Shell, the operator of the exploration plan, and Chevron both hold a 45% interest in the block. With the deal, Ecopetrol now holds the remaining 10% stake.
Zonte Metals will use the funds for "working capital purposes" and to finance exploration at the Cross Hills Iron Oxide Copper Gold Property in Newfoundland and Labrador.
The results are "helping to verify the upper boundary of the mineral reserve envelope for the Veta Sur system,” said Ari Sussman, CEO of Continental Gold.
Frontera's oil-price hedges have now expired, and it believes that this will be a boon for future earnings as it tries to further move beyond its most trying financial times.
Multiple municipalities have cast ballots overwhelmingly in favor of vetoing the right of corporations to mine nearby recently in a referendum practice known as a "consulta popular."