TIDMSRO
RNS Number : 3661Z
Spitfire Oil Limited
10 December 2014
60 St James's Street, London SW1A 1LE, United Kingdom
Telephone: + 44 (0)20 7629 7774 Facsimile: + 44 (0)20 7629
7773
10th December 2014
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
2014 of A$4,538,212 (2013 A$289,639), after providing $4,249,592
(2013: $ nil) for a diminution in value of the Salmon Gums
tenements. The Group benefited from interest received of A$143,897
(2013 A$220,495). Operating costs were reduced to A$432,517 (2013
A$510,136). In addition, A$194,039 (2013 A$21,656) was incurred and
capitalised on licence fees and tenement management.
On 29th December 2013 16,666,667 shares in the Company held by
Griffin Mining Limited were repurchased for cancellation at 5 pence
per share, representing a discount of 13.0% to the closing share
price of a Spitfire share on 27 December 2013 of 5.75 pence.
Following this repurchase, the Company has 25,884,001 shares in
issue.
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 2015.
The directors continue to pursue potential joint ventures for
the development of facilities to process the Salmon Gums
lignite.
Although a resource has been defined, and title to the Salmon
Gums mineral tenements has been secured for the foreseeable future,
with active exploration work now suspended and having considered
market prices for fuel products, the directors are of the opinion
that provision be made against the carrying value of the Salmon
Gums mineral tenements to $4,340,000.
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.
Chairman's Statement:
Mladen Ninkov, Chairman, commented: "I am certain that it has
not escaped anyone's attention that the oil price has taken a
substantial and, it some respect, unprecedented fall during 2014.
It has, and will continue to have, long term consequences for the
hydrocarbon extraction industries. With the cost of exploration,
the relative new, easy supply of hydrocarbons through fracking and
the stubbornness of any real recovery in the global economy since
the global financial crisis, it seems unlikely that a sustainable
increase in the oil price will appear in the near future. Still, it
is at such times that opportunities present themselves which would
have been unobtainable at a higher oil price which, with patience
and sufficient working capital, may pay significant dividends if,
and when, a recovery occurs. The Company is focused on achieving
just that goal and continues to review numerous acquisition
opportunities in the hope of acquiring just such an
opportunity.
The Salmon Gums project continues to be the major asset of the
Company, hamstrung by the low oil price and the absence of a low
capital cost method of extracting distillate from the massive
lignite resource at Salmon Gums. In the mean time the project
remains covered by retention licences.
The Company continues to preserve its cash holdings by keeping
its overheads to the barest minimum, having no full time employees
and relying on the goodwill of the directors to manage, undertake
all project reviews and acquisition due diligence. It is with you,
our shareholders, always in the forefront of our minds that we
continue to strive for progress in 2015."
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
Statement of Profit or Loss and Other Comprehensive
Income
All amounts presented in Australian dollars.
YEAR ENDED 30 JUNE 2014 2014 2013
A$ A$
----------------------------------- -------------------------- ---------------------------
OTHER INCOME 143,897 220,495
EXPENDITURE
Corporate expenses (341,776) (414,483)
Other expenses (90,741) (95,651)
OPERATING LOSS (288,620) (289,639)
Impairment - exploration and
evaluation costs (4,249,592) -
LOSS BEFORE INCOME TAX (4,538,212) (289,639)
INCOME TAX - -
-------------------------- ---------------------------
LOSS AFTER INCOME TAX (4,538,212) (289,639)
OTHER COMPREHENSIVE INCOME,
NET OF TAX - -
-------------------------- ---------------------------
LOSS AND TOTAL COMPREHENSIVE
INCOME FOR THE YEAR ATTRIBUTABLE
TO OWNERS OF SPITFIRE OIL LIMITED (4,538,212) (289,639)
========================== ===========================
Basic and diluted loss per share
for loss attributable to the
ordinary equity holders of the
Company (cents per share) (13.3) (0.7)
========================== ===========================
Spitfire Oil Limited
Consolidated Statement of Financial Position
All amounts presented in Australian dollars.
AS AT 30 JUNE 2014 2014 2013
A$ A$
CURRENT ASSETS
Cash and cash equivalents 5,049,361 7,110,136
Trade and other receivables 890 1,242
Other current assets 16,021 14,179
TOTAL CURRENT ASSETS 5,066,272 7,125,557
----------- -----------
NON--CURRENT ASSETS
Capitalised exploration and
evaluation costs 4,340,000 8,395,553
Office equipment 1,145 -
Other non-current assets 45,000 45,000
TOTAL NON--CURRENT ASSETS 4,386,145 8,440,553
----------- -----------
TOTAL ASSETS 9,452,417 15,566,110
----------- -----------
CURRENT LIABILITIES
Trade and other payables 51,634 61,987
TOTAL CURRENT LIABILITIES 51,634 61,987
----------- -----------
TOTAL LIABILITIES 51,634 61,987
----------- -----------
NET ASSETS 9,400,783 15,504,123
=========== ===========
EQUITY
Issued capital 19,289,284 20,854,412
Reserves - 321,600
Accumulated losses (9,888,501) (5,671,889)
----------- -----------
TOTAL EQUITY ATTRIBUTABLE TO
THE EQUITY HOLDERS OF THE PARENT 9,400,783 15,504,123
=========== ===========
Spitfire Oil Limited
Consolidated Statement of Changes in Equity
All amounts presented in Australian dollars.
YEAR ENDED 30 JUNE 2014 Issued Options Accumulated
Capital Reserve Losses Total
A$ A$ A$ A$
----------- --------- ----------- -----------
BALANCE AT 1 JULY 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
Cost of share based payments - 39,747 - 39,747
----------- --------- ----------- -----------
BALANCE AT 30 JUNE 2013 20,854,412 321,600 (5,671,889) 15,504,123
----------- --------- ----------- -----------
Loss for the year (4,538,212) (4,538,212)
----------- --------- ----------- -----------
TOTAL COMPREHENSIVE INCOME (4,538,212) (4,538,212)
----------- --------- ----------- -----------
TRANSACTIONS WITH OWNERS IN
THEIR CAPACITY AS OWNERS
Purchase of shares for cancellation (1,565,128) - - (1,565,128)
Transfer on expiry of options (321,600) 321,600 -
----------- --------- ----------- -----------
Transaction with owners (1,565,128) (321,600) 321,600 (1,565,128)
----------- --------- ----------- -----------
BALANCE AT 30 JUNE 2014 19,289,284 - (9,888,501) 9,400,783
=========== ========= =========== ===========
Spitfire Oil Limited
Consolidated Statement of Cash Flows
All amounts presented in Australian dollars.
YEAR ENDED 30 JUNE 2014 2014 2013
A$ A$
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and employees (448,714) (451,906)
Interest received 143,897 220,495
NET CASH OUTFLOW FROM OPERATING
ACTIVITIES (304,817) (231,411)
----------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for exploration and
evaluation expenditure (194,039) (21,655)
Payments for equipment (1,636) -
----------- ---------
NET CASH OUTFLOW FROM INVESTING
ACTIVITIES (195,675) (21,655)
----------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES
Purchase of shares for cancellation (1,565,128) -
----------- ---------
NET CASH OUTFLOW FROM FINANCING
ACTIVITIES (1,565,128) -
----------- ---------
NET DECREASE IN CASH AND CASH
EQUIVALENTS (2,065,620) (253,066)
Cash and cash equivalents at
the beginning of the financial
year 7,110,136 7,367,957
Effects of exchange rate changes
on cash and cash equivalents 4,845 (4,755)
CASH AND CASH EQUIVALENTS AT
THE END OF THE FINANCIAL YEAR 5,049,361 7,110,136
=========== =========
Spitfire Oil Limited
Notes to the preliminary results to 30(th) June 2014
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
2014 and the summarised consolidated statement of profit or loss
and other 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 2014
statutory financial statements upon which the auditors' opinion is
unqualified. The statutory financial statements for the year to 30
June 2014 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 2013 have been extracted from the statutory accounts for
that period, which contain an unqualified auditors' report.
3. The annual report and accounts for 2014 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$4,538,212 divided by the weighted average number of shares in
issue during the year of 34,103,179. 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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