21 Mar 2017 07:00
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
21st March 2017
INTERIM STATEMENT FOR THE SIX MONTHS ENDED 31st DECEMBER 2016
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 31st December 2016.
Spitfire and its subsidiaries (together "the Group") recorded a loss before tax for the six months ended the 31st December 2016 of A$375,293 (2015: A$460,906). With cash balances of A$3.6m, the Group has benefited from interest receipts of A$42,945 (2015 A$58,350) in the period. Operating costs were A$188,936 (2015 A$258,065) and provision has been made for impairment of exploration and development costs incurred of A$229,302 (2015 A$261,191).
Chairman's Statement
Chairman Mladen Ninkov commented, "2017 has continued the appalling conditions found in the junior oil & gas sector over the past 5 years and beyond. As outlined previously to shareholders, the seismic shift to renewable energy generation and the continuing supply from existing and previously excluded hydrocarbon producers, has made this sector untenable for the junior, listed, oil & gas companies. The focus of the Company now firmly lies in the hard rock mining sector where supply shortages are becoming more pronounced. Despite evaluating over 100 acquisition opportunities, none met the parameters set by the Company. The directors continue to actively scour the world using their industry relationships to discover the Company's next acquisition knowing the difficulty even this strategic pathway entails."
Further Information
Spitfire Oil Limited
Mladen Ninkov - Chairman Telephone: +44(0)20 7629 7774
Roger Goodwin - Director
Panmure Gordon (UK) Limited Telephone: +44 (0)20 7886 2500
Dominic Morley
Spitfire Oil Limited's shares are quoted on the Alternative Investment Market (AIM)
of the London Stock Exchange (symbol SRO).
The Company's news releases are available on the Company's web site: www.spitfireoil.com
SPITIFIRE OIL LIMITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS OR OTHER COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 31 DECEMBER 2016 (expressed in Australian dollars) |
Half-year | Full-year | |||
Note | 31 December 2016 Unaudited A$ | 31 December 2015 Unaudited A$ | 30 June 2016 Audited A$ | |
OTHER INCOME | 42,945 | 58,350 | 125,328 | |
EXPENDITURE | ||||
Corporate expenses | (188,936 ) | (252,476) | (346,012) | |
Other expenses | - | (5,589) | (127,736) | |
OPERATING LOSS | ( 145,991) | (199,715) | (348,420) | |
Imparment - exploration and evaluation costs | ( 229,302) | (261,191) | (275,194) | |
LOSS BEFORE INCOME TAX | ( 375,293) | (460,906) | (623,614) | |
INCOME TAX | - | - | - | |
LOSS AFTER INCOME TAX | ( 375,293) | (460,906) | (623,614) | |
OTHER COMPREHENSIVE INCOME, NET OF TAX | - | - | - | |
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD ATTRIBUTABLE TO OWNERS OF SPITFIRE OIL LIMITED | ( 375,293) | (460,906) | (623,614) | |
Basic and diluted loss per share for loss attributable to the ordinary equity holders of the Company (cents per share). | 6 | ( 1.4) | (1.7) | (2.4) |
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 POSITIONAS AT 31 December 2016 (expressed in Australian dollars) |
31 December | 31 December | 30 June | ||
Note | 2016 Unaudited A$ | 2015 Unaudited A$ | 2016 Audited A$ | |
CURRENT ASSETS | ||||
Cash and cash equivalents | 3,571,897 | 3,976,987 | 3,840,997 | |
Trade and other receivables | - | - | 798 | |
Accrued revenues | 13,250 | - | 63,887 | |
Other current assets | 33,956 | 36,747 | 119,533 | |
TOTAL CURRENT ASSETS | 3,619,103 | 4,013,734 | 3,925,195 | |
NON-CURRENT ASSETS | ||||
Plant and equipment | 163 | 163 | 164 | |
Capitalised exploration and evaluation costs | 4,340,000 | 4,340,000 | 4,340,000 | |
Other non-current assets | 45,000 | 45,000 | 45,000 | |
TOTAL NON-CURRENT ASSSETS | 4,385,163 | 4,385,163 | 4,385,164 | |
TOTAL ASSETS | 8,004,266 | 8,398,897 | 8,310,359 | |
CURRENT LIABILITIES | ||||
Trade and other payables | 198,484 | 55,114 | 129,284 | |
TOTAL CURRENT LIABILITIES | 198,484 | 55,114 | 129,284 | |
TOTAL LIABILITIES | 198,484 | 55,114 | 129,284 | |
NET ASSETS | 7,805,782 | 8,343,783 | 8,181,075 | |
EQUITY | ||||
Issued capital | 5 | 19,289,284 | 19,289,284 | 19,289,284 |
Accumulated losses | ( 11,483,502) | (10,945,501) | (11,108,209) | |
TOTAL EQUITY | 7,805,782 | 8,343,783 | 8,181,075 |
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 2016 (expressed in Australian dollars) |
Issued Capital | Options Reserve | Accumulated Losses | Total | |
A$ | A$ | A$ | A$ | |
BALANCE AT 31 DECEMBER 2014 | 19,289,284 | - | (10,072,484) | 9,216,800 |
Loss for the period | - | - | (412,111) | (412,111) |
TOTAL COMPREHENSIVE LOSS | - | - | (412,111) | (412,111) |
BALANCE AT 30 JUNE 2015 | 19,289,284 | - | (10,484,595) | 8,804,689 |
Loss for the period | - | - | (460,906) | (460,906) |
TOTAL COMPREHENSIVE LOSS | - | - | (460,906) | (460,906) |
BALANCE AT 31 DECEMBER 2015 | 19,289,284 | - | (10,945,501) | 8,343,783 |
Loss for the period | - | - | (162,708) | (162,708) |
TOTAL COMPREHENSIVE LOSS | - | - | (162,708) | (162,708) |
BALANCE AT 30 JUNE 2015 | 19,289,284 | - | (11,108,209) | 8,181,075 |
Loss for the period | - | - | (375,293) | (375,293) |
TOTAL COMPREHENSIVE LOSS | - | - | (375,293) | (375,293) |
BALANCE AT 31 DECEMBER 2015 | 19,289,284 | - | (11,483,502) | 7,805,782 |
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 2016 (expressed in Australian dollars) |
Half-year | Full-year | ||
31 December 2016 Unaudited A$ | 31 December 2015 Unaudited A$ | 30 June 2016 Audited A$ | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Payments to suppliers and employees | ( 133,360) | (337,912) | (463,010) |
Interest received | 93,582 | 152,697 | 155,788 |
Net cash (outflow) from operating activities | ( 39,778) | (185,215) | (307,222) |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Payments for exploration and evaluation expenditure | (229,302 ) | (261,191) | (275,194) |
Net cash (outflow) from investing activities | (229,302 ) | (261,191) | (275,194) |
NET (DECREASE) IN CASH AND CASH EQUIVALENTS | ( 269,080) | (446,406) | (582,416) |
Cash and cash equivalents at the beginning of the period | 3,840,977 | 4,428,982 | 4,428,982 |
Effects of exchange rate changes on cash and cash equivalents | - | (5,589) |
(5,589) |
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 3,571,897 | 3,976,987 |
3,840,977 |
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 2016 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 2016 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 2016 statutory financial statements upon which the auditors' have opined that they have been unable to obtain sufficient audit evidence to support the Director's assertion that the recoverable amount of the mineral resource tenement asset is at least equal to its carrying value. Apart from the possible effects of the foregoing 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 2015 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 2016 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, 8th 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 2016, 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 2016.
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 2016. 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.
SPITFIRE OIL LIMITED
Notes to the CONDENSED CONSOLIDATED financial statements.
NOTE 3: DIVIDENDS
The Company has not declared any dividends in the period ended 31 December 2016.
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 2016 | 31 December 2015 | 30 June 2016 | ||||
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 2016 | 31 December 2014 | 30 June 2016 | |
Basic and diluted loss per share (cents) | (1.4) | (1.7) | (2.4) |
a) Net loss used in the calculation of basic and diluted loss per share (A$) | (375,293) | (460,906) | (623,614) |
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 |
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 2016, 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.