Kolibri Global Energy (KEI) investor relations material

Operational highlights

• Production focused in Oklahoma's Tishomingo Shale Oil Field, with horizontal drilling depths of 8,500–11,000 ft and laterals now extended to 1.5–2 miles for improved efficiency.

• Asset base includes 40 million barrels of oil equivalent in approved reserves and 53 million in approved probable reserves, with 78% of approved reserves undeveloped.

• Production is now 70% oil and 85% liquids, reflecting a shift from natural gas to liquids-rich output.

• Infrastructure agreements with Exxon ensure stable oil pricing at WTI less $1.85 per barrel and efficient gathering for gas and liquids.

• Acreage has grown to 17,000 net acres, with 41 Caney wells on production and 99% of acreage held by production, providing drilling flexibility.

Financial performance and guidance

• Fully funded 2025 drilling program through cash flow and a $65 million line of credit, with $30 million typically drawn.

• Market cap around $193 million, net debt near $30 million, and enterprise value of $200 million; debt to EBITDA ratio at 0.64.

• Adjusted EBITDA guidance for 2024 is $58–$71 million, with capital expenditures projected at $48–$53 million.

• Share buyback program renewed, with over 500,000 shares repurchased at $5.20 each.

• Operating expenses per barrel are among the lowest in the peer group, supporting high netbacks and increasing yearly net revenue.

Growth initiatives and drilling results

• Recent Lovina wells (4.5 mi lateral) are producing 82% oil, with combined rates over 2,000 barrels of oil equivalent per day.

• Two Barnes wells (1.5 mi lateral) and two Velin wells (1 mi lateral) are being completed, with production expected to increase in Q3.

• East side Forguson well, not included in current reserves, is under evaluation for economic viability, offering potential upside.

• Drilling efficiency has improved, reducing well costs and drilling times significantly; 2 mi laterals now cost $7.2 million, similar to prior 1 mi wells.

• Additional upside exists in 3,000 net acres on the East side and in other intervals like the T-zone and Upper Sycamore.