 June
2009 have been prepared in accordance with the requirements of International
Accounting Standard IAS1:
Presentation of Financial Statements as
adopted in Australia. The results for the period ended 30 June 2008 have
been extracted from the statutory accounts for that period, which contain an
unqualified auditors' report.
3. The annual report and accounts for 2009 are being sent by post to all
registered shareholders. Additional copies
of the annual report and
accounts are available from the Company's London correspondent office, 6th
Floor, 60
St James's Street, London, SW1A 1LE.
4. The calculation of the basic losses per share is based on the loss
attributable to ordinary shareholders of
A$1,437,020 divided by the
weighted average number of shares in issue during the year of 42,550,668. There
is no
dilutive effect of share purchase options.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR EAAALEDFNFFE
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