25th Sep 2018 13:01
LONDON (Alliance News) - Rose Petroleum PLC on Tuesday said its pretax loss narrowed in the first half of the year on a foreign exchange tailwind and expects to begin oil production in the next quarter.
The company's pretax loss reduced significantly to USD543,000 from USD1.7 million as the company swung to a USD459,000 gain on foreign exchange from a USD744,000 loss.
Administrative expenses widened to USD1.0 million from USD906,000 but project development expenses shrank to zero from USD66,000. Ongoing investment into is Paradox Basin resulted in an increase in intangible assets to USD12.5 million from USD10.2 million
Applications for Permit to Drill at its first Paradox wells in Utah have commences and the company has engages with partners to fund the first well drilling as well as the project's overall development.
"The period under review has seen the group deliver on many of the key operational milestones required to enable the spudding of its first Paradox well before the end of the calendar year. The board is looking ahead with confidence and is excited about the group moving from being an oil explorer to an oil producer in the next quarter," said Rose Petroleum Chief Executive Matthew Idiens.
Shares in Rose Petroleum wee up 3.7% at 2.70 pence on Tuesday.
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