Spitfire Oil Limited – Half-year Report
Spitfire Oil Limited is pleased to publish a copy of its condensed consolidated unaudited interim results for the six months ended the 31st December 2018.
Spitfire and its subsidiaries recorded a loss before tax for the six months ended the 31st December 2018 of A$325,594 (2017: A$444,534). With cash balances of A$2.3m, the Group has benefited from interest receipts of A$11,715 (2017 A$15,267) in the period. With all directors fees suspended and other administration costs curtailed operating costs were reduced to A$86,680 (2017 A$228,510) and provision has been made for impairment of exploration and development costs incurred of A$250,629 (2017 A$231,291).
Chairman Mladen Ninkov commented, “The superficial view of the Company’s six month operating performance shows a company with no operations and overheads cut to the bare bone, including all directors fees suspended and administrative costs cut to the barest minimum. But it would be a mistake to assume the Company is dormant. Poor, uneconomic and unmineable assets are always available. But this is the road to nowhere and leads to a waste of shareholders fund and the eventual dilution of the Company’s share capital. That is why the Company continues to search, investigate, evaluate and attempts to negotiate transactions which will add real value to the Company and its shareholders. It is not easy and it takes an incredibly long time to consummate such a transaction. When it eventually occurs, hopefully, the wait will have been worthwhile.“