Posting of Annual Report

Spitfire Oil Limited (“the Company”) announces that the annual report and accounts for the year ended 30th June 2019 has been posted to shareholders.

Copies of the annual report are available on the Company’s website www.spitfireoil.com and by request to the Company at 8th Floor, 54 Jermyn Street, London SW1Y 6LX, United Kingdom

Preliminary Results

Spitfire Oil Limited (“the Company”) and its wholly owned subsidiary, Spitfire Oil Pty Ltd (“Spitfire”), together (“the Group”), recorded a loss before tax for the year ended 30th June 2019 of A$936,103 (2018: A$1,350,901), after providing $763,507 (2018: $1,116,767) for diminution in value of the Salmon Gums tenements. The Group benefited from interest receivable of A$26,610 (2018: $63,405). Operating costs of A$199,206 (2018: A$297,539) were incurred. A$313,507 (2018: A$316,767) was incurred and capitalised on licence fees and tenement management.

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Relinquishment of Salmon Gums Retention Licence

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.

Major Shareholding

Spitfire Oil has today been notified that Paul and Michelle Johnson have a beneficial interest in 2,667,882 shares which equates to 10.31% of the Company’s issued share capital.

Interim Statement For The Six Months Ended 31 December 2018

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 2018.

Spitfire and its subsidiaries (together “the Group”) 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).

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Annual General Meeting

At the annual general meeting held today of the shareholders of Spitfire Oil Limited, all the resolutions put to the meeting contained in the notice dated 7th March 2019 were duly passed.