Rose Petroleum PLC (LON:ROSE) boss Mathew Idiens has told investors the company is now “strategically well positioned” for the future following what he described as a ‘transformational’ 2015.
The US focussed oil and gas junior - which also has Mexican gold mining interests - today released financial results for the twelve months to December 31 2015, though the business was reshaped earlier this year.
In April, the group moved to “substantially de-risk” the business following a strategic review of its portfolio of assets in Utah.
By letting go of some assets the group capped costs and decommissioning liabilities, whilst retaining key interests in the Paradox basin where it has some 1.1bn barrels of potential resources.
Subsequently, last month, the group revealed it was mulling a move into processing and manufacturing of gypsum in Cuba.
Chief executive Idiens today said: “We have fundamentally restructured our existing asset portfolio, and this, combined with the potential opportunity in Cuba gives a solid base from which to move the company forward.
“The board is now looking to the future with optimism.”
Rose reported a US$9.1mln loss for 2015. There was a US$3.7mln impairment of intangible exploration and evaluation assets.
Revenue, which comes primarily from the Mexican gold operations, amounted to US$4.3mln, up from US$3.1mln as the Mina Charay project remained online for most of the year (although operations ceased in December 2015).
As at December 31, Rose had US$2.4mln of cash. Last month it raised an additional US$1.2mln through a share sale.