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The two state oil companies have already partnered to look for resources off the coast of Mexico.

The Frontera chairman called the move a “very strategic acquisition” that will support the firm’s push to reduce transportation costs.

Researchers were able to find the “optimal operating parameters” and the rate of air injection that simulate the emulsions recorded at industrial level.

"We are very pleased with the arrival in Mexico, a new milestone in the history of Ecopetrol," said company president Felipe Bayón Pardo.

“Accelerating the drilling program only makes sense given the upside,” said Ari Sussman, CEO of Continental Gold.

The alterations are being made to an agreement originally announced on August 1.

Bayón is expected to formally take over on September 15. The company did not reveal why Echeverry was stepping down.

Robertson, the current chief financial officer of Eco Oro, is filling a void left by the recent resignation of Mark Moseley-Williams.

“The agreement unites the shareholders of Eco Oro in pursuit of its arbitration claim against the Republic of Colombia,” said Eco Oro.

Three rigs are now operating in this 15,000-meter exploration campaign, and two more are planned to join the effort later this year.