Sterling Energy said third-quarter losses deepened as the Chinguetti oil field in Mauritania neared the end of its life.
A net loss of $4.3m compared to a $420k loss in the 2016 third quarter.
Production from Chinguetti, net to the company, averaged 188 barrels of oil per day, down from 351 bopd on-year, ahead of the planned cessation of production on December 30.
At September 20, the company held net cash of $83.1m.
"The primary focus of the company over the last 18 months has been to continue to originate, conduct full due diligence and ultimately execute transformative growth driven M&A projects in North Africa and the Middle East," Sterling said.
"The company remains confident that it can identify and source the right asset led or corporate solution to drive growth and shareholder value in the near term."