News 13 November 2008

SUBSTANTIAL SHAREHOLDER NOTIFICATION


Spitfire Oil Limited announces that it has received notification that Citadel Equity Fund Ltd (“Citadel”) has sold its holding of 16,666,667 ordinary shares in the Company to Griffin Mining Limited (“Griffin”; AIM Ticker: GFM), representing a 39.2% interest in the issued share capital of Spitfire, at 15p per share for cash at a total value of approximately £2,500,000. Following this sale, Citadel has no interest in the share capital of the Company.

Please see the announcement released at the same time as this announcement by Griffin. Mladen Ninkov and Roger Goodwin are on the boards of both Spitfire and Griffin.