The Houston-based explorer on Thursday posted a net loss of $17.1 million in the three months to September, compared with a $5.7 million profit in the year-ago quarter.
The loss, the company said could be tracked to "mainly increased geological, geophysical and engineering expenses related to 3D seismic acquisition activity under way at block Z-1."
In November, "the company received an environmental permit to begin the drilling and subsequent operation of all production and injection facilities on the new CX-15 platform at the Corvina field."
Built in China by Wison Offshore & Marine, the CX-15 platform is being hailed as a pioneering design that achieves large-scale savings on installation costs at remote locations by not requiring a heavy-lift vessel.
Sales volumes and prices also slipped, with oil revenue falling to $23.6 million during the quarter from $34.2 million in the year-ago period.
The Corvina and Albacora fields produced about 2845 barrels of oil per day, down from 3490 bpd in the year-ago period.
The declines stemmed from both a natural decline and a mechanical problem in an injection well, the company said.
The company also took a $1.5 million charge for the “partial abandonment” of a “pre-existing platform” at the Piedra Redonda field in block Z-1.