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Kolibri Global Energy (TSX: KEI)

Last close As at 01/05/2024

CAD4.39

▲ 0.05 (1.15%)

Market capitalisation

CAD157m

Kolibri is a junior unconventional exploration and production (E&P) company operating in the Tishomingo oil field in southern Oklahoma.

The oil price remains favourable for Kolibri, which has a relatively high share of oil in its production mix, and should provide additional support to the shares. KEI’s growth story remains intact as the company boasts a large proved undeveloped reserve base in the Caney formation alone, without taking into account any potential upside from the T-zone.

Latest Insights

Oil & Gas | Flash note

Kolibri Global Energy — FY23 reserves show solid replacement rates

Oil & Gas | Update

Kolibri Global Energy — FY24 guidance suggests slower growth

Oil & Gas | Initiation

Kolibri Global Energy — Playing its cards right
Kolibri banner
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Equity Analyst

Andrey Litvin

Energy and Resources Analyst

Andrew Keen

MD - Head of Content, Energy & Resources, Industrials

Key Management

  • David Neuhauser

    Chairman

  • Gary Johnson

    CFO

  • Wolf Regener

    Director, president and CEO

Balance Sheet

Forecast net debt (US$m)

29.1

Forecast gearing ratio (%)

17

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 4.0 2.1 (10.0)
Relative 6.2 (1.2) (14.5)
52 week high/low C$6.5/C$3.9

Financials

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. The company has recently announced that it began drilling the Nickel Hill 35-1H well, which will be followed by Nickel Hill 35-2H.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2021A 15.0 9.3 (0.4) (1.72) N/A 1.0
2022A 37.6 28.9 16.6 46.74 6.7 6.7
2023E 53.2 41.3 21.8 61.14 5.1 5.1
2024E 72.7 58.7 38.2 107.11 2.9 2.9

Research

Kolibri banner

Update

Oil & Gas

Kolibri Global Energy — FY24 guidance suggests slower growth
Kolibri banner

Initiation

Oil & Gas

Kolibri Global Energy — Playing its cards right
IMG_2804

Oil & Gas

Flash note

Kolibri Global Energy — FY23 reserves show solid replacement rates

IMG_2804

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