TIDMSRO
RNS Number : 7878G
Spitfire Oil Limited
09 March 2015
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
9(th) March 2015
INTERIM STATEMENT FOR THE SIX MONTHS ENDED 31(st) DECEMBER
2014
Spitfire Oil Limited ("Spitfire" or "the Company") is pleased to
publish a copy of its condensed consolidated unaudited interim
results for the six months ended the 31(st) December 2014.
Spitfire and its subsidiaries (together "the Group") recorded a
loss before tax for the six months ended the 31(st) December 2014
of A$183,983 (2013: A$116,964). With cash balances of A$4.7m, the
Group has benefited from interest receipts of A$44,272 (2013
A$84,782) in the period. Operating costs were A$220,719 (2013
A$201,746).
Chairman's Statement
Chairman Mladen Ninkov commented, "The oil and gas industry has
been severely impacted by the collapse in oil and gas prices in
2014. Projects which the Company had analysed and found
economically compelling at higher oil and gas prices, make little
economic sense at current commodity prices and would fail to
attract funding for acquisition or development. In such an
environment, the Company has become far more rigorous in its
analysis of potential projects and companies in the hope of
acquiring more robust assets capable of being developed in this
depressed market and in this commodity price range. The challenge
is significant."
Further Information
Spitfire Oil Limited
Mladen Ninkov - Chairman Telephone: +44(0)20 7629 7774
Roger Goodwin - Director
Panmure Gordon (UK) Limited Telephone: +44 (0)20 7886 2500
Dominic Morley
Spitfire Oil Limited's shares are quoted on the Alternative
Investment Market (AIM)
of the London Stock Exchange (symbol SRO).
The Company's news releases are available on the Company's web
site: www.spitfireoil.com
SPITIFIRE OIL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
OR OTHER COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 DECEMBER 2014
(expressed in Australian dollars)
Half-year Full-year
31 December 31 December 30 June
2014 2013 2013
Unaudited Unaudited Audited
Note A$ A$ A$
OTHER INCOME 44,272 84,782 143,897
EXPENDITURE
Corporate expenses (203,664) (177,146) (341,776)
Other expenses (24,591) (24,600) (90,741)
OPERATING LOSS (183,983) (116,964) (288,620)
Imparment - exploration
and evaluation costs - - (4,249,592)
--------------------- ----------- -----------
LOSS BEFORE INCOME TAX (183,983) (116,964) (4,538,212)
INCOME TAX - - -
LOSS AFTER INCOME TAX (183,983) (116,964) (4,538,212)
OTHER COMPREHENSIVE INCOME,
NET OF TAX - - -
TOTAL COMPREHENSIVE LOSS
FOR THE PERIOD ATTRIBUTABLE
TO OWNERS OF SPITFIRE
OIL LIMITED (183,983) (119,964) (4,538,212)
===================== =========== ===========
Basic and diluted loss
per share for loss attributable
to the ordinary equity
holders of the Company
(cents per share). 6 (0.7) (0.3) (13.3)
The above consolidated statement of profit or loss or other
comprehensive income should be read in conjunction with the
accompanying notes.
SPITFIRE OIL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 December 2014
(expressed in Australian dollars)
31 December 31 December 30 June
2014 2013 2014
Unaudited Unaudited Audited
Note A$ A$ A$
CURRENT ASSETS
Cash and cash equivalents 4,676,319 6,825,099 5,049,361
Trade and other receivables - - 890
Other current assets 20,905 29,098 16,021
TOTAL CURRENT ASSETS 4,697,224 6,854,197 5,066,272
------------ ----------- -----------
NON-CURRENT ASSETS
Plant and equipment 1,145 1,636 1,145
Capitalised exploration
and evaluation costs 4,521,853 8,528,557 4,340,000
Other non-current assets 45,000 45,000 45,000
------------ ----------- -----------
TOTAL NON-CURRENT ASSSETS 4,567,998 8,575,193 4,386,145
------------ ----------- -----------
TOTAL ASSETS 9,265,222 15,429,390 9,452,417
------------ ----------- -----------
CURRENT LIABILITIES
Trade and other payables 41,314 1,589,314 51,634
TOTAL CURRENT LIABILITIES 41,314 1,589,314 51,634
------------ ----------- -----------
TOTAL LIABILITIES 41,314 1,589,314 51,634
------------ ----------- -----------
NET ASSETS 9,223,908 13,840,076 9,400,783
============ =========== ===========
-
EQUITY
Issued capital 5 19,289,284 19,307,329 19,289,284
Reserves - 321,600 -
Accumulated losses (10,065,376) (5,788,853) (9,888,501)
------------ ----------- -----------
TOTAL EQUITY 9,223,908 13,840,076 9,400,783
============ =========== ===========
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 2014
(expressed in Australian dollars)
Issued Options Accumulated
Capital Reserve Losses Total
A$ A$ A$ A$
BALANCE AT 1 JULY 2013 20,854,412 321,600 (5,671,889) 15,504,123
----------- --------- ------------ -----------
Loss for the period - - (116,964) (116,964)
----------- --------- ------------ -----------
TOTAL COMPREHENSIVE LOSS - - (116,964) (116,964)
----------- --------- ------------ -----------
TRANSACTIONS WITH OWNERS IN
THEIR CAPACITY AS OWNERS
Purchase of shares for cancellation (1,547,083) - - (1,547,083)
BALANCE AT 31 DECEMBER 2013 19,307,329 321,600 (5,788,853) 13,840,076
=========== ========= ============ ===========
Loss for the period - - (4,421,248) (4,421,248)
----------- --------- ------------ -----------
TOTAL COMPREHENSIVE LOSS - - (4,421,248) (4,421,248)
----------- --------- ------------ -----------
TRANSACTIONS WITH OWNERS IN
THEIR CAPACITY AS OWNERS
Expenses re purchase of shares
for cancellation (18,045) - - (18,045)
Transfer on expiry of options (321,600) 321,600 -
----------- --------- ------------ -----------
Transaction with owners (18,045) (321,600) 321,600 (18,045)
----------- --------- ------------ -----------
BALANCE AT 30 JUNE 2014 19,289,284 - (9,888,501) 9,400,783
=========== ========= ============ ===========
Loss for the period - - (183,983) (183,983)
----------- --------- ------------ -----------
TOTAL COMPREHENSIVE LOSS - - (183,983) (183,983)
----------- --------- ------------ -----------
BALANCE AT 31 DECEMBER 2014 19,289,284 - (10,072,484) 9,216,800
=========== ========= ============ ===========
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 2014
(expressed in Australian dollars)
Half-year Full-year
31 December 31 December 30 June
2014 2013 2014
Unaudited Unaudited Audite
A$ A$ A$
CASH FLOWS FROM OPERATING
ACTIVITIES
Payments to suppliers and
employees (225,928) (240,756) (448,714)
Interest received 44,272 84,782 143,897
Net cash (outflow) from
operating activities (183,656) (155,974) (304,817)
----------- ----------- -----------
CASH FLOWS FROM INVESTING
ACTIVITIES
Payments for exploration
and evaluation expenditure (181,853) (133,004) (194,039)
Payments for plant and equipment - (1,636) (1,636)
Net cash (outflow) from
investing activities (181,853) (134,640) (195,675)
----------- ----------- -----------
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 (365,509) (290,614) (2,065,620)
Cash and cash equivalents
at the beginning of the
period 5,049,361 7,110,136 7,110,136
Effects of exchange rate
changes on cash and cash
equivalents (7,536) 5,577 4,845
----------- ----------- -----------
CASH AND CASH EQUIVALENTS
AT THE END OF THE PERIOD 4,676,319 6,825,099 5,049,361
=========== =========== ===========
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 2014 has been prepared in
accordance with Accounting Standard AASB 134 Interim Financial
Reporting.
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 2014 and
the condensed consolidated statement of profit or loss and other
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 2014
statutory financial statements upon which the auditors' opinion is
unqualified. The condensed consolidated statement of profit or loss
or other comprehensive income has been prepared using information
extracted from the Group's 2014 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 2014
and any public announcements made by Spitfire Oil Limited during
the interim reporting period in accordance with the continuous
disclosure requirements.
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.
Adoption of new and revised accounting standards
In the six months ended 31 December 2014, the Group has reviewed
all of the new and revised Standards and Interpretations issued by
the AASB that are relevant to its operations and effective for
annual reporting periods beginning on or after 1 July 2014.
It has been determined by the Group that, there is no material
impact of the new and revised standards and interpretations on its
business and therefore no change is necessary to the Group's
accounting policies.
The Group has also reviewed all new Standards and
Interpretations that have been issued but are not yet effective for
the half-year ended 31 December 2014. 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.
No retrospective change in accounting policy or material
reclassification has occurred requiring the inclusion of a third
Statement of Financial Position as at the beginning of the
comparative financial period, as required under AASB 101.
NOTE 2: SEGMENT INFORMATION
Management has determined the operating segments based on the
reports reviewed by the Board of Directors that are used to make
strategic decisions. For management purposes, the Group has
identified only one reportable 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 2014.
SPITFIRE OIL LIMITED
Notes to the CONDENSED CONSOLIDATED financial statements.
NOTE 4: CONTINGENCIES
There has been no change in contingent liabilities or contingent
assets since the last annual reporting date.
NOTE 5: ISSUED CAPITAL
31 December 2014 31 December 2013 30 June 2014
No A$ No A$ No A$
Issued and Paid Up Capital
Fully Paid Ordinary Shares 25,884,001 19,289,284 25,884,001 19,307,329 25,884,001 19,289,284
---------- ---------- ---------- ---------- ---------- ----------
Total Issued Capital 19,289,284 19,307,329 19,289,284
========== ========== ==========
NOTE 6: LOSS PER SHARE
31 December 31 December 30 June
2013 2013 2014
Basic and diluted loss per
share (cents) (0.7) (0.3) (13.3)
a) Net loss used in the
calculation of basic and
diluted loss per share (A$) (183,983) (116,964) (4,538,212)
b) Weighted average number
of ordinary shares outstanding
during the period used in
the calculation of basic
and diluted loss per share 25,884,001 42,182,344 34,103,179
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: SUBSEQUENT EVENTS
No matter or circumstance has arisen since 31 December 2014,
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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