New Zealand Oil & Gas has posted a small half-year profit, despite a multi-million dollar writedown of its investment in Pike River Coal.
The listed energy explorer made $2.3 million in the final six months of last year, compared with a $99 million loss a year earlier.
Revenue rose 35% to $54.6 million, as the price of oil rose.
The company's Kupe field contributed $37 million in revenue while its Tui oil fields, which are in decline, earned $17.5 million.
The company took a further $22 million writedown during the reporting period, because of losses from the Pike Rive Coal mine where 29 men died in explosions in November 2010.