Rose Petroleum updates on Mexican IVA recovery

Rose Petroleum said over the past few months it had made significant progress in the recovery of substantial IVA (value added tax) owed to the Group from the Mexican tax authorities.

It said the first tranches of outstanding funds had been, these totalling MX$1.37m, with a total of about MX$4.2m expected by end-March.

The group was actively pursuing the recovery of IVA and outstanding tax totalling MX$16.5m from the Mexican tax authority, Servicio de Administracion Tributaria (SAT).

It said it had been in detailed discussions with SAT regarding the reclamation of the sums owed to Minerales VANE SA de CV, a subsidiary of Rose, dating back to 2013.