TIDMSRO
RNS Number : 2756K
Spitfire Oil Limited
13 December 2018
Spitfire Oil Limited
54 Jermyn Street, London SW1Y 6LX, United Kingdom
Telephone: + 44 (0)20 7629 7774 Facsimile: + 44 (0)20 7629
7773
13(th) December 2018
PRELIMINARY RESULTS
Financial
Spitfire Oil Limited ("the Company") and its wholly owned
subsidiary, Spitfire Oil Pty Ltd ("Spitfire"), together ("the
Group"), recorded a loss before tax for the year ended 30th June
2018 of A$1,350,901 (2017 A$3,759,741), after providing $1,116,767
(2017: $3,376,906) for diminution in value of the Salmon Gums
tenements. The Group benefited from interest receivable of A$63,405
(2017 A$81,588). Operating costs of A$297,539 (2017 A$464,423) were
incurred. A$316,767 (2017 A$286,906) was incurred and capitalised
on licence fees and tenement management.
Although a resource has been defined, and title to the Salmon
Gums mineral tenements has been secured for the foreseeable future,
with active development and exploration work now suspended and
having considered market prices for fuel products, the directors
are of the opinion that further provision be made against the
carrying value of the Salmon Gums mineral tenements to $450,000,
being in conformity with a review undertaken by independent
consultants for the purposes of this report.
The directors, supported by independent advice, remain of the
opinion that the recoverable amount of the Salmon Gums tenements is
at least equal to the carrying value in the financial
statements.
Operations
The Salmon Gums Lignite Project remains on hold. In September
2017 the Company renewed the retention licence over the Salmon Gums
Tenements for a further two years. New regulations are being
introduced which inter alia require a JORC resource under revised
reporting rules. The revised JORC rules require a potentially
viable operation to process the resource, without which the JORC
rules require the resource to be downgraded putting at risk further
renewal of the retention licence. The directors are investigating
various processes to show that the resource can be processed when
economic circumstances improve.
The directors continue to pursue potential joint ventures for
the development of facilities to process the Salmon Gums
lignite.
The Company has continued to keep its running costs to a minimum
while reviewing possible new projects. A number have been
considered during the year but have so far not met
requirements.
Chairman's Statement
It has been another fruitless year in the attempt to acquire a
significant and value enhancing asset for the Company.
The Company continues to hold a Retention Licence over the
Salmon Gums project, which was extended for a further two years in
2017. A number of parties have shown an interest in conducting due
diligence over the tenements with a view to moving to a joint
venture. Time will tell whether this will end in a satisfactory
conclusion.
Enormous time and effort has been extended by the directors, for
no fees or any other form of compensation, examining and conducting
due diligence over a number of, prima facie, promising assets. All
such efforts have led to nothing, inevitably due to representations
made not meeting reality.
Your directors have no interest in acquiring any asset which may
provide market excitement but will inevitably lead to
disappointment and financial loss. The Company remains committed to
finding, acquiring and developing a long term asset which will
provide real returns for shareholders. The patience of shareholders
over the long years demands such a result.
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 7886 2500
Dominic Morley
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No.596/2014.
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 Profit or Loss and Other Comprehensive Income
YEARED 30 JUNE 2018 2018 2017
A$ A$
--------------------------------------------- ----------- -----------
OTHER INCOME 63,405 81,588
EXPITURE
Corporate expenses (217,641) (353,675)
Other expenses (79,898) (110,748)
OPERATING LOSS (234,134) (382,835)
Impairment - exploration and evaluation
costs (1,116,767) (3,376,906)
LOSS BEFORE INCOME TAX (1,350,901) (3,759,741)
INCOME TAX - -
----------- -----------
LOSS AFTER INCOME TAX (1,350,901) (3,759,741)
OTHER COMPREHENSIVE INCOME, NET OF TAX - -
----------- -----------
LOSS AND TOTAL COMPREHENSIVE INCOME FOR
THE YEAR ATTRIBUTABLE TO OWNERS OF SPITFIRE
OIL LIMITED (1,350,901) (3,759,741)
=========== ===========
Basic and diluted loss per share for
loss attributable to the ordinary equity
holders of the Company (cents per share) (5.22) (14.5)
=========== ===========
Spitfire Oil Limited
Consolidated Statement of Financial Position
AS AT 30 JUNE 2018 2018 2017
A$ A$
CURRENT ASSETS
Cash and cash equivalents 2,560,120 3,170,851
Trade and other receivables - -
Accrued revenues 23,229 10,512
Other current assets 28,954 21,385
TOTAL CURRENT ASSETS 2,612,303 3,202,748
------------ ------------
NON--CURRENT ASSETS
Capitalised exploration and evaluation
costs 450,000 1,250,000
Office equipment - 164
Other non-current assets 45,000 45,000
TOTAL NON--CURRENT ASSETS 495,000 1,295,164
------------ ------------
TOTAL ASSETS 3,107,303 4,497,912
------------ ------------
CURRENT LIABILITIES
Trade and other payables 36,870 76,578
TOTAL CURRENT LIABILITIES 36,870 76,578
------------ ------------
TOTAL LIABILITIES 36,870 76,578
------------ ------------
NET ASSETS 3,070,433 4,421,334
============ ============
EQUITY
Issued capital 19,289,284 19,289,284
Reserves - -
Accumulated losses (16,218,851) (14,867,950)
------------ ------------
TOTAL EQUITY ATTRIBUTABLE TO THE EQUITY
HOLDERS OF THE PARENT 3,070,433 4,421,334
============ ============
Spitfire Oil Limited
Consolidated Statement of Changes in Equity
YEARED 30 JUNE 2018 Accumulated
Issued Capital Losses Total
A$ A$ A$
-------------- ------------ -----------
BALANCE AT 30 JUNE 2016 19,289,284 (11,108,209) 8,181,075
-------------- ------------ -----------
Loss for the year - (3,759,741) (3,759,741)
-------------- ------------ -----------
TOTAL COMPREHENSIVE LOSS - (3,759,741) (3,759,741)
-------------- ------------ -----------
TRANSACTIONS WITH OWNERS IN THEIR
CAPACITY AS OWNERS
Transaction with owners - - -
-------------- ------------ -----------
BALANCE AT 30 JUNE 2017 19,289,284 (14,867,950) 4,421,334
-------------- ------------ -----------
Loss for the year - (1,350,901) (1,350,901)
-------------- ------------ -----------
TOTAL COMPREHENSIVE LOSS - (1,350,901) (1,350,901)
-------------- ------------ -----------
TRANSACTIONS WITH OWNERS IN THEIR
CAPACITY AS OWNERS
-------------- ------------ -----------
Transaction with owners - - -
-------------- ------------ -----------
BALANCE AT 30 JUNE 2018 19,289,284 (16,218,851) 3,070,433
-------------- ------------ -----------
Spitfire Oil Limited
Consolidated Statement of Cash Flows
YEAR ENDED 30 JUNE 2018 2018 2017
A$ A$
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and employees (342,724) (459,221)
Interest received 50,688 81,588
NET CASH FLOWS USED IN OPERATING ACTIVITIES (292,036) (377,633)
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for exploration and evaluation
expenditure (316,767) (286,906)
NET CASH OUTFLOWS USED IN INVESTING ACTIVITIES (316,767) (286,906)
--------- ---------
NET DECREASE IN CASH AND CASH EQUIVALENTS (608,803) (664,539)
Cash and cash equivalents at the beginning
of the financial year 3,170,851 3,840,977
Effects of exchange rate changes on cash
and cash equivalents (1,928) (5,587)
CASH AND CASH EQUIVALENTS AT THE END
OF THE FINANCIAL YEAR 2,560,120 3,170,851
========= =========
Spitfire Oil Limited
Notes to the preliminary results to 30(th) June 2018
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
2018 and the summarised consolidated statement of profit or loss
and other 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 2018
statutory financial statements upon which the auditors' opinion is
unqualified. The statutory financial statements for the year to 30
June 2018 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 2017 have been extracted from the statutory accounts for
that period, upon which the auditors' opinion is unqualified as to
the financial position at 30(th) June 2017 but is qualified as to
the profit or loss and other comprehensive income, consolidated
statement of changes in equity and the summarised consolidated
statement of cash flows for the year ended 30(th) June 2017 due to
the impact of any potential adjustment as to the value of the
Salmon Gums tenements at 30(th) June 2016 over which the auditors
had been unable to obtain sufficient evidence to support the
directors assessment of the recoverable amount the capitalised
exploration and evaluation costs.
3. The annual report and accounts for 2018 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, 8(th) Floor, 54 Jermyn Street, London, SW1A
6LX and on the Company's web site www.spitfireoil.com.
4. The calculation of the basic and diluted losses per share is
based on the loss attributable to ordinary shareholders of
A$1,350,901 (2017 A$3,759,741) divided by the weighted average
number of shares in issue during the year of 25,884,001 (2016
25,884,001). There is no dilutive effect of share purchase
options.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR UUVARWKAUAAA
(END) Dow Jones Newswires
December 13, 2018 02:00 ET (07:00 GMT)
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