New Zealand Oil and Gas - the majority shareholder of Pike River Coal - has booked a $99 million loss for the six months to December.
NZOG is the 29.4% shareholder in Pike and is a secured and unsecured debt holder.
The company might yet receive some payment from insurers, having carried cover for potentially up to $100 million.
In reporting its results on Thursday, NZOG reiterated it was also looking further afield for offshore northern hemisphere exploration investments.
Last week, Pike's receivers said unsecured creditors, owed more than $31 million and including $15 million owed to tradesmen and almost $3 million to employees, were unlikely to be paid.
NZOG has two claims as a secured creditor; of $39.2 million in bonds and a $12 million loan and as an unsecured creditor, a further $13.2 million claim.
NZOG said: "While there is considerable uncertainty about the future for Pike River Coal, we expect to recover NZOG's secured debt and we are actively taking steps to maximise the value of our total Pike investment."
Because of the "substantial loss" from Pike, NZOG will not be paying a dividend.
The Kupe gas and oil field off the south Taranaki coast is NZOG's largest revenue earner at $27.4 million during the six-month period while its share of the Tui field was 170,000 barrels, worth $13.1 million.
PricewaterhouseCoopers' first report on the receivership outlined total debt owed to creditors of $110.4 million.
They did not rule out an insurance claim up to $100 million, which could be used to pay secured creditors $74.9 million, leaving up to $25.1 million for unsecured creditors.
NZOG reported that at the end of December it had a cash balance of $111.8 million and a net cash position of $48.8 million.
