Rose Petroleum recovers some value-added tax owed to it in Mexico

Shares in Rose Petroleum are up almost 4% after after recovering some of the substantial IVA (value added tax) owed to it by Mexican tax authorities.

It had already received the first tranches of outstanding funds, totalling MX$1.4m. A further total of about MX$4.2m was expected to be received by the end of March.

Rose has been pursuing the recovery a total of MX$16.5m from the Mexican tax authority, Servicio de Administracion Tributaria (SAT).

The company said it had been in detailed discussions with SAT regarding the reclamation of the sums owed to Minerales VANE SA de CV, a subsidiary of Rose, dating back to 2013.

At 13:42 GMT, shares in Rose were up 3.85% to 0.14p each.