Last checked at 13 Nov 2008 07:00
Spitfire Oil Ltd.
("Spitfire" or the "Company"; AIM Ticker: SRO)
Significant Shareholding
Spitfire Oil Limited announces that it has received notification that Citadel Equity Fund Ltd ("Citadel") has sold its holding of 16,666,667 ordinary shares in the Company to Griffin Mining Limited ("Griffin"; AIM Ticker: GFM), representing a 39.2% interest in the issued share capital of Spitfire, at 15p per share for cash at a total value of approximately £2,500,000. Following this sale, Citadel has no interest in the share capital of the Company.
Please see the announcement released at the same time as this announcement by Griffin. Mladen Ninkov and Roger Goodwin are on the boards of both Spitfire and Griffin.
Further information
Roger Goodwin, Finance Director Telephone: +44(0)20 7629 7774
Spitfire Oil Limited
Notes for editors
Spitfire's principal activity is the pursuance of the production of fuel oil and distillate from the Salmon Gums Lignite deposits in Western Australia. Spitfire controls six exploration tenements totalling 519 km2 near Salmon Gums, near Esperance, in the south east of Western Australia. The tenements contain a large lignite (brown coal) deposit with a JORC Inferred Resource of 500 million tonnes of lignite. The lignite has a high kerogen (hydrocarbon) content convertible into oil using low temperature pyrolysis at a yield of 0.43 bbl / tonne. Extractable commercial oil reserves are estimated to exceed 200 million barrels. Salmon Gums is located next to a main road, railway and pipeline connecting Kalgoorlie and the port of Esperance.