Rose Petroleum plc

Interim Report for the Six Months to June 2013

3-September-2013

Interim Report for the Six Months to June 2013

Rose Petroleum plc (AIM:ROSE) is pleased to announce its interim report for the six months to 30 June 2013.

Highlights for Period

  • £2,626,092 revenue, a fall of 22.8% (H1 2012: £3,400,665) attributable to the decline in metal prices
  • £153,078 loss after tax, representing (0.03) pence per share (H1 2012: £192,470 profit, representing 0.04 pence per share)
  • £305,851 group cash balance at period end (H1 2012: £1,096,024)

Gold/silver production and milling, Mexico

  • 17,788 tonnes processed in period (H1 2012: 16,217 tonnes), 118% of target
  • Average metal price received on sales of concentrates during H1 2013 was $1,438.94/oz gold and $23.98/oz silver (H1 2012: $1,650/oz gold and $31.04/oz silver)
  • 2,607 oz Au and 33,675 oz Ag produced in H1 2013 at a direct production cost of $722.80 equivalent per oz Au; or $12.05 equivalent per oz Ag (H1 2012: 2,208 oz Au and 48,311 oz Ag produced at a direct production cost of $652.94 equivalent per oz Au; or $11.92 equivalent per oz Ag)

Copper portfolio

  • Drilling on copper programme remains suspended
  • Discussions with potential partners underway in order to fund drilling
  • Property positions being maintained under care and maintenance

Uranium portfolio

  • Mineral lease application filed with State of Arizona on Wate project which contains NI 43-101 compliant inferred resource of 1.118m Ibs eU3O8 held jointly with Uranium One Americas
  • Actions by court are pending on lawsuits challenging federal land withdrawal and claims for damages
  • Uranium exploration programme on projects other than Wate placed on care and maintenance

Post Period Highlights

  • Name Change to Rose Petroleum plc
  • £1,399,000 gross proceeds raised through a Subscription for shares
  • Appointment of Philip Jeffcock as non-executive Director
  • Diversification into European oil and gas

 For a copy of the full report please click HERE