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
IR BCGDDSBBBGIC
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February 20, 2018 02:00 ET (07:00 GMT)
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