Kolibri Global Energy Achieves 24% Production Increase in 2024

Kolibri Global Energy (KGEI) reported a remarkable 24% increase in production for 2024, reaching 3,478 BOEPD, despite a 7% decrease in average prices. This significant growth was accompanied by record revenues of $58.5 million, a 16% increase from 2023, and an adjusted EBITDA of $44.0 million, up 13% from the previous year. The company's net income stood at $18.1 million, or $0.51 per basic share, reflecting a slight 6% decrease primarily due to lower unrealized gains on commodity contracts.

The company's financial performance was bolstered by a 24% increase in proved reserves to 40.2 million barrels of oil equivalent, with an NPV10 of $534.7 million. This substantial growth in reserves strengthens Kolibri's asset base and positions the company for future growth. Additionally, capital expenditures were reduced by 41% to $31.3 million, demonstrating significant capital efficiency improvements. The company's net debt position of $28.9 million, with $16.5 million available in credit facilities, provides sufficient financial flexibility for their 2025 drilling program.



Kolibri's operational execution was impressive, with production growth of 24% driving record revenues of $58.5 million (up 16% YoY). This growth was achieved despite a 7% decrease in average prices, highlighting the company's ability to manage costs effectively. The company's field operations team achieved significant cost efficiencies, allowing them to drill 50% longer laterals at 12% lower cost per well. This was a key factor in the company's ability to reduce capital expenditures significantly.

The company's 2025 drilling program is expected to continue this growth trajectory. Kolibri is currently drilling the second of the four previously announced Lovina wells (100% working interest) with completion operations on all four expected to begin in May. The Forguson well (46% working interest), located on the east side of the field in an area that currently has no reserves associated with it, is scheduled to be drilled immediately after the drilling rig is finished on the Lovina wells.



Kolibri's 2025 production forecast of 4,500 to 5,100 BOEPD represents an increase of 29% to 47% from 2024 actual production. The 2025 forecasted revenue of $75 million to $89 million is a 28% to 52% increase from 2024 actual revenue, and the 2025 forecasted adjusted EBITDA of $58 million to $71 million is a 32% to 61% increase from 2024 actuals. This growth trajectory, combined with the company's demonstrated operational efficiency improvements, positions Kolibri for continued strong performance despite commodity price fluctuations.

In summary, Kolibri Global Energy's 24% increase in production and record revenues in 2024 are impressive, especially when considering the industry's challenges and the company's strategic focus on operational and capital efficiency. These factors have positioned Kolibri for continued strong performance despite commodity price fluctuations.