Kolibri Global Energy Inc. (KEI.TO) well results - July 6
Posted: Thu Jul 06, 2023 7:48 am
This is GREAT NEWS for the newest addition to our Small Cap Growth Portfolio! The T-zone well opens up a chance for a doubling of the company's 2P reserves. I will update my forecast/valuation model tomorrow.
Kolibri Global Energy Inc. Announces Three More Successful Wells Adding Over 1,500 BOEPD to Production
THOUSAND OAKS, Calif., July 06, 2023--(BUSINESS WIRE)--Kolibri Global Energy Inc. (the "Company" or "KEI") (TSX: KEI, OTCQX: KGEIF) is pleased to announce three more successful wells in its Tishomingo field in Oklahoma, which have been adding over 1,500 barrels of oil equivalent per day ("BOEPD") to the Company’s production.
2023 Drilling Program
The Barnes 8-1H, 8-2H, and 8-3H wells were drilled and completed under budget and are still cleaning up after the fracture stimulations. The two Caney formation wells, the Barnes 8-1H and 8-2H, have produced at a 12-day average rate of 465 BOEPD (375 Barrels of oil per day "BOPD") and 565 BOEPD (455 BOPD), respectively. For the last five days, the Barnes 8-1H has averaged 500 BOEPD (400 BOPD), and the Barnes 8-2H has averaged 590 BOEPD (470 BOPD). These wells were the first down-spacing wells in the field and were drilled at a 6 well per section spacing pattern with the Barnes 8-1H in the upper Caney, and the Barnes 8-2H in the lower Caney.
The Barnes 8-3H well, which is in the T-zone formation and is located under and between the Barnes 8-1H and 8-2H wells, has an 11-day average rate of 445 BOEPD (315 BOPD) and has averaged 490 BOEPD (340 BOPD) for the last 5 days, with the last 2 days at 570 BOEPD (390 BOPD).
Production optimization is currently in progress on all three of the wells.
Wolf Regener, President, and CEO commented, "We are very pleased to have these three wells on production and look forward to seeing how they continue to perform. While it’s early, these wells are on track to confirm our belief that the down spacing of the field is economic, which would enable much more production from this field. The T-Zone, Barnes 8-3H well is also exciting for us as it is producing at higher oil rates than our previous T-zone wells and is not currently showing signs of decline. Achieving commercial rates from the T-zone could 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 is thus potentially very significant to the Company. Over the coming months, we will be gathering data from these wells, which will be used to further optimize reserve recoveries from the field.
"The Barnes 8-1H, 8-2H, and 8-3H were drilled, completed and had facilities built at an average cost of approximately $6.5 million, which is $700,000 below our $7.2 million estimated cost.
"The drilling rig for the next two wells, the Barnes 7-4H and Barnes 7-5H, is expected to move in tomorrow, with drilling expected to start early next week. Both of these wells will be drilled in the Caney formation."
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.
Kolibri Global Energy Inc. Announces Three More Successful Wells Adding Over 1,500 BOEPD to Production
THOUSAND OAKS, Calif., July 06, 2023--(BUSINESS WIRE)--Kolibri Global Energy Inc. (the "Company" or "KEI") (TSX: KEI, OTCQX: KGEIF) is pleased to announce three more successful wells in its Tishomingo field in Oklahoma, which have been adding over 1,500 barrels of oil equivalent per day ("BOEPD") to the Company’s production.
2023 Drilling Program
The Barnes 8-1H, 8-2H, and 8-3H wells were drilled and completed under budget and are still cleaning up after the fracture stimulations. The two Caney formation wells, the Barnes 8-1H and 8-2H, have produced at a 12-day average rate of 465 BOEPD (375 Barrels of oil per day "BOPD") and 565 BOEPD (455 BOPD), respectively. For the last five days, the Barnes 8-1H has averaged 500 BOEPD (400 BOPD), and the Barnes 8-2H has averaged 590 BOEPD (470 BOPD). These wells were the first down-spacing wells in the field and were drilled at a 6 well per section spacing pattern with the Barnes 8-1H in the upper Caney, and the Barnes 8-2H in the lower Caney.
The Barnes 8-3H well, which is in the T-zone formation and is located under and between the Barnes 8-1H and 8-2H wells, has an 11-day average rate of 445 BOEPD (315 BOPD) and has averaged 490 BOEPD (340 BOPD) for the last 5 days, with the last 2 days at 570 BOEPD (390 BOPD).
Production optimization is currently in progress on all three of the wells.
Wolf Regener, President, and CEO commented, "We are very pleased to have these three wells on production and look forward to seeing how they continue to perform. While it’s early, these wells are on track to confirm our belief that the down spacing of the field is economic, which would enable much more production from this field. The T-Zone, Barnes 8-3H well is also exciting for us as it is producing at higher oil rates than our previous T-zone wells and is not currently showing signs of decline. Achieving commercial rates from the T-zone could 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 is thus potentially very significant to the Company. Over the coming months, we will be gathering data from these wells, which will be used to further optimize reserve recoveries from the field.
"The Barnes 8-1H, 8-2H, and 8-3H were drilled, completed and had facilities built at an average cost of approximately $6.5 million, which is $700,000 below our $7.2 million estimated cost.
"The drilling rig for the next two wells, the Barnes 7-4H and Barnes 7-5H, is expected to move in tomorrow, with drilling expected to start early next week. Both of these wells will be drilled in the Caney formation."
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.