TIDMSRO

RNS Number : 3261F

Spitfire Oil Limited

20 February 2018

Spitfire Oil Limited

8(th) 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:spitfire@spitfireoil.com

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

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

20(th) February 2018

INTERIM STATEMENT FOR THE SIX MONTHSED 31(st) DECEMBER 2017

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 31(st) December 2017.

Spitfire and its subsidiaries (together "the Group") recorded a loss before tax for the six months ended the 31(st) December 2017 of A$444,534 (2016: A$375,923). With cash balances of A$2.7m, the Group has benefited from interest receipts of A$15,267 (2016 A$42,945) in the period. Operating costs were A$228,510 (2016 A$188,936) and provision has been made for impairment of exploration and development costs incurred of A$231,291 (2016 A$229,302).

Chairman's Statement

Chairman Mladen Ninkov commented, "The internal process of renewing the retention licence over the Salmon Gums Project has been completed and all the relevant documentation, including a revised JORC Statement in compliance with revised requirements, lodged. A new retention licence is expected to be issued in the near future. Otherwise, as the case has been for some significant time now, the directors continue to investigate, approach, evaluate and negotiate new projects and acquisition opportunities to revitalize the Company. Needless to say, for all the reasons outlined in previous communications, this is a monumental task when attractive assets are involved. The Company is determined to see this task completed to its successful conclusion."

Further Information

Spitfire Oil Limited

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

Roger Goodwin - Director

Panmure Gordon (UK) Limited Telephone: +44 (0)20 7886 2500

Dominic Morley

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 MONTHSED 31 DECEMBER 2017 
         (expressed in Australian dollars) 
 
 
                                                          Half-year                               Full-year 
                                                   31 December            31 December               30 June 
                                                          2017                   2016                  2017 
                                                     Unaudited              Unaudited               Audited 
                                   Note                     A$                     A$                    A$ 
OTHER INCOME                                            15,267                 42,945                81,588 
 
EXPITURE 
                                                      (228,510               (188,936 
Corporate and other expenses                                 )                      )             (464,423) 
OPERATING LOSS                                      ( 213,243)             ( 145,991)            ( 382,835) 
Imparment - exploration 
 and evaluation costs                               ( 231,291)             ( 229,302)           (3,376,906) 
                                         ---------------------  ---------------------  -------------------- 
LOSS BEFORE INCOME TAX                              ( 444,534)             ( 375,293)          ( 3,759,741) 
INCOME TAX                                                   -                      -                     - 
LOSS AFTER INCOME TAX                               ( 444,534)             ( 375,293)           (3,759,741) 
OTHER COMPREHENSIVE INCOME, 
 NET OF TAX                                                  -                      -                     - 
TOTAL COMPREHENSIVE LOSS 
 FOR THE PERIOD ATTRIBUTABLE 
 TO OWNERS OF SPITFIRE 
 OIL LIMITED                                        ( 444,534)             ( 375,293)          ( 3,759,741) 
                                         =====================  =====================  ==================== 
 
Basic and diluted loss 
 per share for loss attributable 
 to the ordinary equity 
 holders of the Company 
 (cents per share).                 6                   ( 1.7)                 ( 1.4)               ( 14.5) 
 

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 2017 
           (expressed in Australian dollars) 
 
 
                                    31 December    31 December        30 June 
                                           2017           2016           2017 
                                      Unaudited      Unaudited        Audited 
                            Note             A$             A$             A$ 
CURRENT ASSETS 
Cash and cash equivalents             2,671,088      3,571,897      3,170,851 
Accrued revenues                         24,540         13,250         10,512 
Other current assets                     24,297         33,956         21,385 
TOTAL CURRENT ASSETS                  2,719,925      3,619,103      3,202,748 
                                  -------------  -------------  ------------- 
 
NON-CURRENT ASSETS 
Plant and equipment                         164            163            164 
Capitalised exploration 
 and evaluation costs                 1,250,000      4,340,000      1,250,000 
Other non-current assets                 45,000         45,000         45,000 
                                  -------------  -------------  ------------- 
TOTAL NON-CURRENT ASSSETS             1,295,164      4,385,163      1,295,164 
                                  -------------  -------------  ------------- 
TOTAL ASSETS                          4,015,089      8,004,266      4,497,912 
                                  -------------  -------------  ------------- 
 
CURRENT LIABILITIES 
Trade and other payables                 38,289        198,484         76,578 
TOTAL CURRENT LIABILITIES                38,289        198,484         76,578 
                                  -------------  -------------  ------------- 
TOTAL LIABILITIES                        38,289        198,484         76,578 
                                  -------------  -------------  ------------- 
NET ASSETS                            3,976,800      7,805,782      4,421,334 
                                  =============  =============  ============= 
 
EQUITY 
Issued capital               5       19,289,284     19,289,284     19,289,284 
Accumulated losses                ( 15,312,484)  ( 11,483,502)  ( 14,867,950) 
                                  -------------  -------------  ------------- 
TOTAL EQUITY                          3,976,800      7,805,782      4,421,334 
                                  =============  =============  ============= 
 

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 MONTHSED 31 DECEMBER 2017 
           (expressed in Australian dollars) 
 
 
                                  Issued    Accumulated 
                                  Capital      Losses        Total 
                                    A$           A$           A$ 
 
  BALANCE AT 31 DECEMBER 2015   19,289,284  (10,945,501)    8,343,783 
                                ----------  ------------  ----------- 
 
  Loss for the period                    -     (162,708)    (162,708) 
                                ----------  ------------  ----------- 
TOTAL COMPREHENSIVE LOSS                 -     (162,708)    (162,708) 
                                ----------  ------------  ----------- 
 
  BALANCE AT 30 JUNE 2016       19,289,284  (11,108,209)    8,181,075 
                                ----------  ------------  ----------- 
 
  Loss for the period                    -     (375,293)    (375,293) 
                                ----------  ------------  ----------- 
TOTAL COMPREHENSIVE LOSS                 -     (375,293)    (375,293) 
                                ----------  ------------  ----------- 
 
  BALANCE AT 31 DECEMBER 2016   19,289,284  (11,483,502)    7,805,782 
                                ----------  ------------  ----------- 
 
  Loss for the period                    -   (3,384,448)  (3,384,448) 
                                ----------  ------------  ----------- 
TOTAL COMPREHENSIVE LOSS                 -   (3,384,448)  (3,384,448) 
                                ----------  ------------  ----------- 
 
  BALANCE AT 30 JUNE 2017       19,289,284  (14,867,950)    4,421,334 
                                ----------  ------------  ----------- 
 
  Loss for the period                    -     (444,534)    (444,534) 
                                ----------  ------------  ----------- 
TOTAL COMPREHENSIVE LOSS                 -     (444,534)    (444,534) 
                                ----------  ------------  ----------- 
 
  BALANCE AT 31 DECEMBER 2017   19,289,284  (15,312,484)    3,976,800 
                                ==========  ============  =========== 
 

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 2017 
       (expressed in Australian dollars) 
 
 
                                     Half-year          Full-year 
                              31 December  31 December     30 June 
                                     2017         2016        2017 
                                Unaudited    Unaudited     Audited 
                                       A$           A$          A$ 
CASH FLOWS FROM OPERATING 
 ACTIVITIES 
Payments to suppliers and 
 employees                     ( 268,418)   ( 133,360)  ( 459,221) 
Interest received                   1,239       93,582      81,588 
Net cash (outflow) from 
 operating activities          ( 267,179)    ( 39,778)  ( 377,633) 
                              -----------  -----------  ---------- 
 
CASH FLOWS FROM INVESTING 
 ACTIVITIES 
Payments for exploration         (231,291     (229,302 
 and evaluation expenditure             )            )   (286,906) 
Net cash (outflow) from          (231,291     (229,302    (286,906 
 investing activities                   )            )           ) 
                              -----------  -----------  ---------- 
 
NET (DECREASE) IN CASH AND 
 CASH EQUIVALENTS              ( 498,470)   ( 269,080)  ( 664,539) 
Cash and cash equivalents 
 at the beginning of the 
 period                         3,170,851    3,840,977   3,840,977 
Effects of exchange rate 
 changes on cash and cash 
 equivalents                      (1,293)            -     (5,587) 
                              -----------  -----------  ---------- 
CASH AND CASH EQUIVALENTS 
 AT THE END OF THE PERIOD       2,671,088    3,571,897   3,170,851 
                              ===========  ===========  ========== 
 

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 2017 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 2017 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 2017 statutory financial statements upon which the auditors' have opined that they were unable to obtain sufficient appropriate audit evidence concerning the carrying value of capitalised exploration and evaluation costs totalling $4.340,000 in relation to the Salmon Gums Project for the year ended 30 June 2016 and qualified their prior year audit opinion accordingly. As a result of this matter, the auditors were unable to obtain sufficient appropriate audit evidence concerning the opening balance as at 1 July 2016. Since opening capitalised exploration and evaluation costs balance affects the determination of the profit or loss for the year, the auditors were unable to determine whether adjustments to the consolidation profit or loss and other comprehensive income and accumulated losses might be necessary for the year ended 30 June 2016. The audit opinion on the financial statements for the year ended 30 June 2016 was modified accordingly. The audit opinion on the financial statements to 30(th) June 2017 was also modified because of the possible effect of this matter on the comparability of the current year's figures and the corresponding figures. Apart from the possible effects of the foregoing the auditor's opinion is 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 2017 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, 8(th) 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 2017, 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 2017.

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 2017. 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.

No retrospective change in accounting policy or material reclassification has occurred requiring the inclusion of a third Statement of Financial Position as at the beginning of the comparative financial period, as required under AASB 101.

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 2017.

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 2017        31 December 2016          30 June 2017 
                                 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               31 December                  30 June 
                                            2017                      2016                       2015 
Basic and diluted loss per 
 share (cents)                                       (1.7)                     (1.4)                      (14.5) 
 
a) Net loss used in the 
 calculation of basic and 
 diluted loss per share (A$)                     (444,534)                 (375,293)                 (3,759,741) 
 
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

No matter or circumstance has arisen since 31 December 2017, 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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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