Kolibri Global Energy Inc. Achieves Success in Well Drilling

Kolibri Global Energy Inc. Achieves Significant Milestones in Well Drilling

Kolibri Global Energy Inc. (the “Company” or “Kolibri”) has recently concluded the drilling of its first three lateral wells, each spanning 1.5 miles, in a project that has not only met but exceeded operational expectations. These accomplishments took place within the Company’s operational field, marking a pivotal moment in Kolibri's ongoing development strategy.

Three Successful Wells Drilled Under Budget

The wells, identified as Alicia Renee 2-11-3H, 2-11-4H, and 2-11-5H, have been drilled safely and, impressively, under budget. Each well was completed within an average of less than 14 days, showcasing the efficiency and effectiveness of Kolibri's drilling team. This timeline is notably shorter than the anticipated 20 days budgeted for each operation, demonstrating the team’s strong execution capabilities.

Upcoming Completion Work

With the drilling phase completed, completion work for all three wells is scheduled to commence soon. The team forecasts that flowback—the process of allowing the fluids to flow back from the well—will occur early next month. The simultaneous completion of these three wells reflects Kolibri’s strategic approach to enhance operational efficiency and streamlining project timelines.

Leadership Insights

Wolf Regener, President and CEO, shared insights regarding the operation, stating, "We are very proud that our team did such a great job drilling these wells safely, quickly, and well under budget. Our focus now shifts towards bringing these wells onto production in the upcoming quarter, which will serve to further inflate our cash flow and provide insight into the economic advantages of utilizing longer lateral wells."

Future Economic Implications

With the successful implementation of these longer lateral wells, Kolibri is optimistic about the potential economic benefits arising from improved efficiency. The ability to drill quicker and at lower costs could significantly enhance the Company’s market position and overall value of the field in the long run.

Upcoming Conferences and Events

Kolibri's leadership team, including Wolf Regener and CFO Gary Johnson, will be attending the Sidoti Small-Cap Virtual Conference soon. Scheduled for two days, the conference will feature presentations and one-on-one meetings, allowing for valuable interactions with stakeholders and industry experts. Additionally, participation in Remark’s Virtual Non-Deal Roadshow emphasizes Kolibri's commitment to maintaining a transparent dialogue about its ongoing operations and future endeavors.

Accessing More Information

For those interested in further details regarding Kolibri's participation at these events, additional information can be found on the Company’s official website. This transparency showcases Kolibri's desire to keep stakeholders informed about their strategic movements in the energy market.

About Kolibri Global Energy Inc.

Kolibri Global Energy Inc. is an energy company based in North America, primarily engaged in exploring and developing oil and gas projects. Through its subsidiaries, the Company actively manages energy resources across the United States. Utilizing its technical and operational prowess, Kolibri is well-positioned to continue expanding its portfolio with promising energy projects. The Company’s shares are actively traded on the Toronto Stock Exchange under the symbol KEI and on NASDAQ under KGEI, reflecting its established presence in the market.

Frequently Asked Questions

What recent milestones has Kolibri Global Energy Inc. achieved?

Kolibri has successfully drilled three lateral wells in its Tishomingo field, notably under budget and ahead of schedule.

How quickly were the wells drilled?

The wells were drilled in an average of less than 14 days each, which is significantly faster than the projected timeline.

What does the company hope to achieve this quarter?

Kolibri aims to bring the new wells into production during the fourth quarter to enhance cash flow and evaluate the economic benefits of the completed wells.

Who are the executives representing Kolibri at upcoming events?

Wolf Regener (President and CEO) and Gary Johnson (CFO) will be attending the Sidoti Small-Cap Virtual Conference and other events.

Where can investors find more information about Kolibri's activities?

Additional details regarding Kolibri's operations, including event participation, can be accessed through the Company's official website.

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