Sign up
Oil Capital

Natural resources specialist Rose Petroleum makes headway in Mexican VAT claim

It announced on Friday it has received the first tranche, US$72,100, and expects to bank US$210,000 by the end of the month.
shutterstock_153178391_58cb960725015.jpg
The windfall will help strengthening the firm’s cash reserves

AIM-quoted natural resources specialist Rose Petroleum PLC (LON:ROSE) has made a major breakthrough in its bid reclaim US$760,000 of value added tax from the Mexican authorities.

It announced on Friday it has received the first tranche, US$72,100, and expects to bank US$210,000 by the end of the month.

Chief executive Matthew Idiens said: "We are now seeing some real progress in the recovery of these outstanding funds.

“I am confident that this is just the start of the process of the total resolution of this matter and I hope to see further recoveries, in the near-term.”

The windfall will help strengthening the firm’s cash reserves ahead of the grant of a permit to shoot 3D seismic on its oil property in Utah.

It is also in talks to sell its gold milling operation in Mexico for up to US$1.5mln.

Ian_55ae0ddd437b7.jpg
Why Invest In Rose Petroleum PLC? Read More Here

Register here to be notified of future ROSE Company articles
View full ROSE profile

Rose Petroleum PLC Timeline

View All

Related Articles

oilOnshore.jpg
Chief executive Matthew Idiens said "with the change in political regime in the US, we feel the incoming administration will be very supportive of our industry."

© oil Capital 2017

Oil Capital, a subsidiary of Proactive Investors, acts as the vanguard for listed oil companies to interact with institutional and highly capitalised investors.
Headquartered in London, Oil Capital is led by a team of Europe's leading analysts and journalists, publishing daily content, covering all key movements in the Technology market.