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 31st December 2016.
Spitfire and its subsidiaries (together “the Group”) recorded a loss before tax for the six months ended the 31st December 2016 of A$375,293 (2015: A$460,906). With cash balances of A$3.6m, the Group has benefited from interest receipts of A$42,945 (2015 A$58,350) in the period. Operating costs were A$188,936 (2015 A$258,065) and provision has been made for impairment of exploration and development costs incurred of A$229,302 (2015 A$261,191).
Chairman Mladen Ninkov commented, “2017 has continued the appalling conditions found in the junior oil & gas sector over the past 5 years and beyond. As outlined previously to shareholders, the seismic shift to renewable energy generation and the continuing supply from existing and previously excluded hydrocarbon producers, has made this sector untenable for the junior, listed, oil & gas companies. The focus of the Company now firmly lies in the hard rock mining sector where supply shortages are becoming more pronounced. Despite evaluating over 100 acquisition opportunities, none met the parameters set by the Company. The directors continue to actively scour the world using their industry relationships to discover the Company’s next acquisition knowing the difficulty even this strategic pathway entails.”
The interim statement is available in Adobe Acrobat PDF format. Please click on the link below: