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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.

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

Herbert has worked for BP, Philips Petroleum, and Talisman Energy and has experience working in the oil sector in Colombia.

"The rating upgrade reflects Frontera's ability to stabilize its operational and financial performance," stated Fitch Ratings.