4th Dec 2015 12:44
LONDON (Alliance News) - Spitfire Oil Ltd on Friday said its pretax loss for the year to the end of June narrowed after it wrote down substantially less of the value of its Salmon Gums tenement.
The company said its pretax loss for the year was AUD596,094, compared to AUD4.5M a year earlier. The narrowed loss was down to the company booking a substantially lower impairment on the value of Salmon Gums, its lignite project in Western Australia. Ignite otherwise known as black coal.
The project is currently on hold and the company's retention licence for the project has been renewed for another year, now expiring in September 2016. Spitfire said it will continue to seek potential joint venture agreements for the development of facilities to process to ignite at the site.
It said it will keep a tight lid on costs in the coming year and has been running the rule over possible acquisition targets, though has not made any further investments thus far.
Shares in Spitfire were untraded on Friday, having last traded at 3.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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