TIDMSRO
RNS Number : 5885Q
Spitfire Oil Limited
08 November 2012
Spitfire Oil Limited
8th November2012
PRELIMINARY RESULTS
Financial
Spitfire Oil Limited ("the Company") and its wholly owned
subsidiary, Spitfire Oil Pty Ltd ("Spitfire"), together ("the
Group"), recorded a loss before tax for the year ended 30th June
2012 of $430,987 (2011 $478,844). The Group benefited from interest
received of $332,569 (2011 $364,462). Operating costs were reduced
to $763,556 (2011 $843,306). In addition, expenditure was incurred
and capitalised on further exploration work on the Salmon Gums
tenement licences amounting to $339,241 (2011 $134,232) whilst
nothing was received on the refund of tenement rents (2011
$348,865). Cash balances at 30th June 2012 amounted to $7,367,957
(2011 $7,985,012).
Licence Status
During the year ended 30th June 2012, there was no change in
Spitfire's Exploration Licences over the Salmon Gums Project.
However, an application was made for a Retention Licence covering
the lignite resource area (see Map). This was granted on 4th
September 2012 for a renewable five-year term. There are no annual
exploration expenditure commitments attaching to this licence other
than prescribed licence fees.
The segments of the Exploration Licences that occurred outside
the Retention Licence area were relinquished and Surrender Reports
lodged as required by the relevant regulations. Extension-of-Term
applications were lodged to cover the intervening period between
the expiry of the Exploration Licences and the grant of the
Retention Licence. These remaining Exploration Licences will
subsequently expire and the licence fees be refunded.
Lease Status Area Km2 Applied Grant Expiry
Date
--------- --------- --------- ------------ ----------- -----------
R63/3 Granted 43.23 27/01/2005 4/09/12 3/09/17
E63/934 Expired 7/07/2005 6/07/2012
E63/935 Expired 60.61 27/01/2005 7/07/2005 6/07/2012
E63/947 Expired 146.3 20/10/2005 7/07/2005 6/07/2012
E63/961 Granted 60.63 29/12/2005 6/10/2005 5/10/2012
--------- --------- --------- ------------ ----------- -----------
Spitfire Oil Salmon Gums Project Licences as of 17/09/12
Process Technology
As part of its ongoing monitoring of any suitable process
technologies for the Salmon Gums lignite resource, Spitfire
conducted a review during the year of currently available
technologies for gasification of the lignite. This review was
undertaken by a world-renowned independent consulting firm
specialising in the processing of lignite deposits, Higman
Consulting GmbH. It concluded that due to the high water and salt
content and the plastic physical nature of the material, the Salmon
Gums lignite was unlikely to be economic with existing gasification
processes and current capital and operating pricing structures. In
light of these conclusions, Spitfire continues to maintain its
investigation of developing processing technologies, particularly
the many new developments to pyrolysis technology being undertaken
at present for the biofuels industry.
Gold Program
Following the completion of the gold exploration program over
the remainder of the Exploration Licences that had remained
previously untested, it was concluded that the weak results did not
merit further work for gold.
Other Business Opportunities
The Company continues to evaluate numerous alternative natural
resources projects. Several alternative oil &/or gas projects
were reviewed during the year but none were found to meet the
necessary economic requirements of the Company. With the continuing
global financial uncertainty, there has been a noticeable
deterioration in equity markets for smaller companies and therefore
there is an expectation that more robust projects may become
available in the future.
Chairman's Statement:
Although significant activity and opportunities were generated
during the year, the progress generated by that activity led to
very little immediate economic benefit.
The only tangible result achieved, which occurred subsequent to
the end of the financial year, was the granting of the Retention
Licence over the Salmon Gums project on the 4(th) September 2012
for a renewable 5 year term. This development will, at least, allow
the Company to retain the Salmon Gums project until a viable,
economic process can be verified to extract a distillate or gas
from the vast lignite resource contained within the Salmon Gums
project.
The Company has continued to investigate diligently and
systematically a large number of possible acquisition
opportunities. As is normally the case, the vast majority of these
opportunities are uneconomic when taking into account capital
costs, operating costs and return on equity. A very small number
continue to have substantial interest and the Company continues to
proceed with due diligence and commercial discussions to ascertain
whether a viable transaction can be consummated. As always, the
Company continues to evaluate these opportunities with its first
and foremost goal to obtain an exceptional return for shareholders.
It is with that, and only that, aim that the Company enters the new
financial year.
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 2012
(expressed in Australian dollars)
2012 2011
A$ A$
OTHER INCOME 332,569 364,462
EXPENDITURE
Corporate expenses (656,805) (691,630)
Other expenses (106,751) (151,676)
LOSS BEFORE INCOME TAX (430,987) (478,844)
INCOME TAX - 206,417
------------------ -------------------
LOSS AFTER INCOME TAX (430,987) (272,427)
================== ===================
OTHER COMPREHENSIVE INCOME, NET
OF TAX
LOSS AND TOTAL COMPREHENSIVE INCOME
FOR THE YEAR ATTRIBUTABLE TO OWNERS
OF SPITFIRE OIL LIMITED (430,987) (272,427)
================== ===================
Basic and diluted loss per share
for loss attributable to the ordinary
equity holders of the Company (cents
per share) (1.0) (0.6)
SPITFIRE OIL LIMITED
Consolidated Statement of Financial position
For the year ended 30 June 2012
(expressed in Australian dollars)
2012 2011
A$ A$
CURRENT ASSETS
Cash and cash equivalents 7,367,957 7,985,012
Trade and other receivables - 8,051
Other current assets 12,961 22,268
TOTAL CURRENT ASSETS 7,380,918 8,015,331
----------- -----------
NON--CURRENT ASSETS
Plant and equipment - 2,432
Capitalised exploration and
evaluation costs 8,373,897 8,034,656
Other non-current assets 45,000 45,000
TOTAL NON--CURRENT ASSETS 8,418,897 8,082,088
----------- -----------
TOTAL ASSETS 15,799,815 16,097,419
----------- -----------
CURRENT LIABILITIES
Trade and other payables 45,800 44,333
TOTAL CURRENT LIABILITIES 45,800 44,333
----------- -----------
TOTAL LIABILITIES 45,800 44,333
----------- -----------
NET ASSETS 15,754,015 16,053,086
=========== ===========
EQUITY
Issued capital 20,854,412 20,854,412
Reserves 281,853 149,937
Accumulated losses (5,382,250) (4,951,263)
----------- -----------
TOTAL EQUITY 15,754,015 16,053,086
=========== ===========
SPITFIRE OIL LIMITED
Consolidated Statement of Changes in Equity
For the year ended 30 June 2012
(expressed in Australian dollars)
Issued Options Accumulated
Capital Reserve Losses Total
A$ A$ A$ A$
BALANCE AT 1 JULY 2010 20,854,412 790,001 (5,468,837) 16,175,576
---------- --------- ------------ ----------
Loss for the year --- -- (272,427) (272,427)
---------- --------- ------------ ----------
TOTAL COMPREHENSIVE INCOME -- - (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 employee
share option - 149,937 - 149,937
---------- --------- ------------ ----------
BALANCE AT 30 JUNE 2011 20,854,412 149,937 (4,951,263) 16,053,086
========== ========= ============ ==========
Loss for the year - - (430,987)) (430,987)
---------- --------- ------------ ----------
TOTAL COMPREHENSIVE INCOME - - (430,987) (430,987)
---------- --------- ------------ ----------
TRANSACTIONS WITH OWNERS
IN THEIR CAPACITY AS
OWNERS
Issuance of share options -- 131,916 - 131,916
---------- --------- ------------ ----------
BALANCE AT 30 JUNE 2012 20,854,412 281,853 ((5,382,250) 15,754,015
========== ========= ============ ==========
SPITFIRE OIL LIMITED
Consolidated Statement of Cash Flows
For the year ended 30 June 2012
2012 2011
A$ A$
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and employees (602,466) (720,027)
Interest received 332,569 364,757
Research and development tax concession received - 206,417
NET CASH OUTFLOW FROM OPERATING ACTIVITIES (269,897) (148,853)
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for exploration and evaluation expenditure (348,213) (119,711)
Refund of tenement rents - 348,865
NET CASH (OUTFLOW) / INFLOW FROM INVESTING ACTIVITIES (348,213) 229,154
--------- ---------
NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS (618,110) 80,301
Cash and cash equivalents at the beginning of the financial
year 7,985,012 7,926,723
Effects of exchange rate changes on cash and cash equivalents 1,055 (22,012)
CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL
YEAR 7,367,957 7,985,012
========= =========
(expressed in Australian dollars)
SPITFIRE OIL LIMITED
Notes to the Preliminary Results to 30th June 2012
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
2012 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 2012 statutory financial
statements upon which the auditors' opinion is unqualified. The
statutory financial statements for the year to 30 June 2012 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 2011
have been extracted from the statutory accounts for that period,
which contain an unqualified auditors' report.
3. The annual report and accounts for 2012 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$430,987 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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