7th Jun 2016 09:38
LONDON (Alliance News) - Oil and gas operator Rose Petroleum PLC on Tuesday said its pretax loss widened due to impairment charges in 2015, as revenue grew on a ramp up in production.
Rose said its pretax loss for the year to the end of December was USD9.9 million, compared to USD5.9 million in 2014, primarily due to the group booking USD3.7 million worth of asset impairments as the oil and gas industry remained under pressure.
Rose said it restructured itself over the course of the year, cutting down its acreage and trimming costs across the business, and is confident on the outlook for the current year.
Revenue for the year was USD4.3 million, up from USD3.1 million previously, mainly from the group's previous metals mining and milling operations in Mexico. Revenue from this operation was driven by the group having a near full year of production from the Mina Charay gold and silver project, which had not been the case the year before.
Rose said it secured an investment recently which will allow the group to invest in the Cuban market, and it has already held talks with a Cuban government-owned business and relevant ministries in Havana, about striking a possible deal.
Rose raised funds for the Cuban push in early May and said it will focus its attention on the processing and manufacturing of gypsum and associated building materials.
Rose shares were down 1.4% to 0.17 pence Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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