In May 2019, I wrote a piece on Canacol Energy Ltd. (CNNEF), a Canadian exploration & production company focused on gas operations in the Llanos and Lower Magdalena Valley Basins in Colombia. The stock looked like a compelling growth play in the gas industry with revenue and EBITDAX improvement prospects backed by the macroeconomic factors (e.g., Colombian real GDP growth and energy consumption), projects under development, and exploration opportunities. At the same time, Canacol was only slightly overpriced compared to the U.S. and Canadian markets and comparable companies, which minimized downside risks. However, there were