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The $5 million USD deal includes two mining titles as well as "technical information and ancillary assets," said the Canadian mining firm.

Ecopetrol says it may draw upon the credit line to strengthen its "liquidity position in the face of eventual growth opportunities" or "mitigate risks associated to unexpected fluctuations in crude prices."

"With underground development advancing at a productive rate and providing suitable drilling locations, the company will be more aggressive in drilling," stated Continental Gold.

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.

Ecopetrol plans to drill 20 wells as it begins to develop the field this year and another 47 wells in 2019.

"There are plenty of targets in Colombia that have never really seen modern exploration," says Lobo Tiggre. "That is clearly an advantage."

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

The loans date back to 2013 and were issued with a payment schedule that would end in 2023.

This represents a 1.6% increase over the production in May 2017 and a 0.1% increase from last month.

Canadian oil company Frontera Energy Corporation will split its stock this year, issues a two-for-one share split on June 26.