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Spitfire Oil Limited - Interim Statement 6 months ended 31 December 2019

RNS Number : 4268G
Spitfire Oil Limited
17 March 2020
 

SPITFIRE OIL LIMITED

 

8th Floor, Royal Trust House, 54 Jermyn Street, London SW1Y 6LX, United Kingdom

Telephone: + 44 (0)20 7629 7774.  Facsimile:  + 44 (0)20 7629 7773.  E mail:[email protected]

Level 9, BGC Centre, 28 The Esplanade, Perth, WA 6000, Australia.

Telephone: + 61 (8)9321 0544.  Facsimile:  + 61 (8) 9321 7035

 

17th March 2020

 

INTERIM STATEMENT FOR THE SIX MONTHS ENDED 31st DECEMBER 2019

 

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 2019. 

 

Spitfire and its subsidiaries (together "the Group") recorded a loss before tax for the six months ended the 31st December 2019 of A$113,324 (2018: A$325,594).  With cash balances of A$2m, the Group has benefited from interest receipts of A$12,050 (2018 A$11,715) in the period.  With all directors' fees suspended and other administration costs curtailed operating costs were A$102,527 (2018 A$86,680) and costs incurred prior to the relinquishment of the retention licence on the Salmon Gums lignite deposits of A$22,847 (2018 provision $250,620) have been written off. 

 

Following the relinquishment of the Salmon Gums lignite tenement retention licence in September 2019 the directors have continued to review and investigate possible new projects and to revisit potential projects previously rejected, for acquisition by the Company. Unfortunately no potential projects have been identified that could bring value to the Company exacerbated by difficulties in raising finance for such projects in the markets at this time.

 

Chairman's Statement

 

Chairman Mladen Ninkov commented, "It has been a long and tortuous journey for the directors, management and shareholders of Spitfire.  The dearth of projects and/or companies capable of being acquired, joint ventured or developed over the past decade has been frightening, not least for their lack of quality, resources or integrity of certain vendors.  It has led to the inescapable conclusion that the Company should be suspended, delisted and liquidated and surplus funds returned to shareholders so that you may be able to deploy the capital in a more successful manner.  I hope so in this particularly difficult world economic environment."

 

Further Information

 

Spitfire Oil Limited

Mladen Ninkov - Chairman

Roger Goodwin - Director

 

 

Telephone: +44(0)20 7629 7774

 

 

Panmure Gordon (UK) Limited

Dominic Morley

 

Telephone: +44 (0)20 7886 2500

 

 

 

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 information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No.596/2014.

 

 

SPITIFIRE OIL LIMITED

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

OR OTHER COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 31 DECEMBER 2019

(expressed in Australian dollars)

 

 

Half-year

Full-year

 

Note

31 December

2019

Unaudited

A$

31 December

2018

Unaudited

A$

30 June

2019

Audited

A$

OTHER INCOME

 

12,050

11,715

26,610

 

 

 

 

 

EXPENDITURE

 

 

 

 

Corporate and other expenses          

 

(102,527)

(86,680)

(199,206)

OPERATING LOSS

 

(90,477)

(74,965)

( 172,596)

Imparment - exploration and evaluation costs

 

(22,847)

(250,629)

(763,507)

LOSS BEFORE INCOME TAX

 

(113,324)

(325,594)

( 936,103)

INCOME TAX

 

-

-

-

LOSS AFTER INCOME TAX

 

(113,324)

(325,594)

(936,103)

OTHER COMPREHENSIVE INCOME, NET OF TAX

 

-

-

-

TOTAL COMPREHENSIVE LOSS FOR THE PERIOD ATTRIBUTABLE TO OWNERS OF SPITFIRE OIL LIMITED

 

(113,324)

(325,594)

( 936,103)

 

 

 

 

 

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

6

(0.5)

(1.3)

                ( 3.6)

 

 

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 POSITION
AS AT 31 December 2019

(expressed in Australian dollars)

 

 

 

31 December

31 December

30 June

 

Note

2019

Unaudited

A$

2018

Unaudited

A$

2019

Audited

A$

CURRENT ASSETS

 

 

 

 

Cash and cash equivalents

 

1,998,480

2,250,704

2,124,200

Accrued revenues

 

-

-

-

Other current assets

 

44,926

31,307

22,904

TOTAL CURRENT ASSETS

 

2,043,406

2,282,011

2,147,104

 

 

 

 

 

NON-CURRENT ASSETS

 

 

 

 

Capitalised exploration and evaluation costs

 

-

450,000

-

Other non-current assets

 

-

45,000

45,000

TOTAL NON-CURRENT ASSSETS

 

-

495,000

45,000

TOTAL ASSETS

 

2,043,406

2,777,011

2,192,104

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

Trade and other payables

 

22,400

32,172

57,774

TOTAL CURRENT LIABILITIES

 

22,400

32,172

57,774

TOTAL LIABILITIES

 

22,400

32,172

57,774

NET ASSETS

 

2,021,006

2,744,839

2,134,330

 

 

 

 

 

EQUITY

 

 

 

 

Issued capital

5

19,289,284

19,289,284

19,289,284

Accumulated losses

 

(17,268,278)

(16,544,445)

( 17,154,954)

TOTAL EQUITY

 

2,021,006

2,744,839

2,134,330

 

 

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 2019

(expressed in Australian dollars)

 

 

Issued

 Capital

Accumulated Losses

Total

 

A$

A$

A$

 

BALANCE AT 31 DECEMBER 2017

19,289,284

(15,312,484)

3,976,800

 

Loss for the period

-

(906,367)

(906,367)

TOTAL COMPREHENSIVE LOSS

-

(906,367)

(906,367)

 

BALANCE AT 30 JUNE 2018

19,289,284

(16,218,851)

3,070,433

 

Loss for the period

-

(325,594)

(325,594)

TOTAL COMPREHENSIVE LOSS

-

(325,594)

(325,594)

 

BALANCE AT 31 DECEMBER 2018

19,289,284

(16,544,445)

2,744,839

 

Loss for the period

-

(610,509)

(610,509)

TOTAL COMPREHENSIVE LOSS

-

(610,509)

(610,509)

 

BALANCE AT 30 JUNE 2019

19,289,284

(17,154,954)

2,134,330

 

Loss for the period

-

(113,324)

(113,324)

TOTAL COMPREHENSIVE LOSS

-

(113,324)

(113,324)

 

BALANCE AT 31 DECEMBER 2019

19,289,284

(17,268,278)

2,021,006

 

 

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 2019

(expressed in Australian dollars)

 

 

Half-year

Full-year

 

31 December

2019

Unaudited

A$

31 December

2018

Unaudited

A$

30 June

2019

Audited

A$

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

Payments to suppliers and employees

(113,561)

(91,204)

(167,158)

Interest received

12,050

34,944

49,839

Net cash (outflow) from operating activities

(101,511)

(56,260)

(117,319)

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

Payments for exploration and evaluation expenditure

(22,847)

(250,629)

(313,507)

Net cash (outflow) from investing activities

(22,847)

(250,629)

(313,507)

 

 

 

 

NET (DECREASE) IN CASH AND CASH EQUIVALENTS

(124,358)

(306,889)

(430,826)

Cash and cash equivalents at the beginning of the period

2,124,200

2,560,120

2,560,120

Effects of exchange rate changes on cash and cash equivalents

(1,362)

(2,527)

(5,094)

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

1,998,480

2,250,704

2,124,200

 

 

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 2019 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 2019 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 2019 statutory financial statements upon which the auditors' report was unqualified.

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 2019 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 2019, 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 2019.

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 2019.  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.

 

 

 

SPITFIRE OIL LIMITED

Notes to the CONDENSED CONSOLIDATED financial statements.

 

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.

 

NOTE 3: DIVIDENDS

The Company has not declared any dividends in the period ended 31 December 2019.

 

 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 2019

31 December 2018

30 June 2019

 

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

2019

31 December

2018

30 June

2019

Basic and diluted loss per share (cents)

(0.4)

(1.3)

                     (3.6)

 

 

 

 

a)  Net loss used in the calculation of basic and diluted loss per share (A$)

(113,324)

(325,594)

(936,103)

 

 

 

 

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

 

NOTE 7: SUBSEQUENT EVENTS

Since 31 December 2019, the directors have resolved that following the relinquishment of the Salmon Gums lignite tenement retention licence, as a result of; changes to the "Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" requirements for the renewal of retention licences; a number of reviews of the economic feasibility of the Salmon Gums lignite project, in particular with consideration of the current and long term forecast for the continued relatively low oil prices; and  the continuing costs of maintaining the retention licence over the Salmon Gums tenements; and despite substantial efforts by the directors and the Company's advisers to find another company, project or venture with the potential to bring value to Company, the Company is no longer serving any useful purpose and it is proposed that it be wound up by way of a Members' voluntary liquidation.  Provision has not been made in the condensed financial statements to 31st December 2019 for ongoing costs to date of dissolution and liquidation costs.

 


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