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US-focused Rose Petroleum booked a narrower full-year loss, owing to favorable exchange rate movements and lower spending.
Pre-tax losses for the year through December amounted to $0.8m, compared to losses of $3.5m on-year.
'The headway achieved by the group during 2018 was made against the backdrop of challenging market conditions that saw volatility in oil prices, particularly towards the end of the year,' the company said.
'In spite of this, Rose made progress with continued preparations for the start of drilling at its primary asset in the Paradox Basin, Utah, US.'