TIDMSRO
RNS Number : 8963Q
Spitfire Oil Limited
27 October 2011
Spitfire Oil
60 St James's Street, London SW1A 1LE, United Kingdom
Telephone: + 44 (0)20 7629 7774 Facsimile: + 44 (0)20 7629
7773
27th October 2011
PRELIMINARY RESULTS
Spitfire Oil Limited ("Spitfire Oil" or the "Company"), has
today published its results for the period ended 30 June 2011, a
summary of which is attached.
Spitfire Oil and its subsidiary Spitfire Oil Pty Ltd (together
"the Group") principal activity is the pursuance of the production
of fuel oil and distillate from the Salmon Gums Lignite deposits in
Western Australia.
Spitfire Oil has reported a consolidated loss before tax for the
year ended 30 June 2011 of A$272,427 (2010 A$1,202,916). The Group
benefited from interest received of A$364,462 (2010 A$313,905) and
research and development tax concession income of A$206,417 (2010
A$324,688). Operating costs have been reduced to A$843,306 from
A$1,852,367 in 2010. In addition expenditure has been incurred and
capitalised on further exploration work at the Salmon Gums tenement
licences of A$134,232 (2010 A$658,376), whilst A$348,865 (2010 nil)
was received on the refund of tenement rents. Cash balances at 30th
June 2011 amounted to A$7,985,012 (2010 A$7,926,723).
Chairman's Statement:
Whilst the actions in minimising expenditure on the Salmon Gums
lignite deposit and its historical process development has
stabilised the Company's finances, progress has not proceeded fast
enough in attaining a proven alternative processing methodology
which meets the economic criteria set by the Company. Interest has
been forthcoming by third parties in working with Spitfire in joint
venture to apply certain technologies to the Salmon Gums lignite
but nothing attractive or viable has been presented which warrants
acceptance by the Company.
The Company continues to believe there is real value in the
Salmon Gums lignite deposit. Such optimism is warranted considering
the announcement on 21 September 2011 by Blackham Resources
Limited, a company listed on the Australian Stock Exchange and
which holds the adjoining Scaddens lignite tenements, that it had
received a substantial cash offer for its Scaddens project with an
ongoing royalty payment per tonne of lignite mined. In order to
secure Spitfire's tenement areas at Salmon Gums, application is
being made for retention licences which will allow Spitfire to hold
the rights to the Salmon Gums deposits in the longer term whilst
minimising required expenditure. The Salmon Gums deposits would
appear to meet the criteria for retention licences which are
designed specifically for those deposits where the technology does
not yet exist or is not fully developed to process the contained
deposits commercially.
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 which
continued in 2011. This allowed the Company to spend its minimum
expenditure requirements under the terms of the tenement licences
whilst also more thoroughly testing the known gold occurrences. The
results from that work have been disappointing and it is therefore
unlikely that Spitfire will pursue any further gold exploration
work at Salmon Gums. However, base metal anomalies have also been
uncovered at Salmon Gums and the Company has yet to decide whether
to investigate these occurrences further.
With Spitfire's finances and assets secured, the Company
continues to seek ways to not only realise the full potential of
the Salmon Gums lignite deposits, but also, in a world with
increasing energy demand and declining fossil fuel resources, other
energy related ventures. To date, a number of alternative, gas and
oil related ventures that would bring near term cash flow have been
investigated, but none have met the criteria set by the Company.
The Company's journey to deliver true shareholder wealth
continues.
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 2011
(expressed in Australian dollars)
2011 2010
A$ A$
OTHER REVENUE 570,879 649,451
EXPENDITURE
Corporate expenses (691,630) (1,275,932)
Technology and development - (394,613)
Other expenses (151,676) (181,822)
LOSS BEFORE INCOME TAX (272,427) (1,202,916)
INCOME TAX - -
------------------ -------------------
LOSS FOR THE YEAR (272,427) (1,202,916)
================== ===================
OTHER COMPREHENSIVE INCOME
Exchange differences on translation of foreign
operations - (55,271)
------------------ -------------------
Other comprehensive income for the year, net
of tax - (55,271)
------------------ -------------------
TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE
YEAR ATTRIBUTABLE TO OWNERS OF SPITFIRE OIL
LIMITED (272,427) (1,258,187)
================== ===================
Basic and diluted loss per share for loss
attributable to the ordinary equity holders
of the Company (cents per share) (0.6) (2.8)
SPITFIRE OIL LIMITED
Consolidated Statement of Financial position
For the year ended 30 June 2011
(expressed in Australian dollars)
2011 2010
A$ A$
CURRENT ASSETS
Cash and cash equivalents 7,985,012 7,926,723
Trade and other receivables 8,051 295
Other current assets 67,268 64,705
TOTAL CURRENT ASSETS 8,060,331 7,991,723
----------- -----------
NON--CURRENT ASSETS
Plant and equipment 2,432 7,954
Capitalised exploration and evaluation
costs 8,034,656 8,249,289
TOTAL NON--CURRENT ASSETS 8,037,088 8,257,243
----------- -----------
TOTAL ASSETS 16,097,419 16,248,966
----------- -----------
CURRENT LIABILITIES
Trade and other payables 44,333 73,390
TOTAL CURRENT LIABILITIES 44,333 73,390
----------- -----------
TOTAL LIABILITIES 44,333 73,390
----------- -----------
NET ASSETS 16,053,086 16,175,576
=========== ===========
EQUITY
Issued capital 20,854,412 20,854,412
Reserves 149,937 790,001
Accumulated losses (4,951,263) (5,468,837)
----------- -----------
TOTAL EQUITY 16,053,086 16,175,576
=========== ===========
SPITFIRE OIL LIMITED
Consolidated Statement of Changes in Equity
For the year ended 30 June 2011
(expressed in Australian dollars)
Foreign Currency
Issued Options Translation Accumulated
Capital Reserve Reserve Losses Total
A$ A$ A$ A$ A$
BALANCE AT 1 JULY 2009 20,854,412 790,001 55,271 (4,265,921) 17,433,763
Loss for the year - - - (1,202,916) (1,202,916)
OTHER COMPREHENSIVE LOSS
Exchange differences on
translation of foreign
operations - - (55,271) - (55,271)
---------- --------- ---------------- ----------- -----------
TOTAL COMPREHENSIVE LOSS - - (55,271) (1,202,916) (1,258,187)
BALANCE AT 30 JUNE 2010 20,854,412 790,001 - (5,468,837) 16,175,576
========== ========= ================ =========== ===========
Loss for the year - - - (272,427) (272,427)
---------- --------- ---------------- ----------- -----------
TOTAL COMPREHENSIVE LOSS - - - (272,427) (272,427)
TRANSACTIONS WITH OWNERS
IN THEIR CAPACITY AS OWNERS
Transfer of reserve upon
expiry of options - (790,001) - 790,001 -
Issuance of share options - 149,937 - - 149,937
---------- --------- ---------------- ----------- -----------
BALANCE AT 30 JUNE 2011 20,854,412 149,937 - (4,951,263) 16,053,086
========== ========= ================ =========== ===========
SPITFIRE OIL LIMITED
Consolidated Statement of Cash Flows
For the year ended 30 June 2011
2011 2010
A$ A$
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and employees (720,027) (1,464,319)
Interest received 364,757 313,610
Research and development tax concession
received 206,417 324,688
NET CASH OUTFLOW FROM OPERATING ACTIVITIES (148,853) (826,021)
--------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for exploration and evaluation
expenditure (119,711) (1,213,195)
Refund of tenement rents 348,865 -
NET CASH INFLOW/(OUTFLOW) FROM INVESTING
ACTIVITIES 229,154 (1,213,195)
--------- -----------
NET INCREASE/(DECREASE) IN CASH AND CASH
EQUIVALENTS 80,301 (2,039,216)
Cash and cash equivalents at the beginning
of the financial year 7,926,723 9,974,229
Effects of exchange rate changes on cash
and cash equivalents (22,012) (8,290)
CASH AND CASH EQUIVALENTS AT THE END OF
THE FINANCIAL YEAR 7,985,012 7,926,723
========= ===========
(expressed in Australian dollars)
SPITFIRE OIL LIMITED
Notes to the Preliminary Results to 30th June 2011
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
2011 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 2011 statutory financial
statements upon which the auditors' opinion is unqualified. The
statutory financial statements for the year to 30 June 2011 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 2010
have been extracted from the statutory accounts for that period,
which contain an unqualified auditors' report.
3. The annual report and accounts for 2011 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, 6(th) 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$272,427 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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