TIDMSRO
RNS Number : 1668Y
Spitfire Oil Limited
17 December 2010
Spitfire Oil Limited
17th December2010
PRELIMINARY RESULTS
Spitfire Oil Limited ("Spitfire Oil" or the "Company"), has
today published its results for the period ended 30 June 2010, 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$1,202,916 in the
year to 30th June 2010. (2008/2009 A$1,437,020)
Chairman's Statement:
The past year's developments at Spitfire Oil Limited ("Spitfire"
or the "Company") can safely be described as very disappointing. A
thorough review of the Salmon Gums project (the "Project")
concluded that a saleable distillate could not be produced
economically at current world crude oil prices through the LV2
lignite to liquids process. As a consequence, a conscious decision
was made to minimize all activities by the Company on the Project
including suspending any further work on the L2V process,
minimizing any additional geological work and reducing all overhead
costs, including the redundancy of all personnel. These actions
have stabilised the Company's finances whilst maintaining the
security of its assets, allowing the directors time to pursue
options for the development of the Company's Project and the
investigation of other energy related projects.
In the later part of 2009, the potential for the occurrence of
gold within Spitfire's tenements was recognised and the Company
commissioned a reconnaissance gold exploration programme to test
the north-eastern part of the Salmon Gums license areas. Desktop
studies indentified a favourable target zone at the intersection of
two regionally important faults. This was investigated with the
drilling of 132 air core holes on a wide spaced 800 x 200 metre
grid for a total of 7,706 metres. Sample results from these holes
were encouraging with several zones of anomalous gold values
delineated. These anomalies cover only some 10 kilometres of the 55
kilometres of the regional fault system. These encouraging results
will require further drilling to ascertain the extent of the
mineralization. The Company is currently investigating all options,
including the identification of a joint venture partner, to
identify the necessary significant resources required for this
further exploration work.
As a result of the actions taken during 2009 and 2010,
Spitfire's near term future has been assured. The challenge for the
Company now is not only to realise the full potential of the
Project, but also, in a world with exponentially increasing energy
demands and declining fossil fuel resources, to expand and extend
its reach into all facets of the energy sector. In 2011, the
Company will strive to do so.
Further information
Spitfire Oil Ltd: Telephone: +44 (0)20 7629 7774
Mladen Ninkov - Chairman
Roger Goodwin - Director
Panmure Gordon (UK) Limited: Telephone: +44 (0)20 7459 3600
Dominic Morley
Hannah Woodley
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 Statement of Comprehensive Income
For the year ended 30 June 2010
(expressed in Australian dollars)
2010 2009
A$ A$
Other revenue 649,451 1,208,333
Expenditure
Corporate expenses (1,275,932) (1,651,427)
Technology and development (394,613) (697,216)
Other expenses (181,822) (296,710)
Loss before income tax (1,202,916) (1,437,020)
Income tax expense - -
Loss for the year (1,202,916) (1,437,020)
Other comprehensive income
Exchange differences on translation of
foreign operations (55,271) 2,056,914
------------ ------------
Other comprehensive income for the year,
net of tax (55,271) 2,056,914
------------ ------------
Total comprehensive (loss) / income for
the year attributable to the owners of
Spitfire Oil Limited (1,258,187) 619,894
============ ============
Basic and diluted loss per share attributable
to the ordinary equity holders of the
Company (cents per share) (2.8) (3.38)
============ ============
Spitfire Oil Limited
Consolidated Statement of Financial Position
As at 30 June 2010
(expressed in Australian dollars)
2010 2009
A$ A$
ASSETS
CURRENT ASSETS
Cash and cash equivalents 7,926,723 9,974,229
Trade and other receivables 295 14,077
Other current assets 64,705 60,037
------------ ------------
TOTAL CURRENT ASSETS 7,991,723 10,048,343
------------ ------------
NON-CURRENT ASSETS
Plant and equipment 7,954 13,906
Capitalised exploration and evaluation
costs 8,249,289 7,590,913
------------ ------------
TOTAL NON-CURRENT ASSETS 8,257,243 7,604,819
------------ ------------
TOTAL ASSETS 16,248,966 17,653,162
------------ ------------
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 73,390 202,299
Provisions - 17,100
------------ ------------
TOTAL CURRENT LIABILITIES 73,390 219,399
------------ ------------
TOTAL LIABILITIES 73,390 219,399
------------ ------------
NET ASSETS 16,175,576 17,433,763
============ ============
EQUITY
Issued capital 20,854,412 20,854,412
Reserves 790,001 845,272
Accumulated loss (5,468,837) (4,265,921)
------------ ------------
TOTAL EQUITY 16,175,576 17,433,763
============ ============
Spitfire Oil Limited
Consolidated Statement of Changes in Equity
For the year ended 30 June 2010
(expressed in Australian dollars)
Foreign
Issued Currency Accumulated Option
Capital Translation Losses reserve Total
A$ A$ A$ A$ A$
Balance at 1
July 2008 20,854,412 (2,001,643) (2,828,901) 592,667 16,616,535
Share based
remuneration - - - 197,334 197,334
Translation
of Foreign
currency - 2,056,914 - - 2,056,914
Net (Loss)
for the
period - - (1,437,020) - (1,437,020)
----------- ------------ ------------ -------- ------------
Balance at 30
June 2009 20,854,412 55,271 (4,265,921) 790,001 17,433,763
Translation
of Foreign
currency - (55,271) - - (55,271)
Net (Loss)
for the
period - - (1,202,916) - (1,202,916)
Balance at 30
June 2010 20,854,412 - (5,468,837) 790,001 16,175,576
=========== ============ ============ ======== ============
Spitfire Oil Limited
Consolidated Statement of Cash Flows
For the year ended 30 June 2010
(expressed in Australian dollars)
2010 2009
A$ A$
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and employees (1,464,319) (2,621,682)
Interest received 313,610 551,708
R&D tax concession received 324,688 656,096
------------ ------------
NET CASH OUT FLOW FROM OPERATING ACTIVITIES (826,021) (1,413,878)
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of plant and equipment - 10,484
Payment for purchases of plant and equipment - (2,976)
Exploration Expenditure (1,213,195) (4,731,954)
------------ ------------
NET CASH OUT FLOW FROM INVESTING ACTIVITIES (1,213,195) (4,724,446)
------------ ------------
NET (DECREASE) IN CASH AND CASH EQUIVALENTS (2,039,216) (6,138,324)
Cash and cash equivalents at the beginning
of the year 9,974,229 14,055,639
Effects of exchange rate changes on cash
and cash equivalents (8,290) 2,056,914
------------ ------------
CASH AND CASH EQUIVALENTS AT THE END OF
THE FINANCIAL YEAR 7,926,723 9,974,229
============ ============
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 435 of the UK Companies Act 2006. The
summarised consolidated statement of financial position at 30 June
2010 and the summarised consolidated statement of comprehensive
income, consolidated statement of changes in equity and the
summarised consolidated statement of cash flows for the year then
ended have been extracted from the Group's 2010 statutory financial
statements upon which the auditors' opinion is unqualified. The
statutory financial statements for the year to 30 June 2010 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 year ended 30 June 2009
have been extracted from the statutory accounts for that period,
which contain an unqualified auditors' report.
3. The annual report and accounts for 2010 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 and diluted losses per share is
based on the loss attributable to ordinary shareholders of
A$1,202,916 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
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