30th Sep 2014 15:00
LONDON (Alliance News) - Rose Petroleum PLC Tuesday posted a wider pretax loss in the first-half on the back of a fall in revenue in the period, but said it is progressing with its operations in Utah and Mexico.
Rose said its pretax loss for the six months to June 30 was GBP901,195, against a GBP216,441 loss a year earlier. Revenue in the first-half dropped around half to GBP1.4 million from GBP2.6 million last year.
The company said it is in the process of conducting due diligence on a potential acquisition in the Mancos project area in Utah, US. The group has started operations at its Utah assets and said it expects to spud its first well targeting the Mancos Shale and other areas in the prospect, both within the fourth quarter of this year.
It has also started operations in Mexico's Saltito mine, having completed work at the Diablito and La Colorado mines. At the Mina Charay mine, the company has signed a joint venture deal with Minera Pafex which will allow it to start mining at the site.
Rose Petroleum shares were up 1% to 3.434 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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