Kolibri Global Energy Inc. (“Kolibri”) (TSX: KEI, NASDAQ: KGEI) is pleased to provide a further update on its latest wells in its Tishomingo field in Oklahoma.
Thirty-day Flow Rates
The initial thirty-day average production rate for the Alicia Renee 2-11-3H (“Alicia 3H”) was 1,062 Barrels of oil equivalent per day (“BOEPD“) (711 barrels of oil per day (“BOPD”)), the Alicia Renee, 2-11-4H (“Alicia 4H”) averaged 883 BOEPD (593 BOPD) and the Alicia Renee 2-11-5H (“Alicia 5H”) well averaged 706 BOEPD (474 BOPD). Current production is about 1,080 BOEPD, 980 BOEPD, and 800 BOEPD, for the Alicia 3H, Alicia 4H and Alicia 5H, respectively.
Kolibri owns a 100% working interest in the wells, which were drilled at a 6-well per section spacing pattern with a lateral length of 1.5 miles. The average cost for the facilities, drilling, and completing these wells is estimated to be less than US$6.3 million per well. These costs include the estimated future cost of installing the tubing and other associated completion equipment into the wells. These estimated future costs are not expected to be incurred until next year, as the wells are still flowing up casing and do not appear to need the tubing installed until then.
Wolf Regener, President and CEO, commented, “We are extremely pleased with how strong these longer lateral Caney wells are performing so far, with all of them still flowing up casing. Also, the expected all-in costs of less than US$6.3 million per well, combined with the great production results so far, indicate the wells to likely be more economic than we had forecast. Assuming the wells continue to perform as we anticipate, it should lead to demonstrating the higher rates of return and efficiencies that we were hoping for. Even with the expected natural declines from the wells, adding these three wells to our existing production, which was 3,032 BOEPD in the quarter ended September 30, 2024, we expect our cash flow to be significantly increased in the fourth quarter and into 2025.”
