1 Mar 2010

Oil profits rise for Cue Energy

11:01 am on 1 March 2010

Increased production has boosted profits at oil and gas explorer, Cue Energy Resources.

The company made $8.4 million in the six months to December, a turnaround from a loss of $16.7 million in the same period a year earlier.

Revenue climbed 72% to $30.9 million mainly due to revenue of $28.5 million from significantly increased oil production from the Maari field off Taranaki. It also started gas production in Indonesia.

Cue Energy says its stake of 5% in the Maari field entitled it to more than 200,000 barrels for the period. It has also obtained stakes of 20% in two high potential permits in the Taranaki Basin.

Cue Energy is controlled by Todd Energy, which owns 27%, and PetroChina, which owns 17%.