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Rose Petroleum recovered US$321,000 from Mexican tax authorities last month

Rose is working on reclaiming the remaining US$550,000 or so owed to it by the Mexican taxman

dollar bills
The natural resources group had only expected to receive around US$225,000

Shares in Rose Petroleum PLC (LON:ROSE) flowed higher after it told investors it received more money from the Mexican tax authorities (SAT) last month than it had expected.

The natural resources specialist received 6.01mln pesos (US$321,000) from SAT in March, much more than the 4.2mln pesos it had originally anticipated.

The pay-out is part of Rose’s bid to reclaim around 16.5mln pesos (around US$880,000) in value added tax from SAT.

AIM-quoted Rose added it is still working on recovering the remaining 10.5mln pesos ($552,000) owed to it by SAT.

Encouraged by scale ...

“We are encouraged by the scale of the funds received back from the Mexican authorities,” said Rose’s chief executive Matthew Idiens.

“We continue to work on recovering the outstanding balance as we work on building our cash reserves ahead of the upcoming work programme.”

As Idiens alluded to, 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.

Shares gained 9% on Monday morning to 0.14p.

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Quick facts: Rose Petroleum PLC

Price: 1.075 GBX

AIM:ROSE
Market: AIM
Market Cap: £3.09 m
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