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All shareholders of record at the close of business on January 3 will be eligible to receive the dividend.

"This joint venture forms an important part of Frontera's plans to build growth for the future,” said Gabriel de Alba, chairman of the board of directors of Frontera Energy.

Frontera Energy said future moves "may include accelerating or increasing share buyback programs, dividend payments, and investments."

Restrepo, who joined the company in August 2015, will leave the Toronto-based company effective November 30.

The results are "helping to verify the upper boundary of the mineral reserve envelope for the Veta Sur system,” said Ari Sussman, CEO of Continental Gold.

Frontera's oil-price hedges have now expired, and it believes that this will be a boon for future earnings as it tries to further move beyond its most trying financial times.

The find came at the Acorazado-1 exploration well and marked the Canadian oil company’s fourth discovery in 2018.

The Canadian company with its main operations in Colombia sold more than 14.3 million common shares for $0.90 per share to raise the funding.

David Gordon, former managing partner in Canada for global public relations firm Cohn & Wolfe, will step into his role with PharmaCielo on October 1.

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.