Less Ads, More Data, More Tools Register for FREE

Pin to quick picksSRO.L Regulatory News (SRO)

  • There is currently no data for SRO

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Preliminary Results

17 Dec 2010 09:16

RNS Number : 1668Y
Spitfire Oil Limited
17 December 2010
 



Spitfire Oil Limited

 

17th December2010

 

PRELIMINARY RESULTS

 

Spitfire Oil Limited ("Spitfire Oil" or the "Company"), has today published its results for the period ended 30 June 2010, a summary of which is attached. 

 

The Group's principal activity is the pursuance of the production of fuel oil and distillate from the Salmon Gums Lignite deposits in Western Australia.

 

The Group has reported a loss before tax of A$1,202,916 in the year to 30th June 2010. (2008/2009 A$1,437,020)

 

Chairman's Statement:

 

The past year's developments at Spitfire Oil Limited ("Spitfire" or the "Company") can safely be described as very disappointing. A thorough review of the Salmon Gums project (the "Project") concluded that a saleable distillate could not be produced economically at current world crude oil prices through the LV2 lignite to liquids process. As a consequence, a conscious decision was made to minimize all activities by the Company on the Project including suspending any further work on the L2V process, minimizing any additional geological work and reducing all overhead costs, including the redundancy of all personnel. These actions have stabilised the Company's finances whilst maintaining the security of its assets, allowing the directors time to pursue options for the development of the Company's Project and the investigation of other energy related projects.

 

In the later part of 2009, the potential for the occurrence of gold within Spitfire's tenements was recognised and the Company commissioned a reconnaissance gold exploration programme to test the north-eastern part of the Salmon Gums license areas. Desktop studies indentified a favourable target zone at the intersection of two regionally important faults. This was investigated with the drilling of 132 air core holes on a wide spaced 800 x 200 metre grid for a total of 7,706 metres. Sample results from these holes were encouraging with several zones of anomalous gold values delineated. These anomalies cover only some 10 kilometres of the 55 kilometres of the regional fault system. These encouraging results will require further drilling to ascertain the extent of the mineralization. The Company is currently investigating all options, including the identification of a joint venture partner, to identify the necessary significant resources required for this further exploration work.

 

As a result of the actions taken during 2009 and 2010, Spitfire's near term future has been assured. The challenge for the Company now is not only to realise the full potential of the Project, but also, in a world with exponentially increasing energy demands and declining fossil fuel resources, to expand and extend its reach into all facets of the energy sector. In 2011, the Company will strive to do so.

 

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 7459 3600

Dominic Morley

Hannah Woodley

 

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 Comprehensive Income

For the year ended 30 June 2010

(expressed in Australian dollars)

 

 

 

 

2010

2009

A$

A$

Other revenue

649,451

1,208,333

Expenditure

Corporate expenses

(1,275,932)

(1,651,427)

Technology and development

(394,613)

(697,216)

Other expenses

(181,822)

(296,710)

Loss before income tax

(1,202,916)

(1,437,020)

Income tax expense

-

-

Loss for the year

(1,202,916)

(1,437,020)

Other comprehensive income

Exchange differences on translation of foreign operations

(55,271)

2,056,914

Other comprehensive income for the year, net of tax

(55,271)

2,056,914

Total comprehensive (loss) / income for the year attributable to the owners of Spitfire Oil Limited

(1,258,187)

619,894

Basic and diluted loss per share attributable to the ordinary equity holders of the Company (cents per share)

(2.8)

(3.38)

 

 

Spitfire Oil Limited

Consolidated Statement of Financial Position

As at 30 June 2010

(expressed in Australian dollars)

 

2010

2009

A$

A$

ASSETS

CURRENT ASSETS

Cash and cash equivalents

7,926,723

9,974,229

Trade and other receivables

 295

14,077

Other current assets

 64,705

60,037

TOTAL CURRENT ASSETS

7,991,723

10,048,343

NON-CURRENT ASSETS

Plant and equipment

 7,954

13,906

Capitalised exploration and evaluation costs

8,249,289

7,590,913

TOTAL NON-CURRENT ASSETS

 8,257,243

7,604,819

TOTAL ASSETS

16,248,966

17,653,162

 

LIABILITIES

CURRENT LIABILITIES

Trade and other payables

 73,390

202,299

Provisions

-

17,100

TOTAL CURRENT LIABILITIES

 73,390

219,399

TOTAL LIABILITIES

 73,390

219,399

NET ASSETS

16,175,576

17,433,763

EQUITY

Issued capital

20,854,412

20,854,412

Reserves

790,001

845,272

Accumulated loss

(5,468,837)

(4,265,921)

TOTAL EQUITY

16,175,576

17,433,763

 

Spitfire Oil Limited

Consolidated Statement of Changes in Equity

For the year ended 30 June 2010

(expressed in Australian dollars)

 

 Issued Capital

 Foreign Currency Translation

 Accumulated Losses

 Option reserve

 Total

 A$

 A$

 A$

 A$

 A$

Balance at 1 July 2008

20,854,412

(2,001,643)

(2,828,901)

 592,667

 16,616,535

Share based remuneration

-

-

 -

197,334

197,334

Translation of Foreign currency

-

2,056,914

-

-

2,056,914

Net (Loss) for the period

-

-

(1,437,020)

-

(1,437,020)

Balance at 30 June 2009

20,854,412

55,271

(4,265,921)

790,001

17,433,763

Translation of Foreign currency

-

(55,271)

-

-

(55,271)

Net (Loss) for the period

-

-

(1,202,916)

-

(1,202,916)

Balance at 30 June 2010

20,854,412

-

(5,468,837)

790,001

16,175,576

 

 

Spitfire Oil Limited

Consolidated Statement of Cash Flows

For the year ended 30 June 2010

(expressed in Australian dollars)

 

2010

2009

A$

A$

CASH FLOWS FROM OPERATING ACTIVITIES

Payments to suppliers and employees

(1,464,319)

(2,621,682)

Interest received

 313,610

551,708

R&D tax concession received

 324,688

656,096

NET CASH OUT FLOW FROM OPERATING ACTIVITIES

(826,021)

(1,413,878)

 

CASH FLOWS FROM INVESTING ACTIVITIES

Proceeds from sales of plant and equipment

-

10,484

Payment for purchases of plant and equipment

-

(2,976)

Exploration Expenditure

(1,213,195)

(4,731,954)

NET CASH OUT FLOW FROM INVESTING ACTIVITIES

(1,213,195)

(4,724,446)

NET (DECREASE) IN CASH AND CASH EQUIVALENTS

(2,039,216)

(6,138,324)

Cash and cash equivalents at the beginning of the year

9,974,229

14,055,639

Effects of exchange rate changes on cash and cash equivalents

(8,290)

2,056,914

CASH AND CASH EQUIVALENTS AT THE END OF THE FINANCIAL YEAR

 

7,926,723

 

9,974,229

 

 

Notes:

 

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 2010 and the summarised consolidated statement of 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 2010 statutory financial statements upon which the auditors' opinion is unqualified. The statutory financial statements for the year to 30 June 2010 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 2009 have been extracted from the statutory accounts for that period, which contain an unqualified auditors' report.

 

3. The annual report and accounts for 2010 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, 6th Floor, 60 St James's Street, London, SW1A 1LE.

 

4. The calculation of the basic and diluted losses per share is based on the loss attributable to ordinary shareholders of A$1,202,916 divided by the weighted average number of shares in issue during the year of 42,550,668. There is no dilutive effect of share purchase options.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
FR EANAXFFSEFEF
12
Date   Source Headline
8th Nov 20127:00 amRNSPRELIMINARY RESULTS
5th Sep 20127:00 amRNSGrant of Retention Licence - Salmon Gums
9th Mar 20127:00 amRNSHalf Yearly Report
6th Dec 20117:47 amRNSResult of AGM
10th Nov 20119:00 amRNSNotice of AGM
27th Oct 20117:00 amRNSPRELIMINARY RESULTS
31st Mar 201111:00 amRNSResult of Meeting
21st Mar 20111:02 pmRNSDirector/PDMR Shareholding
18th Mar 20115:00 pmRNSSpecial General Meeting
2nd Mar 20117:00 amRNSHalf Yearly Report
31st Dec 20107:00 amRNSAnnual Financial Report
17th Dec 20109:23 amRNSResult of AGM
17th Dec 20109:16 amRNSPreliminary Results
9th Dec 201012:03 pmRNSNotice of AGM
29th Nov 20109:42 amRNSChange of Adviser
5th May 20107:00 amRNSResults of Gold Exploration
26th Mar 201010:03 amRNSSpecial General Meeting
12th Mar 20107:00 amRNSNotice of Special General Meeting
11th Mar 20107:00 amRNSInterim Results
21st Dec 20091:05 pmRNSAnnual Financial Report
7th Dec 20097:00 amRNSPreliminary Results
3rd Dec 20099:15 amRNSAnnual General Meeting
2nd Dec 200911:44 amRNSDirector Resignation
4th Nov 200911:49 amRNSNotice of AGM
21st Sep 20093:36 pmRNSUpdate and Review of Operations
24th Aug 200910:00 amRNSAppointment of Director
16th Jul 20097:00 amRNSResource update
7th Jul 20097:00 amRNSAppointment of Joint Broker
30th Mar 20097:00 amRNSInterim Results
25th Feb 20097:00 amRNSChange of Adviser & Broker
12th Jan 20097:00 amRNSFirst Oil Production from New Test Reactor
27th Nov 20083:26 pmRNSAGM Statement
13th Nov 20087:00 amRNSHolding(s) in Company
13th Nov 20087:00 amRNSRelated Party Transaction
1st Oct 20087:00 amRNSPreliminary Results
3rd Jun 20083:24 pmRNSAppointment of CEO
1st Apr 20081:15 pmRNSRestoration -Spitfire Oil Ltd
1st Apr 200812:04 pmRNSInterim Results
1st Apr 20087:30 amRNSStatement re Suspension
1st Apr 20087:30 amRNSSuspension - Spitfire Oil Ltd
5th Nov 20077:00 amRNSDrilling Commenced
2nd Nov 20077:00 amRNSSUBSIDIARYS RESULTS
17th Aug 20077:00 amRNSAIM Rule 26
22nd Dec 20057:00 amRNSSuspension: Southern Rock
12

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.