TIDMSRO
RNS Number : 0739I
Spitfire Oil Limited
04 December 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
4th December 2015
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
2015 of A$596,094 (2014 A$4,538,212), after providing $288,217
(2014: $4,249,592) for diminution in value of the Salmon Gums
tenements. The Group benefited from interest received of A$144,291
(2014 A$143,897). Operating costs of A$452,168 (2014 A$432,517)
were incurred. In addition, A$288,217 (2014 A$194,039) was incurred
and capitalised on licence fees and tenement management.
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 September 2016.
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 with due
consideration to market prices for fuel products the directors are
of the view that the carrying value of the Salmon Gums mineral
tenements continues to be $4,340,000, in conformity with a review
undertaken by independent consultants for the purposes of this
report.
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:
To say that it has been yet another difficult year for the oil
& gas industry, and by definition Spitfire, would be a massive
understatement. The dramatic fall in oil and gas prices have
severely, if not mortally, injured the junior oil & gas
market
Nevertheless, the Company has continued its extensive search for
acquisitions in the oil & gas sector with no success primarily
due to the uneconomic nature of any proven, probable or otherwise
oil and gas fields at the current low US$40+ barrel oil price
coupled with the evaporation of the capital equity markets for
junior oil & gas companies.
It is in this environment that the Company has decided to look
further afield at base and precious metals and minerals projects
that may provide the economic return over a long period of time
that may be attractive to finance, construct and commission in this
difficult part of the commodities curve.
In the interim, the Retention Licence remains in place over the
Salmon Gums project and the directors continue to originate and
evaluate opportunities whilst keeping operating expenses and
overheads to the barest possible minimum.
As always, the Company's core value remains to originate,
nurture and generate exceptional returns for its shareholders. May
the years ahead bring that statement to fruition?
Further information
Spitfire Oil Ltd: Telephone: +44 (0)20 7629 7774
Mladen Ninkov - Chairman
Roger Goodwin - Director
Panmure Gordon (UK) Limited: Telephone: +44 (0)20 7886 2500
Dominic Morley
Spitfire Oil Limited's shares are quoted on the Alternative
Investment Market (AIM) of the London Stock Exchange (symbol
SRO).
The Company's news releases are available on the Company's web
site: www.spitfireoil.com
Spitfire Oil Limited
Statement of Profit or Loss and Other Comprehensive
Income
YEAR ENDED 30 JUNE 2015 2015 2014
A$ A$
----------------------------------- ------------------ -----------------
OTHER INCOME 144,291 143,897
EXPENDITURE
Corporate expenses (369,325) (341,776)
Other expenses (82,843) (90,741)
OPERATING LOSS (307,877) (288,620)
Impairment - exploration and
evaluation costs (288,217) (4,249,592)
LOSS BEFORE INCOME TAX (596,094) (4,538,212)
INCOME TAX - -
------------------ -----------------
LOSS AFTER INCOME TAX (596,094) (4,538,212)
OTHER COMPREHENSIVE INCOME,
NET OF TAX - -
------------------ -----------------
LOSS AND TOTAL COMPREHENSIVE
INCOME FOR THE YEAR ATTRIBUTABLE
TO OWNERS OF SPITFIRE OIL LIMITED (596,094) (4,538,212)
================== =================
Basic and diluted loss per share
for loss attributable to the
ordinary equity holders of the
Company (cents per share) (2.3) (13.3)
Spitfire Oil Limited
Consolidated Statement of Financial Position
AS AT 30 JUNE 2015 2015 2014
A$ A$
CURRENT ASSETS
Cash and cash equivalents 4,428,982 5,049,361
Trade and other receivables 1,733 890
Accrued revenues 94,347 -
Other current assets 17,341 16,021
TOTAL CURRENT ASSETS 4,542,403 5,066,272
------------ -----------
NON--CURRENT ASSETS
Capitalised exploration and
evaluation costs 4,340,000 4,340,000
Office equipment 164 1,145
Other non-current assets 45,000 45,000
TOTAL NON--CURRENT ASSETS 4,385,164 4,386,145
------------ -----------
TOTAL ASSETS 8,927,567 9,452,417
------------ -----------
CURRENT LIABILITIES
Trade and other payables 122,878 51,634
TOTAL CURRENT LIABILITIES 122,878 51,634
------------ -----------
TOTAL LIABILITIES 122,878 51,634
------------ -----------
NET ASSETS 8,804,689 9,400,783
============ ===========
EQUITY
Issued capital 19,289,284 19,289,284
Reserves - -
Accumulated losses (10,484,595) (9,888,501)
------------ -----------
TOTAL EQUITY ATTRIBUTABLE TO
THE EQUITY HOLDERS OF THE PARENT 8,804,689 9,400,783
============ ===========
Spitfire Oil Limited
Consolidated Statement of Changes in Equity
YEAR ENDED 30 JUNE 2015 Issued Options Accumulated
Capital Reserve Losses Total
A$ A$ A$ A$
----------- --------- ------------ -----------
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
----------- --------- ------------ -----------
Loss for the year - - (596,094) (596,094)
----------- --------- ------------ -----------
TOTAL COMPREHENSIVE INCOME - - (596,094) (596,094)
----------- --------- ------------ -----------
TRANSACTIONS WITH OWNERS IN
THEIR CAPACITY AS OWNERS
Transaction with owners - - - -
----------- --------- ------------ -----------
BALANCE AT 30 JUNE 2015 19,289,284 - (10,484,595) 8,804,689
=========== ========= ============ ===========
Spitfire Oil Limited
Consolidated Statement of Cash Flows
YEAR ENDED 30 JUNE 2015 2015 2014
A$ A$
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and employees (371,524) (448,714)
Interest received 49,944 143,897
NET CASH OUTFLOW FROM OPERATING
ACTIVITIES (321,581) (304,817)
--------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for exploration and
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