TIDMSRO
RNS Number : 4268G
Spitfire Oil Limited
17 March 2020
SPITFIRE OIL LIMITED
8(th) Floor, Royal Trust House, 54 Jermyn Street, London SW1Y
6LX, United Kingdom
Telephone: + 44 (0)20 7629 7774. Facsimile: + 44 (0)20 7629
7773. E mail:spitfire@spitfireoil.com
Level 9, BGC Centre, 28 The Esplanade, Perth, WA 6000,
Australia.
Telephone: + 61 (8)9321 0544. Facsimile: + 61 (8) 9321 7035
17(th) March 2020
INTERIM STATEMENT FOR THE SIX MONTHSED 31(st) DECEMBER 2019
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 2019.
Spitfire and its subsidiaries (together "the Group") recorded a
loss before tax for the six months ended the 31(st) December 2019
of A$113,324 (2018: A$325,594). With cash balances of A$2m, the
Group has benefited from interest receipts of A$12,050 (2018
A$11,715) in the period. With all directors' fees suspended and
other administration costs curtailed operating costs were A$102,527
(2018 A$86,680) and costs incurred prior to the relinquishment of
the retention licence on the Salmon Gums lignite deposits of
A$22,847 (2018 provision $250,620) have been written off.
Following the relinquishment of the Salmon Gums lignite tenement
retention licence in September 2019 the directors have continued to
review and investigate possible new projects and to revisit
potential projects previously rejected, for acquisition by the
Company. Unfortunately no potential projects have been identified
that could bring value to the Company exacerbated by difficulties
in raising finance for such projects in the markets at this
time.
Chairman's Statement
Chairman Mladen Ninkov commented, "It has been a long and
tortuous journey for the directors, management and shareholders of
Spitfire. The dearth of projects and/or companies capable of being
acquired, joint ventured or developed over the past decade has been
frightening, not least for their lack of quality, resources or
integrity of certain vendors. It has led to the inescapable
conclusion that the Company should be suspended, delisted and
liquidated and surplus funds returned to shareholders so that you
may be able to deploy the capital in a more successful manner. I
hope so in this particularly difficult world economic environment.
"
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
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No.596/2014.
SPITIFIRE OIL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
OR OTHER COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31 DECEMBER 2019
(expressed in Australian dollars)
Half-year Full-year
31 December 31 December 30 June
2019 2018 2019
Unaudited Unaudited Audited
Note A$ A$ A$
OTHER INCOME 12,050 11,715 26,610
EXPITURE
Corporate and other expenses (102,527) (86,680) (199,206)
OPERATING LOSS (90,477) (74,965) ( 172,596)
Imparment - exploration and
evaluation costs (22,847) (250,629) (763,507)
----------- ----------- ---------------------
LOSS BEFORE INCOME TAX (113,324) (325,594) ( 936,103)
INCOME TAX - - -
LOSS AFTER INCOME TAX (113,324) (325,594) (936,103)
OTHER COMPREHENSIVE INCOME,
NET OF TAX - - -
TOTAL COMPREHENSIVE LOSS FOR
THE PERIOD ATTRIBUTABLE TO OWNERS
OF SPITFIRE OIL LIMITED (113,324) (325,594) ( 936,103)
=========== =========== =====================
Basic and diluted loss per share
for loss attributable to the
ordinary equity holders of the
Company (cents per share). 6 (0.5) (1.3) ( 3.6)
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 2019
(expressed in Australian dollars)
31 December 31 December 30 June
2019 2018 2019
Unaudited Unaudited Audited
Note A$ A$ A$
CURRENT ASSETS
Cash and cash equivalents 1,998,480 2,250,704 2,124,200
Accrued revenues - - -
Other current assets 44,926 31,307 22,904
TOTAL CURRENT ASSETS 2,043,406 2,282,011 2,147,104
------------- ------------ -------------
NON-CURRENT ASSETS
Capitalised exploration and
evaluation costs - 450,000 -
Other non-current assets - 45,000 45,000
------------- ------------ -------------
TOTAL NON-CURRENT ASSSETS - 495,000 45,000
------------- ------------ -------------
TOTAL ASSETS 2,043,406 2,777,011 2,192,104
------------- ------------ -------------
CURRENT LIABILITIES
Trade and other payables 22,400 32,172 57,774
TOTAL CURRENT LIABILITIES 22,400 32,172 57,774
------------- ------------ -------------
TOTAL LIABILITIES 22,400 32,172 57,774
------------- ------------ -------------
NET ASSETS 2,021,006 2,744,839 2,134,330
============= ============ =============
EQUITY
Issued capital 5 19,289,284 19,289,284 19,289,284
Accumulated losses ( 17,268,278) (16,544,445) ( 17,154,954)
------------- ------------ -------------
TOTAL EQUITY 2,021,006 2,744,839 2,134,330
============= ============ =============
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 MONTHSED 31 DECEMBER 2019
(expressed in Australian dollars)
Issued Accumulated
Capital Losses Total
A$ A$ A$
BALANCE AT 31 DECEMBER 2017 19,289,284 (15,312,484) 3,976,800
---------- ------------ ---------
Loss for the period - (906,367) (906,367)
---------- ------------ ---------
TOTAL COMPREHENSIVE LOSS - (906,367) (906,367)
---------- ------------ ---------
BALANCE AT 30 JUNE 2018 19,289,284 (16,218,851) 3,070,433
---------- ------------ ---------
Loss for the period - (325,594) (325,594)
---------- ------------ ---------
TOTAL COMPREHENSIVE LOSS - (325,594) (325,594)
---------- ------------ ---------
BALANCE AT 31 DECEMBER 2018 19,289,284 (16,544,445) 2,744,839
---------- ------------ ---------
Loss for the period - (610,509) (610,509)
---------- ------------ ---------
TOTAL COMPREHENSIVE LOSS - (610,509) (610,509)
---------- ------------ ---------
BALANCE AT 30 JUNE 2019 19,289,284 (17,154,954) 2,134,330
---------- ------------ ---------
Loss for the period - (113,324) (113,324)
---------- ------------ ---------
TOTAL COMPREHENSIVE LOSS - (113,324) (113,324)
---------- ------------ ---------
BALANCE AT 31 DECEMBER 2019 19,289,284 (17,268,278) 2,021,006
========== ============ =========
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 2019
(expressed in Australian dollars)
Half-year Full-year
31 December 31 December 30 June
2019 2018 2019
Unaudited Unaudited Audited
A$ A$ A$
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and employees (113,561) (91,204) (167,158)
Interest received 12,050 34,944 49,839
Net cash (outflow) from operating
activities (101,511) (56,260) (117,319)
----------- ----------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for exploration and evaluation
expenditure (22,847) (250,629) (313,507)
Net cash (outflow) from investing
activities (22,847) (250,629) (313,507)
----------- ----------- ---------
NET (DECREASE) IN CASH AND CASH EQUIVALENTS (124,358) (306,889) (430,826)
Cash and cash equivalents at the
beginning of the period 2,124,200 2,560,120 2,560,120
Effects of exchange rate changes
on cash and cash equivalents (1,362) (2,527) (5,094)
----------- ----------- ---------
CASH AND CASH EQUIVALENTS AT THE
END OF THE PERIOD 1,998,480 2,250,704 2,124,200
=========== =========== =========
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 2019 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 2019 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 2019
statutory financial statements upon which the auditors' report was
unqualified.
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 2019
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 available from the Company's
London office, 8(th) Floor, 54 Jermyn Street, London, SW1Y 6LX.
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 2019, 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 2019.
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 2019. 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.
SPITFIRE OIL LIMITED
Notes to the CONDENSED CONSOLIDATED financial statements .
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 2019.
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 2019 31 December 2018 30 June 2019
No A$ No A$ No A$
Issued and Paid Up
Capital
Fully Paid Ordinary
Shares 25,884,001 19,289,284 25,884,001 19,289,284 25,884,001 19,289,284
---------- ---------- ---------- ---------- ---------- ----------
Total Issued Capital 19,289,284 19,289,284 19,289,284
========== ========== ==========
NOTE 6: LOSS PER SHARE
31 December 31 December 30 June
2019 2018 2019
Basic and diluted loss per share
(cents) (0.4) (1.3) (3.6)
a) Net loss used in the calculation
of basic and diluted loss per share
(A$) (113,324) (325,594) (936,103)
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 25,884,001 25,884,001
NOTE 7: SUBSEQUENT EVENTS
Since 31 December 2019, the directors have resolved that
following the relinquishment of the Salmon Gums lignite tenement
retention licence, as a result of; changes to the "Australian Code
for Reporting of Exploration Results, Mineral Resources and Ore
Reserves" requirements for the renewal of retention licences; a
number of reviews 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; and despite substantial efforts by the
directors and the Company's advisers to find another company,
project or venture with the potential to bring value to Company,
the Company is no longer serving any useful purpose and it is
proposed that it be wound up by way of a Members' voluntary
liquidation. Provision has not been made in the condensed financial
statements to 31(st) December 2019 for ongoing costs to date of
dissolution and liquidation costs.
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
IR JRMLTMTTBMLM
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