10 Apr 2017 10:15
10 April 2017
Rose Petroleum plc
("Rose", the "Company" or the "Group")
Mexican IVA recovery update
Rose (AIM: ROSE), the AIM quoted natural resource business, is pleased to provide an update on its progress to recover substantial IVA (value added tax) owed to the Group from the Mexican tax authorities.
Further to the announcement on 17 March 2017, the Company confirms that it received a total of MX$6,009,458 (c.US$321,000) from the Mexican tax authority ("SAT") during March 2017, significantly more than the MX$4,200,000 the Company previously anticipated receiving.
The Company continues to seek the recovery of the remaining MX$10.5 million (c. US$552,000) owed to it by SAT.
Matthew Idiens, CEO, commented: "We are encouraged by the scale of the funds received back from the Mexican authorities. We continue to work on recovering the outstanding balance as we work on building our cash reserves ahead of the upcoming work programme."
Prior to publication, certain information contained within this announcement was deemed to constitute inside information for the purposes of Article 7 of EU Regulation 596/2014. Upon publication of this announcement, this information is now considered to be in the public domain.
Enquiries:
Matthew Idiens (CEO) Chris Eadie (CFO)
| Rose Petroleum plc | Tel: +44 (0) 20 7225 4595 Tel: +44 (0) 20 7225 4599 |
Jeremy Porter / James Reeve / Liz Kirchner
| Allenby Capital Limited
| Tel: +44 (0) 20 3328 5656
|
James Pope / Ben Turner
| Turner Pope Investments | Tel: +44 (0)20 3621 4120 |