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"It is important for investors to be able to distinguish between the signal and the noise when it comes to Petro and judging by the market reaction, they still don't have a good read on the government."

"Nothing is more hypocritical than the calls to save the rainforest." - Gustavo Petro, President of Colombia

The oil spill has threatened a nearby stream that feeds into an aqueduct relied upon by some 3,500 locals in Guamalito.

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

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

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.

Output at this historic site peaked at 60,000 barrels per day in 1939 but that number fell to a mere 5,000 by 2003.

"This company will be disciplined and margin-focused, not simply production-driven," says Pacific Chairman Gabriel de Alba.

Pacific believes the affected common shares will be listed on the Toronto Stock Exchange on November 3