TIDMSRO
RNS Number : 1004C
Spitfire Oil Limited
02 March 2011
Spitfire Oil Limited
2nd March 2011
INTERIM STATEMENT FOR THE SIX MONTHS ENDED 31(st) DECEMBER
2010
Spitfire Oil Limited is pleased to publish its unaudited interim
results for the six months ended 31(st) December 2010, 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 2010 of A$189,684 (2009
A$1,093,816). The decrease in losses arises as a result of action
taken in the period to reduce costs. With cash balances of A$8m the
Group has benefited from interest receipts of A$178,000 in the
period.
In 2010 a thorough review of the Salmon Gums project (the
"Project") concluded that a saleable distillate could not be
produced economically at prevailing world crude oil prices through
the proprietary L2V(TM) 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(TM) 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.
Licence Management
As the exploration licences comprising the Project were due to
expire during the reporting period, application was made to extend
their term. The Department of Mines and Petroleum has granted a two
year "Extension of Term" for the four exploration licences in the
main tenement block (E63/934, 035,947 & 961) until the 6(th)
July 2012. Since the applications were approved, and as the
exploration licences continue to provide secure title over the
lignite resources previously reported, the six mining lease
applications were withdrawn to reduce holding costs. The
non-contiguous exploration licence to the east of the main tenement
area (E63/960) was relinquished on the 7(th) July 2010 as it was
considered to have no further lignite mineralisation potential.
Gold Programme
In the later part of 2009, the potential for the occurrence of
gold within Spitfire's Project tenements was recognised and the
Company commissioned a reconnaissance gold exploration programme to
test the north-eastern part of the Project's license areas. Several
zones of anomalous gold values were 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 over the
Company's exploration licences. The Company has committed to this
further drilling programme in 2011. In the interim, due to the vast
area in which the anomalous results occur, the Company has been
investigating identifying a joint venture partner to commit the
necessary significant resources required for this further
exploration work. To date, this search has been unsuccessful.
Other Business Opportunities
Although Spitfire's primary objective remains the
commercialisation of its L2V(TM) lignite to liquids technology over
the large resource at the Project, management continues to evaluate
other energy related opportunities and other possible synergistic
business opportunities.
Further Information
Spitfire Oil Limited
Mladen Ninkov - Chairman Telephone: +44(0)20 7629 7774
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
SPITIFIRE OIL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
FOR THE HALF-YEAR ENDED 31 DECEMBER 2010
(expressed in Australian dollars)
Half-year Full-year
31 December 31 December 30 June
2010 2009 2010
Unaudited Unaudited Audited
Note A$ A$ A$
REVENUE 177,970 176,147 649,451
EXPENDITURE
Technology and development (10,045) (430,681) (1,275,932)
Corporate expenses (257,407) (728,522) (394,613)
Other expenses (100,202) (110,760) (181,822)
LOSS BEFORE INCOME TAX (189,684) (1,093,816) (1,202,916)
Income tax benefit / (expense) - - -
----------- ----------- -----------
LOSS FOR THE HALF-YEAR (189,684) (1,093,816) (1,202,916)
=========== =========== ===========
OTHER COMPREHENSIVE INCOME
Exchange differences on
translation of foreign currency - (55,271) (55,271)
----------- ----------- -----------
Other comprehensive income for
the period, net of tax - (55,271) (55,271)
----------- ----------- -----------
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD ATTRIBUTABLE TO
MEMBERS OF SPITFIRE OIL LIMITED (189,684) (1,149,087) (1,258,187)
=========== =========== ===========
Basic and diluted loss per share
(cents) 6 (0.4) (2.6) (2.8)
The above consolidated statement of comprehensive income should
be read in conjunction with the accompanying notes.
SPITFIRE OIL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 December 2010
(expressed in Australian dollars)
31 December 31 December 30 June
2010 2009 2010
Unaudited Unaudited Audited
Note A$ A$ A$
CURRENT ASSETS
Cash and cash equivalents 7,996,690 8,582,902 7,926,723
Trade and other receivables 3,876 29,480 295
Other current assets 76,757 38,676 64,705
TOTAL CURRENT ASSETS 8,077,323 8,651,058 7,991,723
----------- ----------- -----------
NON-CURRENT ASSETS
Plant and equipment 4,925 10,837 7,954
Intangible assets 7,942,618 7,985,848 8,249,289
----------- ----------- -----------
TOTAL NON-CURRENT ASSSETS 7,947,543 7,996,685 8,257,243
----------- ----------- -----------
TOTAL ASSETS 16,024,866 16,647,743 16,248,966
----------- ----------- -----------
CURRENT LIABILITIES
Trade and other payables 38,974 324,782 73,390
Provisions - 38,285 -
TOTAL CURRENT LIABILITIES 38,974 363,067 73,390
----------- ----------- -----------
TOTAL LIABILITIES 38,974 363,067 73,390
----------- ----------- -----------
NET ASSETS 15,985,892 16,284,676 16,175,576
=========== =========== ===========
EQUITY
Issued capital 5 20,854,412 20,854,412 20,854,412
Reserves 790,001 790,001 790,001
Accumulated losses (5,658,521) (5,359,737) (5,468,837)
----------- ----------- -----------
TOTAL EQUITY 15,985,892 16,284,676 16,175,576
=========== =========== ===========
The above consolidated statement of financial position should be
read in conjunction with the accompanying notes.
SPITFIRE OIL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE HALF-YEAR ENDED 31 DECEMBER 2010
(expressed in Australian dollars)
Foreign
Currency
Contributed Options Translation Accumulated
Equity Reserve Reserve Losses Total
A$ A$ A$ A$ A$
BALANCE AT 1
JULY 2009 20,854,412 790,001 55,271 (4,265,921) 15,135,589
Total
comprehensive
income for
the period - - (55,271) (1,093,816) (1,149,087)
BALANCE AT 31
DECEMBER
2009 20,854,412 790,001 - (5,359,737) 16,284,676
=========== ========== =========== =========== ===========
Total
comprehensive
income for
the period - - - (109,100) (109,100)
BALANCE AT 30
JUNE 2010 20,854,412 790,001 - (5,468,837) 16,175,576
=========== ========== =========== =========== ===========
Total
comprehensive
income for
the period - - - (189,684) (189,684)
BALANCE AT 31
DECEMBER
2010 20,854,412 790,001 - (5,658,521) 15,985,892
=========== ========== =========== =========== ===========
The above consolidated statement of changes in equity should be
read in conjunction with the accompanying notes.
SPITFIRE OIL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE HALF-YEAR ENDED 31 DECEMBER 2010
(expressed in Australian dollars)
Half-year Full-year
31 December 31 December 30 June
2010 2009 2010
Unaudited Unaudited Audited
A$ A$ A$
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and employees (394,869) (903,707) (1,464,319)
Interest received 178,265 149,868 313,610
R&D tax concession received - - 324,688
----------- ----------- -----------
Net cash (outflow) from operating
activities (216,604) (753,839) (826,021)
----------- ----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES
Refund of tenement rents 348,865 - -
Exploration expenditure (41,117) (674,874) (1,213,195)
Net cash inflow/(outflow) from
investing activities 307,748 (674,874) (1,213,195)
----------- ----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash inflow/(outflow) from
financing activities - - -
----------- ----------- -----------
Net increase/(decrease) in cash and
cash equivalents 91,144 (1,428,713) (2,039,216)
Cash and cash equivalents at the
beginning of the period 7,926,723 10,019,229 9,974,229
Effects of exchange rate changes
on cash and cash equivalents (21,177) (7,614) (8,290)
----------- ----------- -----------
CASH AND CASH EQUIVALENTS AT THE
END OF THE PERIOD 7,996,690 8,582,902 7,926,723
=========== =========== ===========
The above consolidated statement of cash flows should be read in
conjunction with the accompanying notes.
SPITFIRE OIL LIMITED
Notes to the CONDENSED CONSOLIDATED financial statements
NOTE 1: BASIS OF PREPARATION OF THE HALF-YEAR FINANCIAL
REPORT
This general purpose financial report for the interim half-year
reporting period ended 31 December 2010 has been prepared in
accordance with Australian Accounting Standard AASB 134 Interim
Financial Reporting and the Australian Corporations Act 2001.
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 condensed
consolidated statement of financial position at 30 June 2010 and
the condensed consolidated statement of comprehensive income,
condensed consolidated statement of changes in equity and the
condensed 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
condensed consolidated statement of comprehensive income has been
prepared using information extracted from the Group's 2010
statutory financial statements.
This interim financial report does not include all the notes of
the type normally included in an annual financial report.
Accordingly, this report is to be read in conjunction with the
annual report for the year ended 30 June 2010 and any public
announcements made by Spitfire Oil Limited during the interim
period in accordance with the continuous disclosure requirements of
the Corporations Act 2001.
Copies of this interim report are being sent to all registered
shareholders. Additional copies are available from the Company's
London office, 60 St James's Street, London, SW1A 1LE.
The Group has adopted all of the new and revised Standards and
Interpretations issued by the Australian Accounting Standards Board
(the AASB) that are relevant to their operations and effective for
the current reporting period.
New and revised Standards and amendments thereof and
Interpretations effective for the current reporting period that are
relevant to the Group include:
-- Amendments to AASB 5, 8, 101, 107, 117, 118, 136 and 139 as a
consequence of AASB 2009-5 Further Amendments to Australian
Accounting Standards arising from the Annual Improvements
Project
AASB 2009-5 introduces amendments into Accounting Standards that
are equivalent to those made by the IASB under its program of
annual improvements to its standards. A number of the amendments
are largely technical, clarifying particular terms, or eliminating
unintended consequences. Other changes are more substantial, such
as the classification of expenditures on unrecognised assets in the
statement of cash flows.
The adoption of these amendments has not resulted in any changes
to the Group's accounting policies and have had no affect on the
amounts reported for the current or prior periods.
NOTE 2: SEGMENT INFORMATION
The Group operates in predominantly one operating segment, being
the exploration and mining for valuable resources that produce
energy in Australia.
NOTE 3: DIVIDENDS
The Company has not declared any dividends in the period ended
31 December 2010.
NOTE 4: CONTINGENCIES
There has been no change in contingent liabilities or contingent
assets since the last annual reporting date.
SPITFIRE OIL LIMITED
Notes to the CONDENSED CONSOLIDATED financial statements
NOTE 5: ISSUED CAPITAL
31 December 2010 31 December 2009 30 June 2010
No A$ No A$ No A$
Issued
and Paid
Up
Capital
Fully
Paid
Ordinary
Shares 42,550,668 20,854,412 42,550,668 20,854,412 42,550,668 20,854,412
---------- ---------- ---------- ---------- ---------- ----------
Total
Issued
Capital 20,854,412 20,854,412 20,854,412
========== ========== ==========
NOTE 6: LOSS PER SHARE
31 December 31 December 30 June
2010 2009 2010
Basic and diluted loss per share
(cents) (0.4) (2.6) (2.8)
a) Net loss used in the calculation
of basic and diluted loss per
share (189,684) (1,093,816) (1,202,916)
b) Weighted average number of
ordinary shares outstanding during
the period used in the calculation
of basic and diluted loss per
share 42,550,668 42,550,668 42,550,668
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 7: NET TANGIBLE ASSETS
31 December 31 December 30 June
2010 2009 2010
Net Tangible Assets (A$) 8,082,248 8,298,828 7,999,677
Shares (No) 42,550,668 42,550,668 42,550,668
Net Tangible Assets (cents) 19.0 19.5 18.8
NOTE 8: SUBSEQUENT EVENTS
No matter or circumstance has arisen since 31 December 2010,
which has significantly affected, or may significantly affect the
operations of the Group, the result of those operations, or the
state of affairs of the Group in subsequent financial years.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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