Interim Results

60 St James's Street, London SW1A 1LE, United Kingdom

Telephone: + 44 (0)20 7629 7774 Facsimile: + 44 (0)20 7629 7773

Spitfire Oil Limited

8th March 2013

INTERIM STATEMENT FOR THE SIX MONTHS ENDED 31st DECEMBER 2012

Spitfire Oil Limited ("Spitfire" or "the Company") is pleased to publish its unaudited interim results for the six months ended 31st December 2012.

Spitfire and its subsidiaries (together "the Group") recorded a loss before tax for the six months ended 31st December 2012 of A$182,907 (2011: A$211,889). With cash balances of A$7.2m, the Group has benefited from interest receipts of A$122,584 (2011 A$180,660) in the period. Operating costs have been reduced to A$305,491 (2011 A$392,549) with action taken during the period to further reduce costs, including a reduction in directors' fees.

On 4th September 2012 Spitfire Oil Pty Ltd was granted a five year renewable retention licence covering the Salmon Gums lignite resource area with no annual exploration expenditure commitments attaching to this licence other than the prescribed licence fees.

Developing processing technologies, and in particular developments in pyrolysis technology, are being kept under review for possible application to process the Salmon Gums lignite. In the meantime the directors continue to evaluate numerous alternative natural resources projects.

Chairman's Statement

Chairman Mladen Ninkov commented, "Having ensured long term tenure over the Salmon Gums lignite deposits with minimal financial commitment, costs have been further reduced to ensure the financial stability of the Company for the foreseeable future. The directors will continue to review all possible acquisition opportunities for the Company. "

Spitfire Oil Limited

Mladen Ninkov - Chairman Telephone: +44(0)20 7629 7774

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

The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

The above consolidated statement of financial position should be read in conjunction with the accompanying notes.

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

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 2012 has been prepared in accordance with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001.

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 2012 and the condensed consolidated statement of 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 2012 statutory financial statements upon which the auditors' opinion is unqualified. The condensed consolidated statement of comprehensive income has been prepared using information extracted from the Group's 2012 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 2012 and any public announcements made by Spitfire Oil Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

Copies of this interim report are being sent to all registered shareholders. Additional copies are available from the Company's London office, 60 St James's Street, London, SW1A 1LE.

The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period.

The Group has reviewed all new Standards and Interpretations that have been issued but are not yet effective for the six months ended 31 December 2012. 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.

NOTE 2: SEGMENT INFORMATION

The Group operates in predominantly one operating segment, being the exploration and mining for valuable resources that produce energy in Australia. The results, revenue and operating assets reported all relate to 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 2012.

NOTE 4: CONTINGENCIES

There has been no change in contingent liabilities or contingent assets since the last annual reporting date.

SPITFIRE OIL LIMITED

Notes to the CONDENSED CONSOLIDATED financial statements

NOTE 5: ISSUED CAPITAL

NOTE 6: LOSS PER SHARE

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: NET TANGIBLE ASSETS

NOTE 8: SUBSEQUENT EVENTS

No matter or circumstance has arisen since 31 December 2012, 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.