Increased oil production from the Maari field in the offshore Taranaki basin was a key factor in Australian-based Cue Energy Resources' sharp rise in revenue and profit in the six months to the end of December.The company reported a 72 percent rise in rev
Increased oil production from the Maari field in the offshore Taranaki basin was a key factor in Australian-based Cue Energy Resources' sharp rise in revenue and profit in the six months to the end of December.
The company reported a 72 percent rise in revenue to $A30.9 million ($NZ40.2m), while net profit was up 150 percent from a year earlier to $A8.4m.
Increased revenues could be attributed mainly to revenues of $A28.5m from significantly increased oil production from the Maari field and the start of gas production at Oyong in Indonesia, Cue said.
The net profit was mainly a result of increased production receipts and comparatively negligible impairment writedowns.
Cue's net share of oil production for the half year from the Maari field was 200,815 barrels. Cue has a 5 percent stake in the field.
Production from Maari, in which Austrian-based OMV has a 69 percent stake, started in February 2009.
Sign up to get the latest stories and insights delivered to your inbox – free, every day.
