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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Spitfire Oil Limited | LSE:SRO | London | Ordinary Share | BMG836741048 | ORD USD0.0005 (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMSRO
RNS Number : 5209T
Spitfire Oil Limited
30 March 2016
60 St James's Street, London SW1A 1LE, United Kingdom
Telephone: + 44 (0)20 7629 7774 Facsimile: + 44 (0)20 7629 7773
30(th) March 2016
INTERIM STATEMENT FOR THE SIX MONTHS ENDED 31(st) DECEMBER 2015
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 2015.
Spitfire and its subsidiaries (together "the Group") recorded a loss before tax for the six months ended the 31(st) December 2015 of A$460,906 (2014: A$183,983). With cash balances of A$4m, the Group has benefited from interest receipts of A$58,350 (2014 A$44,272) in the period. Operating costs were A$258,065 (2014 A$228,255) and provision has been made for impairment of exploration and development costs incurred of A$261,191 (2014A$nil).
Chairman's Statement
Chairman Mladen Ninkov commented, "Following the disastrous 2014 year for oil and gas prices, the trend tragically continued in 2015 with even further catastrophic falls in prices. With the junior oil and gas equity markets effectively on life support and the projects available for acquisition economically unviable and the carrying costs unsustainable, the Company has had little option but to preserve its cash holdings and look for projects in extractive industries which may have a long term future in a fast changing world. Nothing examined to date has yet fulfilled these requirements or currently remains incapable of being acquired, but the Company remains hopeful that such an asset may be able to be obtained in the future. The challenge remains Himalayan in its proportion."
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
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SPITIFIRE OIL LIMITED
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
OR OTHER COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 DECEMBER 2015
(expressed in Australian dollars)
Half-year Full-year
31 December 31 December 30 June
2015 2014 2015
Unaudited Unaudited Audited
Note A$ A$ A$
OTHER INCOME 58,350 44,272 144,291
EXPENDITURE
Corporate expenses (252,476) (203,664) (369,325)
Other expenses (5,589) (24,591) (82,843)
OPERATING LOSS (199,715) (183,983) (307,877)
Imparment - exploration
and evaluation costs (261,191) - (288,217)
--------------------- --------------------- ---------
LOSS BEFORE INCOME TAX (460,906) (183,983) (596,094)
INCOME TAX - - -
LOSS AFTER INCOME TAX (460,906) (183,983) (596,094)
OTHER COMPREHENSIVE INCOME,
NET OF TAX - - -
TOTAL COMPREHENSIVE LOSS
FOR THE PERIOD ATTRIBUTABLE
TO OWNERS OF SPITFIRE
OIL LIMITED (460,906) (183,983) (596,094)
===================== ===================== =========
Basic and diluted loss
per share for loss attributable
to the ordinary equity
holders of the Company
(cents per share). 6 (1.7) (0.7) (2.3)
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 2015
(expressed in Australian dollars)
31 December 31 December 30 June
2015 2014 2015
Unaudited Unaudited Audited
Note A$ A$ A$
CURRENT ASSETS
Cash and cash equivalents 3,976,987 4,676,319 4,428,982
Trade and other receivables - - 1,733
Accrued revenues - - 94,347
Other current assets 36,747 20,905 17,341
TOTAL CURRENT ASSETS 4,013,734 4,697,224 4,542,403
------------ ------------ ------------
NON-CURRENT ASSETS
Plant and equipment 163 1,145 164
Capitalised exploration
and evaluation costs 4,340,000 4,521,853 4,340,000
Other non-current assets 45,000 45,000 45,000
------------ ------------ ------------
TOTAL NON-CURRENT ASSSETS 4,385,163 4,567,998 4,385,164
------------ ------------ ------------
TOTAL ASSETS 8,398,897 9,265,222 8,927,567
------------ ------------ ------------
CURRENT LIABILITIES
Trade and other payables 55,114 41,314 122,878
TOTAL CURRENT LIABILITIES 55,114 41,314 122,878
------------ ------------ ------------
TOTAL LIABILITIES 55,114 41,314 122,878
------------ ------------ ------------
NET ASSETS 8,343,783 9,223,908 8,804,689
============ ============ ============
EQUITY
Issued capital 5 19,289,284 19,289,284 19,289,284
Accumulated losses (10,945,501) (10,065,376) (10,484,595)
------------ ------------ ------------
TOTAL EQUITY 8,343,783 9,223,908 8,804,689
============ ============ ============
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 2015
(expressed in Australian dollars)
Issued Options Accumulated
Capital Reserve Losses Total
A$ A$ A$ A$
BALANCE AT 31 DECEMBER
2013 19,307,329 321,600 (5,788,853) 13,840,076
---------- --------- ------------ -----------
Loss for the period (4,421,248) (4,421,248)
---------- --------- ------------ -----------
TOTAL COMPREHENSIVE LOSS - - (4,421,248) (4,421,248)
---------- --------- ------------ -----------
TRANSACTIONS WITH OWNERS
IN THEIR CAPACITY AS OWNERS
Expenses re purchase of
shares for cancellation (18,045) - - (18,045)
Transfer on expiry of
options (321,600) 321,600 -
---------- --------- ------------ -----------
Transaction with owners (18,045) (321,600) 321,600 (18,045)
---------- --------- ------------ -----------
BALANCE AT 30 JUNE 2014 19,289,284 - (9,888,501) 9,400,783
---------- --------- ------------ -----------
Loss for the period - - (183,983) (183,983)
---------- --------- ------------ -----------
TOTAL COMPREHENSIVE LOSS - - (183,983) (183,983)
---------- --------- ------------ -----------
BALANCE AT 31 DECEMBER
2014 19,289,284 - (10,072,484) 9,216,800
---------- --------- ------------ -----------
Loss for the period - - (412,111) (412,111)
---------- --------- ------------ -----------
TOTAL COMPREHENSIVE LOSS - - (412,111) (412,111)
---------- --------- ------------ -----------
BALANCE AT 30 JUNE 2015 19,289,284 - (10,484,595) 8,804,689
---------- --------- ------------ -----------
Loss for the period - - (460,906) (460,906)
(MORE TO FOLLOW) Dow Jones Newswires
March 30, 2016 04:17 ET (08:17 GMT)
---------- --------- ------------ -----------
TOTAL COMPREHENSIVE LOSS - - (460,906) (460,906)
---------- --------- ------------ -----------
BALANCE AT 31 DECEMBER
2015 19,289,284 - (10,945,501) 8,343,783
========== ========= ============ ===========
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 2015
(expressed in Australian dollars)
Half-year Full-year
31 December 31 December 30 June
2015 2014 2015
Unaudited Unaudited Audited
A$ A$ A$
CASH FLOWS FROM OPERATING
ACTIVITIES
Payments to suppliers and
employees (337,912) (225,928) (371,524)
Interest received 152,697 44,272 49,944
Net cash (outflow) from
operating activities (185,215) (183,656) (321,581)
----------- ----------- ---------
CASH FLOWS FROM INVESTING
ACTIVITIES
Payments for exploration
and evaluation expenditure (261,191) (181,853) (288,217)
Net cash (outflow) from
investing activities (261,191) (181,853) (288,217)
----------- ----------- ---------
NET (DECREASE) IN CASH AND
CASH EQUIVALENTS (446,406) (365,509) (609,798)
Cash and cash equivalents
at the beginning of the
period 4,428,982 5,049,361 5,049,361
Effects of exchange rate
changes on cash and cash
equivalents (5,589) (7,536) (10,581)
----------- ----------- ---------
CASH AND CASH EQUIVALENTS
AT THE END OF THE PERIOD 3,976,987 4,676,319 4,428,982
=========== =========== =========
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 2015 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 2015 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 2015 statutory financial statements upon which the auditors' opinion is unqualified. The condensed consolidated statement of profit or loss or other comprehensive income has been prepared using information extracted from the Group's 2015 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 2015 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 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.
Adoption of new and revised accounting standards
In the six months ended 31 December 2015, 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 2015.
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 2015. 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.
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 2015.
SPITFIRE OIL LIMITED
Notes to the CONDENSED CONSOLIDATED financial statements.
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 2015 31 December 2014 30 June 2015
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
2015 2014 2015
Basic and diluted loss per
share (cents) (1.7) (0.7) (2.3)
a) Net loss used in the
calculation of basic and
diluted loss per share (A$) (460,906) (183,983) (596,094)
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
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: SUBSEQUENT EVENTS
No matter or circumstance has arisen since 31 December 2015, 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
IR WGUCGWUPQURU
(END) Dow Jones Newswires
March 30, 2016 04:17 ET (08:17 GMT)
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