TIDMSRO
RNS Number : 8805W
Spitfire Oil Limited
13 December 2019
54 Jermyn Street, London SW1Y 6LX, United Kingdom
Telephone: + 44 (0)20 7629 7774 Facsimile: + 44 (0)20 7629
7773
13(th) December 2019
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
2019 of A$936,103 (2018: A$1,350,901), after providing $763,507
(2018: $1,116,767) for diminution in value of the Salmon Gums
tenements. The Group benefited from interest receivable of A$26,610
(2018: A$63,405). Operating costs of A$199,206 (2018: A$297,539)
were incurred. A$313,507 (2018: A$316,767) was incurred and
capitalised on licence fees and tenement management.
On 30(th) August 2019, following a further review of the
economic feasibility of the Salmon Gums lignite project, in
particular with consideration of the current and long term forecast
for the continued relatively low oil prices and the continuing
costs of maintaining the retention licence over the Salmon Gums
tenements, Spitfire relinquished the retention licence over the
Salmon Gums lignite tenements and as a result all costs incurred in
respect of the Salmon Gums lignite venture have been written off
and charged to profit and loss.
Operations
Following the renewal of the retention licence over the Salmon
Gums lignite deposits in September 2018, the Group continued to
explore the feasibility of extracting liquid hydrocarbons from the
Salmon Gums lignite deposits on a commercial basis. Despite these
efforts and in seeking joint venture partners to further develop
the venture, on 30(th) August 2019, following a further review of
the economic feasibility of the Salmon Gums lignite project, in
particular with consideration of the current and long term forecast
for the continued relatively low oil prices and the continuing
costs of maintaining the retention licence over the Salmon Gums
tenements, Spitfire relinquished the retention licence over the
Salmon Gums lignite tenements.
With the relinquishment of the retention licence, the Company
becomes an AIM Rule 15 cash shell. As such, the Company is required
to make an acquisition (or acquisitions) which constitutes a
reverse takeover under AIM Rule 14 on or before 29 February 2020.
If no such acquisition is completed by 29 February 2020, the
Company's shares would then be suspended from trading on AIM
pursuant to AIM Rule 40.
The Group has continued to keep its running costs to a minimum
while reviewing possible new projects.
Chairman's Statement
During the 2018/19 financial year all efforts were made to
commercially advance the Salmon Gums lignite deposits either
through new technology, partnership or sale. Against a background
of relatively low oil prices and significant anti fossil fuel
sentiment, it was concluded it was no longer prudent to maintain
the expenditure required to retain the Salmon Gum's retention
licence and consequently it was relinquished on the 30(th) August
2019.
With the relinquishment of the retention licence, the Company is
now an AIM Rule 15 cash shell. The directors continue to be focused
and motivated on acquiring another company, project or venture
which has the potential to bring significant value to shareholders.
Whilst a number of such ventures have been identified or forwarded
to the Company, none have reached a stage where it will be likely
to conclude an acquisition by the 29(th) February 2020, the date at
which the Company's shares will be suspended from trading on AIM
pursuant to AIM Rule 40.
Thereafter, as soon as an acquisition can be made the directors
will seek the re admission of the Company's shares onto AIM,
however, if an acquisition cannot be successfully completed in a
reasonable period of time, then the Company may be liquidated and
surplus funds returned to shareholders.
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
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No.596/2014.
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
YEARED 30 JUNE 2019 2019 2018
A$ A$
--------------------------------------------- --------- -----------
OTHER INCOME 26,610 63,405
EXPITURE
Corporate expenses (112,438) (217,641)
Other expenses (86,768) (79,898)
OPERATING LOSS (172,596) (234,134)
Impairment - exploration and evaluation
costs (763,507) (1,116,767)
LOSS BEFORE INCOME TAX (936,103) (1,350,901)
INCOME TAX - -
--------- -----------
LOSS AFTER INCOME TAX (936,103) (1,350,901)
OTHER COMPREHENSIVE INCOME, NET OF TAX - -
--------- -----------
LOSS AND TOTAL COMPREHENSIVE INCOME FOR
THE YEAR ATTRIBUTABLE TO OWNERS OF SPITFIRE
OIL LIMITED (936,103) (1,350,901)
========= ===========
Basic and diluted loss per share for
loss attributable to the ordinary equity
holders of the Company (cents per share) (3.6) (5.22)
========= ===========
Spitfire Oil Limited
Consolidated Statement of Financial Position
AS AT 30 JUNE 2019 2019 2018
A$ A$
CURRENT ASSETS
Cash and cash equivalents 2,124,200 2,560,120
Trade and other receivables 1,405 -
Accrued revenues - 23,229
Other current assets 21,499 28,954
TOTAL CURRENT ASSETS 2,147,104 2,612,303
------------ ------------
NON--CURRENT ASSETS
Capitalised exploration and evaluation
costs - 450,000
Office equipment - -
Other non-current assets 45,000 45,000
TOTAL NON--CURRENT ASSETS 45,000 495,000
------------ ------------
TOTAL ASSETS 2,192,104 3,107,303
------------ ------------
CURRENT LIABILITIES
Trade and other payables 57,774 36,870
TOTAL CURRENT LIABILITIES 57,774 36,870
------------ ------------
TOTAL LIABILITIES 57,774 36,870
------------ ------------
NET ASSETS 2,134,330 3,070,433
============ ============
EQUITY
Issued capital 19,289,284 19,289,284
Reserves - -
Accumulated losses (17,154,954) (16,218,851)
------------ ------------
TOTAL EQUITY ATTRIBUTABLE TO THE EQUITY
HOLDERS OF THE PARENT 2,134,330 3,070,433
============ ============
Spitfire Oil Limited
Consolidated Statement of Changes in Equity
YEARED 30 JUNE 2019 Accumulated
Issued Capital Losses Total
A$ A$ A$
-------------- ------------ -----------
BALANCE AT 30 JUNE 2017 19,289,284 (14,867,950) 4,421,334
-------------- ------------ -----------
Loss for the year - (1,350,901) (1,350,901)
-------------- ------------ -----------
TOTAL COMPREHENSIVE LOSS - (1,350,901) (1,350,901)
-------------- ------------ -----------
TRANSACTIONS WITH OWNERS IN THEIR
CAPACITY AS OWNERS
Transaction with owners - - -
-------------- ------------ -----------
BALANCE AT 30 JUNE 2018 19,289,284 (16,218,851) 3,070,433
-------------- ------------ -----------
Loss for the year - (936,103) (936,103)
-------------- ------------ -----------
TOTAL COMPREHENSIVE LOSS - (936,103) (936,103)
-------------- ------------ -----------
TRANSACTIONS WITH OWNERS IN THEIR
CAPACITY AS OWNERS
-------------- ------------ -----------
Transaction with owners - - -
-------------- ------------ -----------
BALANCE AT 30 JUNE 2019 19,289,284 (17,154,954) 2,134,330
-------------- ------------ -----------
Spitfire Oil Limited
Consolidated Statement of Cash Flows
YEAR ENDED 30 JUNE 2019 2019 2018
A$ A$
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and employees (167,158) (342,724)
Interest received 49,839 50,688
NET CASH FLOWS USED IN OPERATING ACTIVITIES (117,319) (292,036)
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for exploration and evaluation
expenditure (313,507) (316,767)
NET CASH OUTFLOWS USED IN INVESTING ACTIVITIES (313,507) (316,767)
--------- ---------
NET DECREASE IN CASH AND CASH EQUIVALENTS (430,826) (608,803)
Cash and cash equivalents at the beginning
of the financial year 2,560,120 3,170,851
Effects of exchange rate changes on cash
and cash equivalents (5,094) (1,928)
CASH AND CASH EQUIVALENTS AT THE END
OF THE FINANCIAL YEAR 2,124,200 2,560,120
========= =========
Notes to the preliminary results to 30(th) June 2019
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
2019 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 2019
statutory financial statements upon which the auditors' opinion is
unqualified. The statutory financial statements for the year to 30
June 2019 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 2018 have been extracted from the statutory accounts for
that period, upon which the auditors' opinion is qualified as to
the inability to obtain sufficient audit evidence concerning the
capitalised exploration and evaluation costs in respect of the
Salmon Gums Project at 30(th) June 2016 and the consequent impact
on 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.
3. The annual report and accounts for 2019 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, 8(th) Floor, 54 Jermyn Street, London, SW1A
6LX and on the Company's web site www.spitfireoil.com.
4. The calculation of the basic and diluted losses per share is
based on the loss attributable to ordinary shareholders of
A$936,103 (2018 A$1,350,901) divided by the weighted average number
of shares in issue during the year of 25,884,001 (2018 25,884,001).
There is no dilutive effect of share purchase options.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR EASADFEDNFFF
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