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Rose Petroleum confirms next payments from Mexico tax authority

“We continue to have significant success on the recovery of amounts owed to the company by SAT."

oil well, US dollars
Rose has received US$486,000

Rose Petroleum PLC (LON:ROSE) confirmed it has received further cash from the Mexican tax authority, Servicio de Administración Tributaria (SAT).

The junior oil and gas firm today updated investors on its ongoing process to recover value-added tax owed by the Mexican authorities.

It received the equivalent of US$167,500 (MX$3.16mln) in April, bringing the total payments since March to US$486,000.

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Rose noted that it continues to seek recovery of remaining amounts, said to be around US$466,400 excluding adjustments for inflation.

Mathew Idiens, Rose chief executive, said: “We continue to have significant success on the recovery of amounts owed to the company by SAT.

“We have exciting times ahead with the commencement of field operations in the Paradox basin anticipated in the second half of this year with the planned seismic shoot to identify our potential drill targets.

“Our acreage, as defined in our Independent report by Ryder Scott, has huge potential and it is exciting to be so close to commencing field work which is our first step in the value creation chain for the Basin.”

Quick facts: Rose Petroleum PLC

Price: 1.075 GBX

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