Rose Petroleum PLC (LON:ROSE) has said it is continuing to “investigate and evaluate new opportunities to increase shareholder value” as it continues to look to enhance value from its existing oil & gas and mining assets as it reported reduced losses for 2016.
In a statement accompanying its full-year results, Rose’s chairman, Philip Jeffcock said 2017 “promises to be an exciting period in the Company's ongoing evolution”.
Rose, which is exploring oil and gas acreage in Utah, together with gold and silver targets in Mexico, and possible gypsum production in Cuba, reported a net loss after tax of US$0.2mln, or 0.01 cents per share for the year ended 31 December 2016.
READ: Rose Petroleum making progress on all fronts
That was a reduction from a net loss after tax of US$9.1mln, or 0.45 cents per share a year earlier helped by the group’s radical cost cutting programme, which saw administrative costs for the year fall to US$2.3mln, down from US$5.1mln in 2015.
Rose’s total revenue for the year was US$0.9mln, down from US$4.3mln a year earlier, with the decrease primarily the result of the ending of production from the Mina Charay gold and silver project, which ceased in December 2015.
In early trading, Rose shares were 15%, or 0.02p lower at 0.11p.