TIDMSRO
RNS Number : 9728U
Spitfire Oil Limited
10 December 2013
60 St James's Street, London SW1A 1LE, United Kingdom
Telephone: + 44 (0)20 7629 7774 Facsimile: + 44 (0)20 7629
7773
10th December 2013
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
2013 of A$289,639 (2012 A$430,987). The Group benefited from
interest received of A$220,495 (2012 A$332,569). Operating costs
were reduced to A$510,134 (2012 A$763,556). Following the grant of
retention licences over the Salmon Gums tenements $21,656 of
tenement management expenditure was incurred and capitalised on
further exploration work (2012 A$339,241). Cash balances at 30th
June 2013 amounted to A$7,110,136 (2012 A$7,367,957).
Operations
The Salmon Gums Lignite Project remains on hold and the
Retention Licence on which it occurs has been renewed for a further
year until October 2014. One potential joint venture on it was
pursued during the year but without success.
The Company has continued to keep its running costs to a minimum
while reviewing possible new projects. A number have been
considered during the year but have so far not met requirements. As
the market has declined, extra efforts are now being made to
acquire a suitable new project.
Chairman's Statement:
It has been an uneventful year. This has been primarily due to
the junior oil & gas and mining equity markets severely
contracting and, in essence, forcing these companies into "survival
mode." Very few quality opportunities were offered for sale, joint
venture or relinquishment, and those that were, failed to meet any
of the primary economic hurdles required for an investment or
acquisition by Spitfire. The time may well be approaching when
junior resource companies may encounter such unavoidable financial
distress, unable to be alleviated by raising equity or debt
capital, that quality assets will be offered for sale or joint
venture. It is that time that the Company will have the greatest
opportunity of acquiring a long life, sizeable project capable of
delivering the economic returns expected by the Company.
Nevertheless, the Company has not been dormant in investigating,
researching and evaluating acquisitions in preparation for such a
time. The Company continues to assess a number of acquisition
opportunities which, if consummated, would have a significant and
long lasting impact on the future direction of the Company. As
always in such cases, the chances of success are small, but they
still need to be continually monitored in the hope that they may be
consummated one day.
The Salmon Gums project continues to be governed by retention
licences and awaits the day when technology and costs will enable
the project to be developed.
The Company continues to keep costs to the barest of minimum,
conserving cash to enable opportunities to be pursued, due
diligence to be undertaken and acquisitions hopefully completed. As
always, the Company is driven by completing the right acquisition
to ensure the largest and longest returns to shareholder. May it be
this 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 7886 2500
Dominic Morley
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 Profit or Loss and Other Comprehensive
Income
For the year ended 30 June 2013
(expressed in Australian dollars)
2013 2012
A$ A$
OTHER INCOME 220,495 332,569
EXPENDITURE
Corporate expenses (414,483) (656,805)
Other expenses (95,651) (106,751)
LOSS BEFORE INCOME TAX (289,639) (430,987)
INCOME TAX - -
------------------ -------------------
LOSS AFTER INCOME TAX (289,639) (430,987)
================== ===================
OTHER COMPREHENSIVE INCOME, NET
OF TAX
LOSS AND TOTAL COMPREHENSIVE INCOME
FOR THE YEAR ATTRIBUTABLE TO OWNERS
OF SPITFIRE OIL LIMITED (289,639) (430,987)
================== ===================
Basic and diluted loss per share
for loss attributable to the ordinary
equity holders of the Company (cents
per share) (0.7) (1.0)
SPITFIRE OIL LIMITED
Consolidated Statement of Financial position
For the year ended 30 June 2013
(expressed in Australian dollars)
2013 2012
A$ A$
CURRENT ASSETS
Cash and cash equivalents 7,110,136 7,367,957
Trade and other receivables 1,242 -
Other current assets 14,179 12,961
TOTAL CURRENT ASSETS 7,125,557 7,380,918
----------- -----------
NON--CURRENT ASSETS
Capitalised exploration and evaluation
costs 8,395,553 8,373,897
Other non-current assets 45,000 45,000
TOTAL NON--CURRENT ASSETS 8,440,553 8,418,897
----------- -----------
TOTAL ASSETS 15,566,110 15,799,815
----------- -----------
CURRENT LIABILITIES
Trade and other payables 61,987 45,800
TOTAL CURRENT LIABILITIES 61,987 45,800
----------- -----------
TOTAL LIABILITIES 61,987 45,800
----------- -----------
NET ASSETS 15,504,123 15,754,015
=========== ===========
EQUITY
Issued capital 20,854,412 20,854,412
Reserves 321,600 281,853
Accumulated losses (5,671,889) (5,382,250)
----------- -----------
TOTAL EQUITY ATTRIBUTABLE TO THE
EQUITY HOLDERS OF THE PARENT 15,504,123 15,754,015
=========== ===========
SPITFIRE OIL LIMITED
Consolidated Statement of Changes in Equity
For the year ended 30 June 2013
(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 year --- -- (430,897) (430,897)
---------- -------- --------------- ---------------
TOTAL COMPREHENSIVE
INCOME -- - (430,897) (430,897)
---------- -------- --------------- ---------------
TRANSACTIONS WITH OWNERS
IN THEIR CAPACITY AS
OWNERS
Share option expense - 131,916 - 131,916
---------- -------- --------------- ---------------
BALANCE AT 30 JUNE 2012 20,854,412 281,853 (5,382,250) 15,754,015
========== ======== =============== ===============
Loss for the year - - (289,639) (289,639)
---------- -------- --------------- ---------------
TOTAL COMPREHENSIVE
INCOME - - (289,639) (289,639)
---------- -------- --------------- ---------------
TRANSACTIONS WITH OWNERS
IN THEIR CAPACITY AS
OWNERS
Share option expense -- 39,747 - 39,747
---------- -------- --------------- ---------------
BALANCE AT 30 JUNE 2013 20,854,412 321,600 (5,671,889) 15,504,123
========== ======== =============== ===============
SPITFIRE OIL LIMITED
Consolidated Statement of Cash Flows
For the year ended 30 June 2013
2013 2012
A$ A$
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and employees (451,906) (602,466)
Interest received 220,495 332,569
NET CASH OUTFLOW FROM OPERATING ACTIVITIES (231,411) (269,897)
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for exploration and evaluation expenditure (21,655) (348,213)
NET CASH OUTFLOW FROM INVESTING ACTIVITIES (21,655) (348,213)
--------- ---------
NET DECREASE IN CASH AND CASH EQUIVALENTS (253,066) (618,110)
Cash and cash equivalents at the beginning of the financial
year 7,367,957 7,985,012
Effects of exchange rate changes on cash and cash equivalents (4,755) 1,055
CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL
YEAR 7,110,136 7,367,957
========= =========
(expressed in Australian dollars)
SPITFIRE OIL LIMITED
Notes to the Preliminary Results to 30th June 2013
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
2013 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 2013 statutory financial
statements upon which the auditors' opinion is unqualified. The
statutory financial statements for the year to 30 June 2013 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 2012
have been extracted from the statutory accounts for that period,
which contain an unqualified auditors' report.
3. The annual report and accounts for 2013 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 and on the Company's web site.
4. The calculation of the basic and diluted losses per share is
based on the loss attributable to ordinary shareholders of
A$289,639 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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