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"It was difficult to determine what the risk was given the nature of the project we were trying to finance — a pipeline in the mountains," said Aquiles Mercado González.

The Colombian government, which owns the vast majority of Ecopetrol shares, will receive a dividend of $1.17 billion USD (3.2 trillion pesos).

Garnero will remain involved with the company in an advisory capacity and his son, Mario Bernardo Garnero, will fill his seat on the board.

At a shareholder meeting today, Ecopetrol appointed its board of directors and external auditor for 2018.

The well is 55% owned by Ecopetrol with the remaining 45% stake held by Repsol subsidiary Talisman Colombia Oil & Gas Ltd.

The wells are held jointly with U.S.-based Occidental Petroleum Corp. and have hit a combined 2,800 barrels per day in testing.

PentaNova Energy has an 80% “beneficial working interest” in the Maria Conchita block.

The net profit of 6.62 trillion pesos ($2.3 billion USD) is more than four times above the results of 2016 and the highest since 2013.

McAllister will remain in the position through March 9. Alejandro Piñeros will fulfill CFO responsibilities until a permanent replacement is appointed

Frontera Energy this week suspended operations at a site in Casanare in response to violence, intimidation, and threats.