20th Mar 2014 08:56
LONDON (Alliance News) - Rose Petroleum PLC Thursday said its total revenue for its fourth quarter 2013 was flat, and its direct production costs fell significantly during the period.
The AIM-listed natural resources company said its total revenues for the fourth quarter was flat at USD2.4 million, compared to the previous quarter and previous year, while its direct production costs fell 11% to USD677.72 per ounce of gold, against USD760.07 per ounce in its third quarter, and fell 1.5% against its previous year.
The company said it increased gold production to 1,649 ounces during the period from 1,387 ounces in its third quarter and 1,154 ounces of gold in the previous year.
However, the company's silver production fell to 16,905 ounces from 21,059 ounces in its third quarter and 17,830 ounces of silver in the fourth quarter 2013.
Rose Petroleum added that its average gold recovery rate increased to 83% gold from 81.1% gold in its third quarter and from 79.5% gold in the previous year. Its average silver recovery rate increased to 73.7%, against 71.6% the previous quarter, but fell against its fourth quarter 2012 rate of 77.7% silver.
The results come as the company has changed its strategy during 2013, adding oil and gas assets to its portfolio and changing its name from VANE Minerals in August.
During 2013, Rose completed the acquisition of three oil and gas licences in Germany totalling 1.3 million acres and signed an agreement for interest on significant US shale oil plays in Utah which are near production.
The company also noted it continues to develop copper operations at the TC porphyry copper project in New Mexico and it is currently in ongoing discussions with potential buyers of its uranium assets in Arizona.
Rose Petroleum shares were up 19% to 0.683 pence, putting it top of the AIM risers Thursday morning.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Rosebank