Kolibri Global Energy Inc. (the “Kolibri”) (TSX: KEI, NASDAQ: KGEI) is pleased to provide an earnings release update and an operations update on its next wells in its Tishomingo field in Oklahoma.
Lovina Wells
The location has been built and the drilling rig is scheduled to move in next week with an anticipated spud date early in the second week of March. The Lovina 9-16-1H, 9-16-2H, 9-16-3H and 9-16-4H wells (100% working interest) are all planned 1.5 mile lateral wells located on the same pad. Completion of these wells is being scheduled for May, with the wells anticipated to begin production in June.
Forguson Well
The location for the Forguson 17-20-3H well is currently being constructed and the drilling rig is scheduled to move to this location once the Lovina wells have been drilled. Kolibri will have a 46% working interest in this 1.5 mile lateral well. A large integrated oil company had elected to participate in the well.
Wolf Regener, President and CEO, commented, “We are excited to begin our 2025 drilling program with our next wells in the heart of the Tishomingo field as well as drilling the Forguson well to test the economics of our east side acreage. The Caney target on the eastern side has similar characteristics and thickness as in the heart of Kolibri’s proved acreage except that it is shallower. It is currently defined as a contingent resource and, therefore, is not included in our third party reserves estimates. An economically successful well could add significant additional reserves and value to the Company.
“We expect these wells to contribute to the continued growth of our production and cash flow, which is reflected in our recent guidance which forecast significant increases for 2025 over our 2024 guidance (see the Company’s January 14, 20025 news release).”
Year End Earnings Release and Earnings Call
The Company expects to release financial and operating results for its year end 2024 results after market close on March 25, 2025.