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Gran Colombia's massive lawsuit alleges that the local government failed to evict illegal miners from their sites of operations in Marmato and Segovia.

Ecopetrol holds a 50% interest in the Magdalena Middle Valley's Boranda-1 well, which is operated and 50% controlled by Canadian exploration company Parex.

The prolonged shutdown has cost Colombia some 893,000 barrels of production, according to Ecopetrol.

The outlook upgrade reflects a sound financial position and Ecopetrol's ability to respond to a high volatility oil price environment.

CEO Juan Carlos Echeverry says "2016 was a year of enormous challenges for Ecopetrol," but he believes increased investment in 2017 will improve results in the coming years.

The 40-year industry veteran will be based in Bogotá once he officially takes over the position on February 20.

Ecopetrol did not identify who attacked the pipeline, but a Reuters reports states that military sources believe ELN guerrillas were responsible.

The company says it will ship some 500,000 tonnes of metallurgical coal from Colombia to China in 2017.

The company spent around $2 million USD to drill this infill well to a total depth of nearly 8,500 feet in about two weeks.

The credit agreement is expected to provide immediate access to $100 million USD for project development, construction, and working capital.