Ecopetrol (EC) said Thursday that the Santa Marta Tribunal in Colombia has issued a favorable decision regarding an appeal against a claim filed by an indigenous community, allowing the company and a Petrobras (PBR) unit to continue drilling operations in Tayrona, which is located offshore Colombia.

The company said the Tribunal's decision partially overturned an earlier court ruling that ordered the suspension of exploration and production at the Uchuva 2 well in the Tayrona exploratory drilling area.

Ecopetrol said the Tribunal also ordered the Ministry of the Interior to evaluate the need for a prior consultation process with the indigenous community, within a month from the date notification of the Tribunal's decision.

Price: 7.65, Change: -0.16, Percent Change: -2.06