TIDMSRO
RNS Number : 5198Z
Spitfire Oil Limited
08 March 2013
60 St James's Street, London SW1A 1LE, United Kingdom
Telephone: + 44 (0)20 7629 7774 Facsimile: + 44 (0)20 7629
7773
Spitfire Oil Limited
8th March 2013
INTERIM STATEMENT FOR THE SIX MONTHS ENDED 31(st) DECEMBER
2012
Spitfire Oil Limited ("Spitfire" or "the Company") is pleased to
publish its unaudited interim results for the six months ended
31(st) December 2012.
Spitfire and its subsidiaries (together "the Group") recorded a
loss before tax for the six months ended 31(st) December 2012 of
A$182,907 (2011: A$211,889). With cash balances of A$7.2m, the
Group has benefited from interest receipts of A$122,584 (2011
A$180,660) in the period. Operating costs have been reduced to
A$305,491 (2011 A$392,549) with action taken during the period to
further reduce costs, including a reduction in directors' fees.
On 4th September 2012 Spitfire Oil Pty Ltd was granted a five
year renewable retention licence covering the Salmon Gums lignite
resource area with no annual exploration expenditure commitments
attaching to this licence other than the prescribed licence
fees.
Developing processing technologies, and in particular
developments in pyrolysis technology, are being kept under review
for possible application to process the Salmon Gums lignite. In the
meantime the directors continue to evaluate numerous alternative
natural resources projects.
Chairman's Statement
Chairman Mladen Ninkov commented, "Having ensured long term
tenure over the Salmon Gums lignite deposits with minimal financial
commitment, costs have been further reduced to ensure the financial
stability of the Company for the foreseeable future. The directors
will continue to review all possible acquisition opportunities for
the Company. "
Further Information
Spitfire Oil Limited
Mladen Ninkov - Chairman Telephone: +44(0)20 7629 7774
Roger Goodwin - Director
Panmure Gordon (UK) Limited Telephone: +44 (0)20 7459 3600
Dominic Morley
Hannah Woodley
Spitfire Oil Limited's shares are quoted on the Alternative
Investment Market (AIM)
of the London Stock Exchange (symbol SRO).
The Company's news releases are available on the Company's web
site: www.spitfireoil.com
SPITIFIRE OIL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 DECEMBER 2012
(expressed in Australian dollars)
Half-year Full-year
31 December 31 December 30 June
2012 2011 2012
Unaudited Unaudited Audited
Note A$ A$ A$
OTHER INCOME 122,584 180,660 332,569
EXPENDITURE
Corporate expenses (284,001) (331,357) (656,805)
Other expenses (21,490) (61,192) (106,751)
LOSS BEFORE INCOME TAX (182,907) (211,889) (430,987)
Income tax - - -
--------------------- --------------------- -------------------
LOSS AFTER INCOME TAX (182,907) (211,889) (430,987)
===================== ===================== ===================
OTHER COMPREHENSIVE INCOME,
NET OF TAX - - -
LOSS AND TOTAL COMPREHENSIVE
INCOME FOR THE PERIOD
ATTRIBUTABLE TO OWNERS
OF SPITFIRE OIL LIMITED (182,907) (211,889) (430,987)
===================== ===================== ===================
Basic and diluted loss
per share for loss attributable
to the ordinary equity
holders of the Company
(cents per share). 6 (0.4) (0.5) (1.0)
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 2012
(expressed in Australian dollars)
31 December 31 December 30 June
2012 2011 2012
Unaudited Unaudited Audited
Note A$ A$ A$
CURRENT ASSETS
Cash and cash equivalents 7,216,454 7,519,328 7,367,957
Trade and other receivables - 3,266 -
Other current assets 30,447 26,128 12,961
TOTAL CURRENT ASSETS 7,246,901 7,548,722 7,380,918
----------- ----------- -----------
NON-CURRENT ASSETS
Plant and equipment - 1,085 -
Capitalised exploration
and evaluation costs 8,373,897 8,332,730 8,373,897
Other non-current assets - 45,000 45,000
----------- ----------- -----------
TOTAL NON-CURRENT ASSSETS 8,373,897 8,378,815 8,418,897
----------- ----------- -----------
TOTAL ASSETS 15,620,798 15,927,537 15,799,815
----------- ----------- -----------
CURRENT LIABILITIES
Trade and other payables 22,999 6,909 45,800
TOTAL CURRENT LIABILITIES 22,999 6,909 45,800
----------- ----------- -----------
TOTAL LIABILITIES 22,999 6,909 45,800
----------- ----------- -----------
NET ASSETS 15,597,799 15,920,628 15,754,015
=========== =========== ===========
EQUITY
Issued capital 5 20,854,412 20,854,412 20,854,412
Reserves 308,544 229,368 281,853
Accumulated losses (5,565,157) (5,163,152) (5,382,250)
----------- ----------- -----------
TOTAL EQUITY 15,597,799 15,920,628 15,754,015
=========== =========== ===========
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 SIX MONTHS ENDED 31 DECEMBER 2012
(expressed in Australian dollars)
Issued Options Accumulated
Capital Reserve Losses Total
A$ A$ A$ A$
BALANCE AT 1 JULY 2011 20,854,412 149,937 (4,951,263) 16,053,086
---------- -------- ----------- ----------
Loss for the period - - (211,889) (211,889)
---------- -------- ----------- ----------
LOSS AND TOTAL COMPREHENSIVE
INCOME - - (211,889) (211,889)
---------- -------- ----------- ----------
TRANSACTIONS WITH OWNERS IN
THEIR CAPACITY AS OWNERS
Issuance of employee share
options - 79,431 - 79,431
BALANCE AT 31 DECEMBER 2011 20,854,412 229,368 (5,163,152) 15,920,628
========== ======== =========== ==========
Loss for the period - - (219,098) (219,098)
---------- -------- ----------- ----------
LOSS AND TOTAL COMPREHENSIVE
INCOME - - (219,098) (219,098)
---------- -------- ----------- ----------
TRANSACTIONS WITH OWNERS IN
THEIR CAPACITY AS OWNERS
Issuance of employee share
options - 52,485 - 52,485
BALANCE AT 30 JUNE 2012 20,854,412 281,853 (5,382,250) 15,754,015
========== ======== =========== ==========
Loss for the period - - (182,907) (182,907)
---------- -------- ----------- ----------
LOSS AND TOTAL COMPREHENSIVE
INCOME - - (182,907) (182,907)
---------- -------- ----------- ----------
TRANSACTIONS WITH OWNERS IN
THEIR CAPACITY AS OWNERS
Issuance of employee share
options - 26,691 - 26,691
BALANCE AT 31 DECEMBER 2012 20,854,412 308,544 (5,565,157) 15,597,799
========== ======== =========== ==========
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 SIX MONTHS ENDED 31 DECEMBER 2012
(expressed in Australian dollars)
Half-year Full-year
31 December 31 December 30 June
2012 2011 2012
Unaudited Unaudited Audited
A$ A$ A$
CASH FLOWS FROM OPERATING
ACTIVITIES
Payments to suppliers and
employees (228,360) (335,362) (602,446)
Interest received 122,584 180,660 332,569
Net cash outflow from operating
activities (105,776) (154,702) (269,897)
----------- ----------- ---------
CASH FLOWS FROM INVESTING
ACTIVITIES
Refund of tenement rents - - -
Payments for exploration
and evaluation expenditure (41,167) (311,275) (348,213)
Net cash (outflow)/inflow
from investing activities (41,167) (311,275) (348,213)
----------- ----------- ---------
NET (DECREASE) / INCREASE
IN CASH AND CASH EQUIVALENTS (146,943) (465,977) (618,110)
Cash and cash equivalents
at the beginning of the
period 7,367,957 7,985,012 7,985,012
Effects of exchange rate
changes on cash and cash
equivalents (4,560) 293 1,055
----------- ----------- ---------
CASH AND CASH EQUIVALENTS
AT THE END OF THE PERIOD 7,216,454 7,519,328 7,367,957
=========== =========== =========
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 SIX MONTH FINANCIAL
REPORT
This condensed consolidated interim financial report for the six
month reporting period ended 31 December 2012 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 2012 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 2012 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 2012
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 2012
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 six months
ended 31 December 2012. 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. The results, revenue and operating assets
reported all relate to 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 2012.
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 2012 31 December 2011 30 June 2012
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
2012 2011 2012
Basic and diluted loss per
share (cents) (0.4) (0.5) (1.0)
a) Net loss used in the
calculation of basic and
diluted loss per share (182,907) (211,889) (430,987)
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
2012 2011 2012
Net Tangible Assets (A$) 7,223,902 7,587,898 7,380,118
Shares (No) 42,550,668 42,550,668 42,550,668
Net Tangible Assets (cents) 17.0 17.8 17.8
NOTE 8: SUBSEQUENT EVENTS
No matter or circumstance has arisen since 31 December 2012,
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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