This morning Kolibri provided an operations update on its latest wells in its Tishomingo field in Oklahoma. If the five wells mentioned in this press release are successful, it will SIGNIFICANTLY increase my valuation of KGEI.
LOVINA WELLS
The Lovina 9-16-1H, Lovina 9-16-2H, Lovina 9-16-3H, and Lovina 9-16-4H wells have all been successfully drilled. Kolibri has a 100% working interest in the wells. These 1.5 mile lateral wells were drilled in an average of less than 10.5 days each. This compares to the 1.5 mile lateral Alicia Renee wells, which were drilled in an average of 14 days each. The completion operations for these wells are scheduled to begin in the last week of May, with production anticipated to begin in early July.
FORGUSON WELL
After completing the drilling of the Lovina wells, the drilling rig was mobilized to the Forguson 17-20-3H well location, which is currently being drilled. Kolibri is operator and has a 46% working interest in this well, which is testing the economics of our 3,000 acres that is located on the eastern side of our acreage. The Forguson well is scheduled to be fracture stimulated after the Lovina wells have been completed.
Wolf Regener, President and CEO, commented, “We are extremely pleased with the excellent job our team has done drilling these longer lateral Caney wells. The further 25 percent reduction of drilling days between the Alicia Renee wells and the Lovina wells is significant. We had budgeted almost 15 days for each of these wells, and having them come in at an average of less than 10.5 days and under budget is fantastic.
“The east side acreage, where the Forguson well is located and Kolibri has approximately 3,000 net acres, is not included in the December 31, 2024 reserve report. The Caney target for the Forguson well has very similar characteristics and thickness as in the main part of the field in Kolibri’s proved acreage, except that it is shallower. If the Forguson well proves to be economic, in addition to adding cash flow, it could lead to many additional development locations for the Company.
“We are looking forward to the additional production and cash flow from all of these wells, which we expect will significantly increase the Company’s cash flow and add incremental value to our shareholders.”
About Kolibri Global Energy Inc.
Kolibri Global Energy Inc. is a North American energy company focused on finding and exploiting energy projects in oil and gas. Through various subsidiaries, the Company owns and operates energy properties in the United States. The Company continues to utilize its technical and operational expertise to identify and acquire additional projects in oil and gas. The Company’s shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the NASDAQ under the stock symbol KGEI.
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Wolf Regener, Kolibri's CEO will be the speaker at our Houston luncheon on May 21. Seating is limited to 40, so you must register on the EPG website if you wish to attend
Kolibri Global Energy (KGEI) Press Release - May 7
Kolibri Global Energy (KGEI) Press Release - May 7
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group