Pike owes around $NZ64 million in loans, while NZOG’s 29.35% shareholding of Pike cost about $NZ82 million.

“It will be some time – possibly more than a year – before we know how much of that almost $150 million investment can be recovered,” the petroleum company revealed in its quarterly report.

Pike slashed its production targets the month before the first explosion at its namesake mine, causing drops in NZOG’s share price.

NZOG said its share price fell another 30% after the explosion on November 19.

“In NZOG’s view, our share price declined by more than the total value of our investment in PRCL,” the company said.

“On top of that, the share price has not reflected the strong rise in international oil prices or the increase in reserves at the Kupe [gas and light oil] field.”

The company also commented on the difficulties facing Pike’s receivers, which were appointed on December 13.

“The receivers have had the complex task of cooperating with the police and other agencies, reviewing options for the mine’s future, determining employee and contractor entitlements and preserving the remaining value of PRCL.

“That work is all ongoing.”

NZ Police handed control of the mine back to PricewaterhouseCoopers receivers two weeks ago, almost two months after tragedy struck the mine and claimed 29 lives.

The second explosion on November 24 ended hopes for finding any more survivors.

Damage from subsequent explosions and a fire underground further complicated the recovery effort.