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All shareholders of record at the close of business on January 3 will be eligible to receive the dividend.

Frontera Energy said future moves "may include accelerating or increasing share buyback programs, dividend payments, and investments."

The find came at the Acorazado-1 exploration well and marked the Canadian oil company’s fourth discovery in 2018.

The next step for the well will be to run and cement a liner in preparation for further testing, which is expected to take “several weeks,” said Frontera.

The Canadian oil company plans to buy back $250 million USD in previously issued notes, with the remainder going to “general corporate purposes."

Following an initial eight-month term, the credit facility is expected to be extended to two years “upon satisfaction of certain extension conditions."

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

"The rating upgrade reflects Frontera's ability to stabilize its operational and financial performance," stated Fitch Ratings.

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

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