3rd Jun 2014 11:29
LONDON (Alliance News) - Rose Petroleum PLC Tuesday swung into a pretax loss in 2013, hit by impairment charges on its uranium exploration and evaluation assets.
The company posted a pretax loss of GBP3.0 million, swung from a pretax profit of GBP54,304 in 2012, as revenue declined to GBP5.7 million from GBP5.8 million, hit by an impairment charge on its exploration and evaluation assets of GBP2.9 million.
Rose Petroleum, previously known as VANE Minerals, said it had opted to shift its focus to the oil and gas sector. As a result it established a new Oil & Gas division, and acquired three licences in Germany. In March it signed a farm-in agreement on acreage in Utah.
Outside of oil and gas, the company's revenue was produced at its Met-Sin joint venture mine in La Colarada, Mexico. Although gold and silver prices decreased during the year, revenue remained broadly flat as it increased production levels and improved its recovery rates.
The company is looking to sell its uranium assets, and is identify further partners to finance its porphyry copper exploration programme in the US.
Rose Petroleum said that it would continue to expand its oil and gas business through both organic and acquisition expansion.
Shares in Rose Petroleum were trading up 1.7% at 2.75 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Rosebank