reports
- 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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