reports
- Sanjeev Bahl
Kolibri Global Energy - Termination of coverage
Edison Investment Research is terminating coverage on Kolibri Global Energy (KEI). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.
- Sanjeev Bahl
Kolibri Global Energy - Longer laterals are a potential game changer
Kolibri Global Energy (KEI) reported Q224 results that saw double-digit increases across all financial and operating metrics on a y-o-y basis, with production and EBITDA up 37% and 40%, respectively. Sequentially, EBITDA fell 7%, while netback was 5% higher at US$40/bbl. KEI has started drilling three new 1.5-mile lateral wells, slated for completion in early Q4. If successful, these wells could potentially see an up to 1.5x increase in production rates and lead to a change in the field developm...
- Sanjeev Bahl
Kolibri Global Energy - New approach to drilling; potential share buyb...
Kolibri Global Energy (KEI) has provided an update on operations and revised guidance. It now guides to FY24 revenue of US$57–62m and EBITDA of US$43–48m on average production of 3,200–3,700boepd. KEI plans to start drilling its next three wells in the first half of August. These wells will have longer lateral lengths, which should result in better well economics. We have revised our estimates to reflect the latest guidance and operational update. Our valuation of KEI falls slightly to US$6.8/sh...
- Sanjeev Bahl
Kolibri Global Energy - Record quarterly production
Kolibri Global Energy (KEI) has reported Q124 results that saw flat EBITDA quarter-on-quarter as double-digit growth in average production to a record 3,305boepd was offset by lower commodity prices and a one-off increase in operating costs. We have updated our estimates to reflect the results and the recent well reworks, lowering our FY24 EBITDA estimate by 9%. As a result, our valuation of KEI falls from US$7.1 to US$6.9/share. The stock continues to trade at undemanding valuation multiples an...
- Sanjeev Bahl
Kolibri Global Energy - FY23 reserves show solid replacement rates
Kolibri (KEI) released its annual reserves statement, which showed good replacement rates despite a visible increase in average production in FY23. At end-2023, the company’s total gross proved reserves declined by only 3% y-o-y to 32.4mmboe, while the total gross reserves increased by 3% to 79.4mmboe. KEI also reported a netback from operations of US$43.0/boe in FY23, marginally below our estimate of US$43.5/boe, on total average production of 2,796mboe. We will update our estimates and valuati...
- Sanjeev Bahl
Kolibri Global Energy - FY24 guidance suggests slower growth
Kolibri Global Energy (KEI) reported its operational and financial guidance for FY24. The company expects average production of 3,500–4,000boepd and 6–7 well completions this year. Earlier, Kolibri provided FY23 production guidance of 2,800–3,000boepd. Both FY24 output and well completions are somewhat lower than our previous assumptions, which lead us to revise downwards our estimates. As a result, our valuation of KEI falls to US$7.1/share from US$7.5/share. On the positive side, we note stron...
- Sanjeev Bahl
Kolibri Global Energy - Playing its cards right
Kolibri Global Energy (Kolibri or KEI) is a junior E&P oil and gas company, developing Caney Shale in southern Oklahoma. The company has been ramping up its drilling activity in 2022 and 2023, which led to a strong operational and financial performance. We expect this momentum to continue into FY24, as Kolibri benefits from its large undeveloped proved reserves, the low-cost nature of its operations and its superior operating netbacks. This positions KEI as a fast growing, yet defensive play in ...
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