Why These Energy Stocks are Gaining This Week

2. Kolibri Global Energy Inc. (NASDAQ:KGEI)

Share Price Gains Between Dec. 22 and Dec. 29: 8.38%

Kolibri Global Energy Inc. (NASDAQ:KGEI) is an international energy company focused on finding and exploiting energy projects across oil, gas, and clean and sustainable energy.

Kolibri Global Energy Inc. (NASDAQ:KGEI) provided an operational update on its Tishomingo field in Oklahoma on December 22. The company reported that the field is currently producing over 6,000 barrels of oil equivalent per day (boepd), following the addition of the new Barnes and Velin wells.

According to the report, the two Barnes wells, in which Kolibri Global Energy Inc. (NASDAQ:KGEI) owns a 100% interest, are each producing approximately 465 boepd, with almost 85% of that production being oil. Moreover, the company believes that one of these wells is not yet fully contributing to production. Meanwhile, the two Velin wells, in which the company boasts a 97% interest, are witnessing lower-than-expected early production rates of approximately 200 boepd, with 72.5% of it being oil. The company is currently installing tubing in these wells to help with the fracture fluid flowback, which should improve flow rates. Lastly, Kolibri reported that its Lovina wells have been performing well and exhibit strong economics, despite the lower crude oil prices.

Wolf Regener, President and CEO of Kolibri Global Energy Inc. (NASDAQ:KGEI), stated:

“Overall, I’m very pleased with how well the field continues to perform, with current production over 6,000 BOEPD. It is great to see the high oil percentage of our recent wells, which is helping to improve the Company’s netbacks. The early production profile of the Lovina wells was different than many of our previous wells, and we are glad to see them achieving the lower decline rates predicted by our team, resulting in the strong forecasted IRRs. The early production data from the Barnes wells is very similar, including the high oil percentages, so we are hopeful that those wells will have similar results.”