Mexican IVA recovery update

RNS Number : 9772D

Rose Petroleum PLC

03 May 2017

 

3 May 2017

Rose Petroleum plc

("Rose", the "Company" or the "Group")

Mexican IVA recovery update

Rose (AIM: ROSE), the AIM quoted natural resource business, is pleased to provide an update on its progress to recover substantial IVA (value added tax) owed to the Group from the Mexican tax authorities.

Further to the announcement on 10 April 2017, the Company confirms that it received a further MX$3,161,229 (circa US$167,500) from the Mexican tax authority Servicio de Administración Tributaria ("SAT") during April 2017.  This brings the total amount recovered since March to MX$9,170,687 (c. US$486,000), including MX$774,476 (c. US$41,000) of inflation adjustments due from SAT.

The Company continues to seek the recovery of the remaining approximate MX$8.8 million (c. US$466,400) owed to it by SAT, excluding the inflation adjustment payments which will be payable to the Company.

Matthew Idiens, CEO, commented: "We continue to have significant success on the recovery of amounts owed to the company by SAT. The total recovery of c. US$486,000 to date is timely ahead of our proposed work programmes.

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.

I will be the first to admit that this has been a long process to get to this stage and I would like to thank our shareholders for their patience, which I hope will soon be rewarded."

Prior to publication, certain information contained within this announcement was deemed to constitute inside information for the purposes of Article 7 of EU Regulation 596/2014. Upon publication of this announcement, this information is now considered to be in the public domain.

Enquiries:

Matthew Idiens (CEO) Chris Eadie (CFO)	Rose Petroleum plc	Tel: [phone] Tel: [phone]
Jeremy Porter / James Reeve / Liz Kirchner	Allenby Capital Limited	Tel: [phone]
James Pope / Ben Turner	Turner Pope Investments	Tel:  [phone]

 

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