INTERVIEW: Rose Petroleum Plc The future looks bright

Rose Petroleum Plc (LON:ROSE) CEO Matt Idiens caught up with DirectorsTalk to discuss the latest interim results. Matt talks though the highlights, provides update on Paradox and mining operations, explains the opportunity in Cuba and shares his thoughts on the company’s position for the year ahead.

In the Rose Petroleum Plc Annual Report, published in June 2016, it was outlined that the recent period has been one of restructuring, consolidation and transformation for the Group with the Board pursuing a strategy that would not only ensure that the Group survives the current market shake-up, but one that also positions the Group so that it is able to take advantage of the opportunities that arise, both before and after, a recovery in the natural resources sector.

This strategy has continued to underpin the activity of the Group’s two divisions since June, and while the Group has made progress on a number of fronts, it continues to conduct operations in such a way as to preserve cash and protect its underlying operational assets.

The operational focus of the next period will be threefold. Firstly, we will be driving forward the permitting process for the 3D seismic survey at the Paradox Basin with the shoot expected to happen in H2 2017. Secondly, and as a direct result of the improving gold price, we hope to complete joint venture arrangements on gold projects in Mexico which will enable us to optimise our SDA mill and which would create cashflows to fund other activities in the Group. Thirdly, we will continue to wholeheartedly pursue the Cuban gypsum project which, if secured, would add an exciting and potentially lucrative dimension to the Group. The Board of Rose Petroleum Plc continues to have great confidence in the Group’s asset base and is optimistic about the prospects for future growth and profitability from the portfolio.

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