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.

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

Kolibri Global Energy - New approach to drilling; potential share buyback

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

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

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

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

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

Bankers Petroleum Reaches Agreement with Albanian Government to Unfreeze Bank Accounts

Bankers and the Albanian Government have reached an agreement allowing the Company to regain control of its Albanian bank accounts and for operations at the Patos-Marinza Field to continue as normal and uninterrupted.

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Sylvania delivered a 12% increase in Q125 production compared to Q424 and, with an average platinum group metals (PGM) basket price only slightly down, delivered a 10% increase in revenue. The company is guiding for FY25 production of 73,000–76,000oz. Costs were well controlled with South African rand (ZAR) direct operating costs 3% higher and US dollar costs up 6.5%. Attractive unit cost efficiencies of 5% to 8% were delivered. With results largely in line with our expectations, our forecasts r

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