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The find came at the Acorazado-1 exploration well and marked the Canadian oil company’s fourth discovery in 2018.

The next step for the well will be to run and cement a liner in preparation for further testing, which is expected to take “several weeks,” said Frontera.

Despite high oil prices, Frontera realized just $249.5 million USD in sales in the quarter compared to $316.6 million USD in the first quarter of 2017.