Kolibri Global Energy Inc. (the “Company” or “Kolibri”) (TSX: KEI, NASDAQ: KGEI) is pleased to announce that it has finished drilling its first three 1.5 mile lateral wells in the Company’s Tishomingo field in Oklahoma.
Alicia Renee wells
The Alicia Renee 2-11-3H, 2-11-4H, and 2-11-5H wells were drilled safely and under budget. The drilling averaged less than 14 days each, which was substantially less than our budgeted 20 days. Completion work for all three wells is expected to begin in early October, with flowback anticipated in early November. All three wells will be completed at the same time. Kolibri has a 100% working interest in all three wells.
Wolf Regener, President and CEO, commented, “We are very proud that our team did such a great job drilling these wells safely, quickly, and well under budget. We are looking forward to getting these wells on production in the fourth quarter to further increase our cash flow and to evaluate the economic benefits of these longer lateral wells. With the wells being drilled so quickly, we are hopeful that these longer laterals can have a material impact in improving the economics and value of the field.”