QGEP booked net income of 21.2 million reais ($9.12 million), less than half of year-ago profits of 47.3 million reais.
The company wrote off 45.6 million reais in dry well costs over the quarter in connection with the return of the BM-S-12 block to Brazilian regulators.
Petrobras and QGEP drilled the Ilha do Macuco well there in 2012 to underwhelming results.
Meanwhile, the company is continuing apace with development drilling at the Atlanta heavy-oil field and awaiting results from an ongoing appraisal and test at the deep-water Carcara field in partnership with Petrobras.
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