Spitfire Oil Limited (“Spitfire” or the “Company”) announces that following a further review of the economic feasibility of the Salmon Gums lignite project, in particular with consideration of the current and long term forecast for the continued relatively low oil prices and the continuing costs of maintaining the retention licence over the Salmon Gums tenements, Spitfire has today relinquished the retention licence over the Salmon Gums lignite tenements.
With the relinquishment of this licence, Spitfire becomes an AIM Rule 15 cash shell. As such, the Company will be required to make an acquisition (or acquisitions) which constitutes a reverse takeover under AIM Rule 14 on or before 29 February 2020. If no such acquisition is completed by 29 February 2019, the Company’s shares would then be suspended from trading on AIM pursuant to AIM Rule 40. The directors are considering suitable projects for acquisition by the Company.