TIDMSRO
RNS Number : 9665Y
Spitfire Oil Limited
09 March 2012
Spitfire Oil Limited
60 St James's Street, London SW1A 1LE, United Kingdom
Telephone: + 44 (0)20 7629 7774 Facsimile: + 44 (0)20 7629
7773
9th March 2012
INTERIM STATEMENT FOR THE SIX MONTHS ENDED 31(st) DECEMBER
2011
Spitfire Oil Limited ("Spitfire" or "the Company") is pleased to
publish a copy of its unaudited interim results for the six months
ended the 31(st) December 2011, a summary of which is attached.
Introduction
Spitfire and its subsidiaries (together "the Group") recorded a
loss before tax for the six months ended the 31(st) December 2011
of A$211,889 (2010: A$189,684). With cash balances of A$7.5m, the
Group has benefited from interest receipts of A$181,000 in the
period.
Spitfire has continued to monitor the technologies available for
processing the Salmon Gums lignite into a saleable gas or
distillate. Several proposals have been investigated during the
year but the Board is yet to be convinced that any are commercially
viable. However, as world fuel prices continue to rise, several
technologies are emerging. The Company remains convinced that being
patient until a suitable process is developed is the prudent course
of action. Accordingly, Spitfire has continued conducting work to
maintain the exploration licences in good standing while looking at
other investment proposals and maintaining its cash funds. Several
new proposals were progressed during the year but they either
failed to meet the Company's investment criteria or failed to come
to fruition.
Licence Management
As outlined in the 2010 Annual Report, the Salmon Gums
exploration licences were successfully extended until the 6th July
2012. Application for a retention licence over the area of the
defined lignite resource was applied for on the 20th October 2011
and covers an area of 23,749 hectares. Retention licences are
granted where a mineral resource has been identified but where the
mining and processing is not currently viable. They are issued for
a period of 5 years, are renewable and, apart from annual rent,
have minimal expenditure requirements.
The following table shows the current status of the Salmon Gums
Project licences pending grant of a retention licence.
Lease Project Locality Status Area Applic Grant Expiry EXP $ Rent $
--------- --------- ---------- ------------- -------- ----------- ----------- ----------- ------------ -----------
Salmon 15
E63/934 Gums WA Granted Blocks 27/01/2004 07/07/2005 06/07/2012 $50,000.00 $3,592.50
--------- --------- ---------- ------------- -------- ----------- ----------- ----------- ------------ -----------
Salmon 21
E63/935 Gums WA Granted Blocks 27/01/2004 07/07/2005 06/07/2012 $50,000.00 $5,029.50
--------- --------- ---------- ------------- -------- ----------- ----------- ----------- ------------ -----------
Salmon 52
E63/947 Gums WA Granted Blocks 20/10/2004 07/07/2005 06/07/2012 $104,000.00 $12,454.00
--------- --------- ---------- ------------- -------- ----------- ----------- ----------- ------------ -----------
Salmon 21
E63/961 Gums WA Granted Blocks 29/12/2004 06/10/2005 05/10/2012 $50,000.00 $5,029.50
--------- --------- ---------- ------------- -------- ----------- ----------- ----------- ------------ -----------
23748.7
R63/3 Marda WA Application H 20/10/2011 $0.00 $0.00
--------- --------- ---------- ------------- -------- ----------- ----------- ----------- ------------ -----------
Note: Rent and expenditure commitments for the Retention Licence
Application cannot be set until approved
Gold Programme
Following the successful identification of an area of anomalous
gold mineralization in the project area in 2009-2010, an attempt
was made to locate a suitable joint venture partner to share the
risk of ongoing exploration. With no suitable partner found,
Spitfire continued with further gold exploration during 2011 as
part of the minimum expenditure requirements of the licences.
The gold exploration program consisted of drilling further
reconnaissance holes over theoretical targets in each of the
licences, although one area was omitted due to logistical concerns.
The results were disappointing in that most of the anomalous
indicators were found to be insignificant. Given these results, it
was decided that Spitfire should discontinue further gold
exploration in the area.
Further Information
Spitfire Oil Limited
Mladen Ninkov - Chairman Telephone: +44(0)20 7629 7774
Roger Goodwin - Director
Panmure Gordon (UK) Limited Telephone: +44 (0)20 7459 3600
Dominic Morley
Hannah Woodley
Spitfire Oil Limited's shares are quoted on the Alternative
Investment Market (AIM)
of the London Stock Exchange (symbol SRO).
The Company's news releases are available on the Company's web
site: www.spitfireoil.com
SPITIFIRE OIL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE HALF-YEAR ENDED 31 DECEMBER 2011
(expressed in Australian dollars)
Half-year Full-year
31 December 31 December 30 June
2011 2010 2011
Unaudited Unaudited Audited
Note A$ A$ A$
REVENUE 180,660 177,970 570,879
EXPENDITURE
Technology and development - (10,045) -
Corporate expenses (331,357) (257,407) (691,630)
Other expenses (61,192) (100,202) (151,676)
LOSS BEFORE INCOME TAX (211,889) (189,684) (272,427)
Income tax benefit / (expense) - - -
--------------------- --------------------- -------------------
LOSS FOR THE HALF-YEAR (211,889) (189,684) (272,427)
===================== ===================== ===================
OTHER COMPREHENSIVE INCOME - - -
TOTAL COMPREHENSIVE LOSS FOR
THE PERIOD ATTRIBUTABLE TO MEMBERS
OF SPITFIRE OIL LIMITED (211,889) (189,684) (272,427)
===================== ===================== ===================
Basic and diluted loss per share
(cents) 6 (0.5) (0.4) (0.6)
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 2011
(expressed in Australian dollars)
31 December 31 December 30 June
2011 2010 2011
Unaudited Unaudited Audited
Note A$ A$ A$
CURRENT ASSETS
Cash and cash equivalents 7,519,328 7,996,690 7,985,012
Trade and other receivables 3,266 3,876 8,051
Other current assets 71,128 76,757 67,268
TOTAL CURRENT ASSETS 7,593,722 8,077,323 8,060,331
----------- ----------- -----------
NON-CURRENT ASSETS
Plant and equipment 1,085 4,925 2,432
Intangible assets 8,332,730 7,942,618 8,034,656
----------- ----------- -----------
TOTAL NON-CURRENT ASSSETS 8,333,815 7,947,543 8,037,088
----------- ----------- -----------
TOTAL ASSETS 15,927,537 16,024,866 16,097,419
----------- ----------- -----------
CURRENT LIABILITIES
Trade and other payables 6,909 38,974 44,333
TOTAL CURRENT LIABILITIES 6,909 38,974 44,333
----------- ----------- -----------
TOTAL LIABILITIES 6,909 38,974 44,333
----------- ----------- -----------
NET ASSETS 15,920,628 15,985,892 16,053,086
=========== =========== ===========
EQUITY
Issued capital 5 20,854,412 20,854,412 20,854,412
Reserves 229,368 790,001 149,937
Accumulated losses (5,163,152) (5,658,521) (4,951,263)
----------- ----------- -----------
TOTAL EQUITY 15,920,628 15,985,892 16,053,086
=========== =========== ===========
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 2011
(expressed in Australian dollars)
Contributed Accumulated
Equity Options Reserve Losses Total
A$ A$ A$ A$
BALANCE AT 1 JULY 2010 20,854,412 790,001 (5,468,837) 16,175,576
Total comprehensive loss
for the period - - (189,684) (189,684)
BALANCE AT 31 DECEMBER
2010 20,854,412 790,001 (5,658,521) 15,985,892
=========== =============== =========== ==========
Total comprehensive loss
for the period - - (82,743) (82,743)
TRANSACTIONS WITH OWNERS
IN THEIR CAPACITY AS OWNERS
Transfer of reserve upon
expiry of options - (790,001) 790,001 -
Issuance of employee share
options - 149,937 - 149,937
BALANCE AT 30 JUNE 2011 20,854,412 149,937 (4,951,263) 16,053,086
=========== =============== =========== ==========
Total comprehensive loss
for the period - - (211,889) (211,889)
TRANSACTIONS WITH OWNERS
IN THEIR CAPACITY AS OWNERS
Vesting of employee share
options - 79,431 - 79,431
BALANCE AT 31 DECEMBER
2011 20,854,412 229,368 (5,163,152) 15,920,628
=========== =============== =========== ==========
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 2011
(expressed in Australian dollars)
Half-year Full-year
31 December 31 December 30 June
2011 2010 2011
Unaudited Unaudited Audited
A$ A$ A$
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and employees (335,362) (394,869) (720,027)
Interest received 180,660 178,265 364,757
R&D tax concession received - - 206,417
----------- ----------- ---------
Net cash outflow from operating activities (154,702) (216,604) (148,853)
----------- ----------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES
Refund of tenement rents - 348,865 348,865
Exploration expenditure (311,275) (41,117) (119,711)
Net cash (outflow)/inflow from investing
activities (311,275) 307,748 229,154
----------- ----------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash inflow/(outflow) from financing
activities - - -
----------- ----------- ---------
Net (decrease)/increase in cash and
cash equivalents (465,977) 91,144 80,301
Cash and cash equivalents at the
beginning of the period 7,985,012 7,926,723 7,926,723
Effects of exchange rate changes
on cash and cash equivalents 293 (21,177) (22,012)
----------- ----------- ---------
CASH AND CASH EQUIVALENTS AT THE
END OF THE PERIOD 7,519,328 7,996,690 7,985,012
=========== =========== =========
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 condensed consolidated interim financial report for the
half-year reporting period ended 31 December 2011 has been prepared
in accordance with Accounting Standard AASB 134 Interim Financial
Reporting and the 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 2011 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 2011 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 2011
statutory financial statements.
This condensed consolidated 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 2011
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.
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 accounting policies adopted are consistent with those of the
previous financial year and corresponding interim reporting
period.
The Group has reviewed all new Standards and Interpretations
that have been issued but are not yet effective for the half-year
ended 31 December 2011. As a result of this review the Directors
have determined that there is no impact, material or otherwise, of
the new and revised Standards and Interpretations on its business
and, therefore, no change necessary to Group accounting
policies.
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 2011.
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 2011 31 December 2010 30 June 2011
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
2011 2010 2011
Basic and diluted loss per share
(cents) (0.5) (0.4) (0.6)
a) Net loss used in the calculation
of basic and diluted loss per share (211,889) (189,684) (272,427)
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
2011 2010 2011
Net Tangible Assets (A$) 7,587,898 8,043,274 8,018,430
Shares (No) 42,550,668 42,550,668 42,550,668
Net Tangible Assets (cents) 17.8 18.9 18.8
NOTE 8: SUBSEQUENT EVENTS
No matter or circumstance has arisen since 31 December 2011,
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
IR UGUGCWUPPGGR
Spitfire Oil (LSE:SRO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Spitfire Oil (LSE:SRO)
Historical Stock Chart
From Jul 2023 to Jul 2024
