SUBSIDIARYS RESULTS

2 Nov 2007 07:00

Spitfire Oil Limited02 November 2007 2nd November 2007 SUBSIDIARY'S RESULTS FOR THE YEAR ENDED 30 JUNE 2007 Spitfire Oil Limited's ("Spitfire Oil" or the "Company") wholly owned Australiansubsidiary, Spitfire Oil Pty Ltd ("Spitfire Australia"), has published itsaccounts for the year ended 30 June 2007, a summary of which is attached. Following its financial year end, Spitfire Australia was acquired by SpitfireOil on 11th July 2007. Spitfire Oil's ordinary shares were admitted to tradingon AIM on the 18th July 2007 at which time 16,666,667 new ordinary shares wereplaced to raise £10 million. Further information Mladen Ninkov - Chairman Telephone: +44(0) 20 7629 7774Roger Goodwin - DirectorSpitfire Oil Limited Adrian Hadden Telephone: +44(0) 20 7523 8353Collins Stewart Europe Limited 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 PTY LIMITED Income Statement For the year ended 30 June 2007 (expressed in Australian dollars) 2007 2006 $ $ Revenue 9,227 8,298 Corporate expenses 809,847 616,397Other expenses 184,445 36,765Mining & Exploration (R&D) 571,126 888,964Promotion & Investor Relations 17,354 - Loss before income tax (1,573,545) (1,533,828) Income tax expense - - Loss for the year (1,573,545) (1,533,828) Spitfire Oil pty Limited Balance Sheet As at 30 June 2007 (expressed in Australian dollars) 2007 2006 $ $ASSETSCurrent assetsCash and cash equivalents 30,999 332,834Trade and other receivables 17,485 42,859Other 417 83,575Total current assets 48,901 459,268 Non-Current assetsExploration and evaluation expenditure 294,320 10,000Property, plant and equipment 2,170 -Total non current assets 296,490 10,000 TOTAL ASSETS 345,391 469,268 LIABILITIESCurrent liabilitiesTrade and other payables 1,165,054 795,073Borrowings 290,000 -Total current liabilities 1,455,054 795,073 Total liabilities 1,455,054 795,073 NET ASSETS (LIABILITIES) (1,109,663) (325,805) EQUITYIssued capital 2,024,974 1,235,287Accumulated losses (3,134,637) (1,561,092)TOTAL EQUITY (1,109,663) (325,805) Spitfire Oil Pty Limited Statement of Changes in Equity For the year ended 30 June 2007 (expressed in Australian dollars) Share Accumulated Capital Losses Total $ $ $ Balance at 1 July 2005 12 (27,264) (27,252) Shares issued net of costs 1,235,275 - 1,235,275Net (loss) for the period - (1,533,828) (1,533,828) Balance at 30 June 2006 1,235,287 (1,561,092) (325,805) Shares issued net of costs 789,687 - 789,687Net (loss) for the period - (1,573,545) (1,573,545) Balance at 30 June 2007 2,024,974 (3,134,637) (1,109,663) Spitfire Oil PtyLimited Cash Flow Statement For the year ended 30 June 2007 (expressed in Australian dollars) 2007 2006 $ $Cash flows related to operating activitiesReceipts from customers - -Payments to suppliers and employees (1,053,429) (889,334)Interest received 9,227 8,298 Net cash inflow used in operating activities (1,044,202) (881,036) Cash flows related to investing activities Payments for purchases of plant and equipment (3,000) -Other, exploration costs capitalised (284,320) -Net cash flows used in investing activities (287,320) - Cash flows relating to financing activitiesProceeds from issues of securities 750,000 1,321,375Capital raising costs (10,313) (86,100)Proceeds from borrowings 290,000 (21,600)Net cash flows from financing activities 1,029,687 1,213,675 Net increase (decrease) in cash and cash equivalents (301,835) 332,639 Cash and cash equivalents at the beginning of the year 332,834 195 Cash and cash equivalents at the end of the year 30,999 332,834 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 Company. 2. The summary accounts set out above do not include all the notes of the type normally included in an annual financial report and therefore do not constitute statutory accounts. The summarised balance sheet at 30 June 2007 and the summarised income statement, statement of changes in equity and the summarised cash flow statement for the year then ended have been extracted from Spitfire Oil Pty Limited's statutory financial statements for the 30 June 2007 upon which the auditors' opinion is unqualified. The results for the year ended 30 June 2006 have been extracted from the statutory accounts for that period, which contain an unqualified auditors' report. This information is provided by RNS The company news service from the London Stock Exchange