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Rose Petroleum’s Matt Idiens looking to future with “confidence and optimism”

Rose ended the period of "sustained progress" with US$1.7mln of cash and equivalents and a rationalised portfolio of assets.

business man looking at the blue sky
Blue skies ahead: Idiens is confident and optimistic about the future for Rose

Matthew Idiens, chief executive of Rose Petroleum PLC (LON:ROSE), told investors the company is looking to the future with “confidence and optimism”.

Interim results, for the six months ended June 30, cover a period characterised by Idiens as one of “sustained progress” in which Rose focussed on rationalising its asset base and cost reduction.

Rose’s main asset in the United States is in Utah’s paradox basin, where it has a shale play, but, it also has gold and silver mining interests in Mexico and it has picked up a gypsum project in Cuba.

Idiens highlighted: “Our objectives going forward are threefold: firstly, to progress our Oil & Gas asset by completing the permitting process for the planned 3D seismic shoot in the Paradox Basin; secondly, to increase revenue by commencing joint venture partnerships with our gold mining and milling operations in Mexico; and thirdly, progress the Cuban gypsum project and successfully complete the negotiation process and commence construction of the plant."

Rose reported a US$0.2mln profit after tax for the six month period, and told investors it had US$1.7mln of cash and equivalents at the end of June. Notably, costs were cut by some US$600,000 in the first half of the year.

Quick facts: Zephyr Energy PLC

Price: 0.725 GBX

Market: LSE
Market Cap: £2.08 m

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