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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.

Despite high oil prices, Frontera realized just $249.5 million USD in sales in the quarter compared to $316.6 million USD in the first quarter of 2017.

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

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

Lorenzo Garavito believes the best investment in Colombia is to bet on the consumer. Retail, restaurants, and grocery stores are all low-risk plays with good returns.

Pacific Exploration expects to implement its restructuring plan, allowing it to come out of creditor protection, during the week of October 3.