By Adriano Marchese
Kolibri Global Energy expects to grow revenue and adjusted earnings before interest, taxes, depreciation and amortization in 2024 as it looks to bring undeveloped wells into production at the company’s Tishomingo Shale oil property in Oklahoma.
On guidance:
Kolibri said it anticipates completing six or seven wells this year, with plans to drill and complete two wells in the second quarter, and up to three other wells later in the year.
The company said it expects to produce an average of 3,500 to 4,000 barrels of oil equivalent a day in 2024, representing an increase of 25% to 33% over 2023 guidance.
Revenue is expected to grow between 18% to 23% to $60 million to $65 million.
Adjusted Ebitda has been set to grow to $46 million to $51 million, an 18% to 24% growth over the prior-year’s guidance.
“The strategy of the company for 2024 is to continue to develop the field by converting its significant number of proved undeveloped wells into producing wells that generate cash flow.
“The average production, revenue, and Adjusted EBITDA guidance for 2024 shows significant growth from the latest 2023 forecast numbers, even with a $72 WTI price assumption.”
“The forecasted well costs were $7.2 million last year, and the cost for the last two Emery wells was about $5.4 million, which is a 25% reduction in well costs.”
On shareholder returns:
“As the Company executes this strategy going forward, it will consider the implementation of a shareholder return policy in 2024.
Write to Adriano Marchese at [email protected]
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