Spitfire Oil Ltd. (AIM:SRO) seeks potential joint ventures for the development of facilities to process the Salmon Gums lignite. Mladen Ninkov, Chairman of Spitfire said that Spitfire has continued its extensive search for acquisitions in the oil & gas sector with no success primarily due to the uneconomic nature of any proven, probable or otherwise oil and gas fields at the current low US$40+ barrel oil price coupled with the evaporation of the capital equity markets for junior oil & gas companies.