Kolibri Global Energy (KEI & KGEIF in US) Update - May 25

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Kolibri Global Energy (KEI & KGEIF in US) Update - May 25

Post by dan_s »

I think KGEIF has a lot of upside for us. The three wells discussed below will be completed in June. They should add over 1,000 Boepd of production if they come in anywhere close to the average per HZ well they completed last year. The Barnes 8-3H well is significant because the T-zone could add a lot more probable reserves (P2).
In Q3 Kolibri is going to drill two more HZ wells and if those wells are good and the oil price is in the 80s, I expect the Company to drill two more in Q4. Kolibri is committed to fund this year's drilling program with operating cash flow.
Thousand Oaks, CALIFORNIA, May 25, 2023 – Kolibri Global Energy Inc. (the “Company” or “KEI”) (TSX: KEI, OTCQX: KGEIF) is pleased to announce that it has successfully drilled and cased the first three wells of its 2023 drilling program in its Tishomingo field in Oklahoma.

2023 Drilling Program

All three horizontal wells were successfully drilled under budget and into their targeted formations. The Barnes 8-1H and 8-2H wells are in the Caney formation, and the Barnes 8-3H is in the T-zone. We will be zipper fracking all three wells beginning this weekend, and flowback will start once all stages have been completed in all of the wells.

In addition, the location for the next two wells in our 2023 drilling program has been built. The drilling rig is expected to arrive sometime in July.

Wolf Regener, President, and CEO commented, “We look forward to building on our tremendous 2022 drilling program success with these new wells, which are expected to begin producing in June. We are continuing the development of the Caney formation, and we will be assessing production from the T-zone for commercial rates with the Barnes 8-3H well. If achieved, commercial flow rates from the T-zone could potentially add many additional well locations and reserves that are not currently reflected in our reserve estimates. The T-zone formation is present over our entire acreage block and will be completed with our latest generation completion design that has been so successful in our 2022 Caney wells.”

About Kolibri Global Energy Inc.

Kolibri Global Energy Inc. is a North American energy company focused on finding and exploiting energy projects in oil, gas, and clean and sustainable energy. 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. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the OTCQX under the stock symbol KGEIF.
Dan Steffens
Energy Prospectus Group
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