A
@b2idigital Featured Company,
@KolibriEnergy (Nasdaq: KGEI, TSX: KEI)
b2idigital.com/kolibri-globa…, announced an operations and corporate update, including impressive 30-day production rates from its Nickel Hill wells and changes to its field development plan.
The Nickel Hill 35-1H well achieved a thirty-day production rate of 495 BOEPD (376 BOPD), while the Nickel Hill 35-2H well reached 511 BOEPD (400 BOPD). Kolibri owns a 62.9% working interest in both wells. Today’s news release says that the production of these new wells, previously listed as Possible, should positively impact the next reserve report.
The company plans to begin drilling three new wells, the Alicia Renee 2-11-3H, 2-11-4H, and 2-11-5H, in 4-5 weeks. These will be 1.5-mile laterals, with Kolibri holding a 97.8% working interest.
Kolibri also updated its field development plan, focusing on longer lateral lengths to improve economics. This change has led to revised guidance for 2024, with average production now forecast at 3,200 to 3,700 BOEPD, a 14-33% increase over 2023 Actuals.
Wolf Regener, President and CEO, commented, “We are very pleased that these latest two Caney wells are performing so well, especially since they were locations that were only possible reserves on our last reserve report. The next reserve report will add these locations as proved reserves and should also have offset locations moved to the proved reserve category. We are also excited to drill the first of our longer lateral wells, which is another step in our striving for continuous improvement. They are expected to improve the economics of the field, and more economic wells lead to higher valuations, which benefits all shareholders. Since these wells will take longer to drill and complete, new production will be added later than originally forecasted in our previous plan. This reduces our previous guidance slightly, as most of the benefits of these wells will be realized in 2025. We believe the anticipated benefits outweigh the revised lower guidance for 2024.”
The company says it is also considering initiating a share buyback program in the second half of 2024, subject to board approval and regulatory requirements.
Kolibri’s success is driven by an experienced team, including Gary Johnson, CPA, MBA, CFO, Dan Simpson, Director of Engineering, Allan Hemmy, Senior Geologist, and Dalia "Lupita" Isaac, Landman, who contribute their expertise to the company’s ongoing growth and development.
The full release is available here:
businesswire.com/news/home/2…
To learn more about Kolibri Global Energy Inc. and to stay current with the company’s progress and achievements, please visit Kolibri’s website,
kolibrienergy.com as well as B2i Digital, and sign up for updates.
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