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

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

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.

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

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

Growth will be driven by higher commodities prices, improved household consumption, and a more balanced performance across various sectors.

The U.S. dollar currency index fell by almost 1% Wednesday afternoon to a 52-week low following market-moving comments by the U.S. treasury secretary.

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

Cardona Delgado is a mechanical engineer by trade who served as Colombia’s national energy director from 2012 to 2013.

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.