Kolibri Global Energy Inc. (KGEI) announced on Monday a downward revision of its full-year forecasts for production, revenue, and adjusted EBITDA. The company attributed these adjustments to the longer-than-anticipated time required to drill and complete its lateral wells.
The revised fiscal 2024 revenue projection now stands at $57 million to $62 million, a decrease from the previously forecasted range of $60 million to $65 million.
Adjusted EBITDA, which encompasses earnings before interest, taxes, depreciation, and amortization, is now anticipated to be between $43 million and $48 million, reduced from the earlier expectation of $46 million to $51 million.
The company also adjusted its average production outlook for the year to a range of 3,200 to 3,700 barrels of oil equivalent per day (boepd), down from the previously guided range of 3,500 to 4,000 boepd.
"We are enthusiastic about commencing the drilling of our first longer lateral wells, marking another milestone in our commitment to continuous improvement. These wells are projected to enhance the field’s economics, leading to higher valuations that benefit all our shareholders. However, due to the extended time required to drill and complete these wells, the new production will commence later than originally projected in our previous plan," stated Wolf Regener, President and CEO.
