Rose Petroleum recovers further value-added tax in Mexico

Shares in Rose Petroleum improved as it reported further progress in recovering substantial value-added tax owed to it by Mexico's tax authorities.

The company had received a further MX$3.16m ($167,500) from Servicio de Administracion Tributaria (SAT) during April 2017.

This brought the total recovered since March to MX$9.17m, including inflation adjustments.

Rose said it continued to seek the recovery of the remaining MX$8.8m owed by SAT, this figure excluding the inflation adjustments.

Chief executive Matthew Idiens said Rose continue to have significant success on the recovery of amounts owed to the company by SAT.

"We have exciting times ahead with the commencement of field operations in the Paradox basin anticipated in the second half of this year with the planned seismic shoot to identify our potential drill targets," he said.

"Our acreage, as defined in our Independent report by Ryder Scott, has huge potential and it is exciting to be so close to commencing field work which is our first step in the value creation chain for the Basin.

"I will be the first to admit that this has been a long process to get to this stage and I would like to thank our shareholders for their patience, which I hope will soon be rewarded."

At about 14:14 BST, sahres in AIM-quoted Rose were up 4.17% to 0.12p each.