New Zealand Oil Gas says it wants to move on from Pike River Coal and focus on growing the rest of the business.
The listed gas explorer made $2.3 million in the final six months of last year, compared with a $99 million loss a year earlier.
The company took a further $22 million writedown during the reporting period, because of losses from Pike River Coal where 29 men died in November 2010.
New Zealand Oil Gas chief executive Andrew Knight says the company will have further costs to pay out when the mine is sold.
He says the receivers have said that any sale is likely to involve a small up-front payment and deferred consideration, which New Zealand Oil Gas is comfortable with and recognises as the most likely outcome.
But what that means for us is that our consideration or our value is dependant on a number of third parties achieving things. So because of that we effectively have a contingent asset and that's why we took the impairment, he said.
Mr Knight did not say how close receivers are to selling the mine.
He says the company's received $41 million from the receivers because of an insurance settlement.
