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The wells are held jointly with U.S.-based Occidental Petroleum Corp. and have hit a combined 2,800 barrels per day in testing.

PentaNova Energy has an 80% “beneficial working interest” in the Maria Conchita block.

The net profit of 6.62 trillion pesos ($2.3 billion USD) is more than four times above the results of 2016 and the highest since 2013.

Frontera Energy this week suspended operations at a site in Casanare in response to violence, intimidation, and threats.

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

The growth was aided by a good fourth quarter that saw production rise 26% compared to the fourth quarter of 2016.

Despite the year-over-year drop, the actual output did exceed Ministry of Mines and Energy's estimate of 840,000 barrels of oil per day.

With a final $200,000 USD payment, Bezant now holds an alluvial platinum license (FKJ-083) and gold license (HCA-082) in 2,659-hectare area of Chocó.

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

Ecopetrol says the main purpose of the the new subsidiary “will be energy generation, conversion, and marketing."