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Frontera Energy plans to drill between 40 to 50 wells in the first quarter of 2018.

The growth was aided by a good fourth quarter that saw production rise 26% compared to the fourth quarter of 2016.

Despite the year-over-year drop, the actual output did exceed Ministry of Mines and Energy's estimate of 840,000 barrels of oil per day.

With a final $200,000 USD payment, Bezant now holds an alluvial platinum license (FKJ-083) and gold license (HCA-082) in 2,659-hectare area of Chocó.

Herbert has worked for BP, Philips Petroleum, and Talisman Energy and has experience working in the oil sector in Colombia.

With 8.60 grams of gold per tonne, the test "yielded significantly more ounces of precious metals than we estimated," said CEO Ari Sussman.

Ecopetrol has a 50% stake in the discovery, which is lighter than typical heavy Colombian oil, according to the company.

Canadian mining company Eco Oro Minerals Corp. announced that its plan of arrangement has become effective.

Eléctricas de Medellín – Ingeniería y S.A.S is the buyer in a cash deal for what Frontera Energy called a “non-core asset.”

Ecopetrol says the main purpose of the the new subsidiary “will be energy generation, conversion, and marketing."