On December 15th, 2021, the National Hydrocarbons Agency (“ANH”) gave a positive report after the closing of the Fourth Cycle of the Permanent Area Allocation Process (PPAA - Colombia Round 2021). The Agency stated that the result of the process confirms the importance of the contribution of the hydrocarbon sector for the recovery of the Colombian economy, creating employment, growth and development for the country's regions.

About the PPAA’s fourth cycle, here are the highlights:

• 30 areas were allocated out of the 53 contemplated in the fourth cycle of the PPAA. This represents a 56% allocation success rate. 
• The signing of the 30 contracts represents an investment of more than USDMM $148 performed by the selected companies.
• As a result of the process, 28 wells will be drilled as exploratory commitments.

The companies that were selected between nominated and offered areas were the following: Ecopetrol, Parex Resources Ltd., CNE Oil & Gas S.A.S., Lewis Energy Colombia Inc., Frontera Energy Colombia Corp., Hocol S.A., Maurel and PromAmerique Latine.