Kolibri Global increasing Lovina production rates

Executive Summary

• Kolibri Global Energy provided an operations update on its Tishomingo field in Oklahoma, highlighting strong initial production rates from the newly stimulated Lovina wells and upcoming drilling plans for the Barnes and Forguson wells.
• The Lovina wells (1H, 2H, 3H, and 4H) are currently in various stages of flowback and cleanup, with production rates significantly higher than previous wells due to a higher oil percentage and controlled conservative flowback.
• The company anticipates the Forguson well to begin flowback soon, while drilling for the Barnes 2H and 3H wells is scheduled to commence in August 2025, with completion operations planned to occur simultaneously with previously drilled Velin wells.

Key Details

• Lovina 9-16-1H Well:
  • Working Interest: 100%
  • Status: Successfully fracture stimulated; flowing back fluid; in cleanup stage.
  • Recent Average Production (Past 4 Days): 571 boepd (Barrels of Oil Equivalent per Day), comprising 473 bopd (Barrels of Oil per Day).
• Lovina 9-16-2H Well:
  • Working Interest: 100%
  • Status: Successfully fracture stimulated; flowing back fluid; in cleanup stage.
  • Recent Average Production (Past 4 Days): 643 boepd, comprising 523 bopd.
• Lovina 9-16-3H Well:
  • Working Interest: 100%
  • Status: Successfully fracture stimulated; flowing back fluid; in cleanup stage.
  • Recent Average Production (Past 4 Days): 416 boepd, comprising 339 bopd.
• Lovina 9-16-4H Well:
  • Working Interest: 100%
  • Status: Successfully fracture stimulated; flowing back fluid; in cleanup stage.
  • Recent Average Production (Past 4 Days): 322 boepd, comprising 271 bopd.
• Operational Observations:
  • The Lovina wells are producing much higher percentages of oil compared to previously drilled wells.
  • Higher oil percentage and longer well lengths have resulted in a longer cleanup cycle.
  • Production tubing strings are scheduled to be run starting next week, which previously led to significantly higher production rates in offset wells.
• Forguson 17-20-3H Well:
  • Working Interest: 46% (Kolibri is operator).
  • Status: Successfully fracture stimulated; anticipated to begin flowback in the next few days.
  • Context: Testing economics of 3,000 acres on the eastern side of the company's acreage.
  • Reserve Status: Not included in the Dec. 31, 2024, reserve report.
  • Geology: Caney target has similar characteristics and thickness to the main field but is shallower.
• Barnes 6-31-2H and 6-31-3H Wells:
  • Working Interest: 99.9%
  • Drilling Schedule: Rig scheduled to move in on Aug. 11, 2025.
  • Plan: 1.5-mile laterals.
  • Completion: Planned to occur simultaneously with the two previously drilled Velin wells once drilling is complete.

Notable Quotes

• Wolf Regener, President and CEO: "We are thrilled about the high oil percentage of the Lovina wells, which we believe generally leads to higher netbacks for the company and will lead to slower decline rates."
• Wolf Regener, President and CEO: "If the Forguson well proves to be economic, in addition to adding cash flow, it could lead to many additional development locations for the company."
• Wolf Regener, President and CEO: "We are looking forward to the additional production and cash flow from all of these wells, which we expect will significantly increase the company's cash flow and add incremental value to our shareholders."