LONDON (ShareCast) - Rose Petroleum’s revenue in the fourth quarter increased as the group bought three oil and gas licences in Germany.

Total revenue came to $2.43m in period from October 1st to December 31st, up from $2.41m a year earlier.

The oil and gas company, which also mines gold and silver in Mexico, acquired 1.29m acres in Germany where there are oil shows and nearby oil and gas production.

Post period the company signed a farm-in agreement on a US shale oil play in Utah, which covers more than 195,000 acres in the Uinta and Paradox Basins with nearby oil output.

Chief Executive Matthew Idiens said he feels the "significance of our most recent oil and gas transaction has yet to be realised by the markets".

"To be able to gain entry to such a significant oil play in the US, which brings the ability to operate in two proven established oil plays, with multi interval pay zones, is truly exciting for Rose."

He added that Mexican mining operations continue to perform well and the recent strengthening of precious metals prices should be reflected in higher returns in the upcoming quarter.

Shares rallied 30.43% to 0.75p at 15:42 on Thursday.

RD

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