Kolibri Global Energy

Overview
Price performance
Financials
Research
Thematics

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

27.03.24

Kolibri Global Energy — FY23 reserves show solid replacement rates

Oil & Gas |
Update

02.02.24

Kolibri Global Energy — FY24 guidance suggests slower growth

Oil & Gas |
Initiation

18.12.23

Kolibri Global Energy — Playing its cards right

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Sector

Energy & Resources

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 (%)

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(6.1)	9.0	(5.3)
Relative	(6.1)	2.4	(12.4)
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	1.1
2022A	37.6	28.9	16.6	46.74	6.9	6.9
2023E	53.2	41.3	21.8	61.14	5.3	5.3
2024E	72.7	58.7	38.2	107.11	3.0	3.0

Research

thematic

Energy & Resources

03.04.19

Verbier appraisal points to lower than expected resources

thematic

Energy & Resources

20.03.19

Orinduik resource upgrade for Eco Atlantic offshore Guyana

thematic

Energy & Resources

13.03.19

No moveable hydrocarbons in Alaskan Winx-1 well

thematic

Energy & Resources

12.03.19

Hydrocarbon discovery for Murphy at Cholula-1 offshore Mexico

thematic

Energy & Resources

20.11.18

Sound Energy well result highlights reservoir variability in Morocco

thematic

Energy & Resources

25.09.18

Tullow’s Namibian well disappoints

thematic

Energy & Resources

04.09.18

Tullow spuds Cormorant well offshore Namibia

thematic

Energy & Resources

20.08.18

Southern gas corridor to the EU nears agreement

thematic

Energy & Resources

01.08.18

Mexico: reassurance or uncertainty?

thematic

Energy & Resources

28.03.18

UK independents pick up blocks in Mexico’s Round 3.1

thematic

Energy & Resources

07.02.18

Lower break even for Johan Sverdrup

thematic

Energy & Resources

13.12.17

Kosmos exploration hiccups

thematic

Energy & Resources

06.12.17

Positive news from Genel’s Taq Taq

thematic

Energy & Resources

20.11.17

Ludicrous growth of the EV

thematic

Energy & Resources

07.11.17

Tullow’s Araku result completes our 2017 wells to watch list

thematic

Energy & Resources

16.10.17

Fancy a Ferrari or an EV?

thematic

Energy & Resources

10.10.17

Verbier delivers after sidetrack

thematic

Energy & Resources

03.10.17

Revealing Big Oil hurdle rates

thematic

Energy & Resources

26.09.17

Fatala well latest disappointment offshore West Africa

thematic

Energy & Resources

18.09.17

Partridge and Verbier fail to find oil

thematic

Energy & Resources

17.08.17

Made a discovery? What are the odds of another?

thematic

Energy & Resources

08.08.17

Kosmos searching for more investors

thematic

Energy & Resources

26.07.17

Killing the goose that laid the golden eggs

thematic

Energy & Resources

20.06.17

South east basin most popular in latest Mexico round

thematic

Energy & Resources

07.06.17

Porcupine Basin attracts Total

thematic

Energy & Resources

26.05.17

Tory manifesto – what does it mean for oil and gas?

thematic

Energy & Resources

02.05.17

Cairn/FAR return to deepwater FAN in Senegal

thematic

Energy & Resources

12.04.17

E&P industry funding cost still high

thematic

Energy & Resources

01.03.17

What a difference a year makes

thematic

Energy & Resources

15.02.17

Filicudi discovery – positive start to 2017 Barents exploration

thematic

Energy & Resources

10.02.17

Tullow dipping a toe back into exploration

thematic

Energy & Resources

06.02.17

Diversified Gas and Oil – quick thoughts

thematic

Energy & Resources

27.01.17

EnQuest acquisition: Ability to extract net economics (NAV) will be demonstrated over time

thematic

Energy & Resources

24.11.16

Fortuna LNG deal underlines the structurally higher costs of capital seen by E&Ps

thematic

Energy & Resources

24.11.16

Majors – failure to make sufficient returns will raise costs of capital across the E&Ps

thematic

Energy & Resources

12.10.16

Development lead times

thematic

Energy & Resources

27.09.16

Barents Sea – frontier drilling in 2017

thematic

Energy & Resources

17.08.16

Understanding of connectivity in Senegal key to tapping upside for Cairn

thematic

Energy & Resources

27.07.16

SDX initiation

thematic

Energy & Resources

19.07.16

Porcupine Basin Phase 2

thematic

Energy & Resources

18.07.16

Conoco sells Senegalese discovery blocks – fair price?

thematic

Energy & Resources

09.06.16

Oil and Gas Macro Outlook – Tightening market buffered by abundant inventories

thematic

Energy & Resources

27.04.16

Exploration Watch – Porcupine Basin

thematic

Energy & Resources

18.03.16

Bonds vs Equity vs Oil

thematic

Energy & Resources

02.03.16

Genel’s Taq Taq highlights complexity of fractured reservoirs

thematic

Energy & Resources

23.02.16

Oil & Gas UK 2016 Activity Survey: Impressive improvements no match for oil price headwinds

thematic

Energy & Resources

02.02.16

Oil Macro outlook 2016 – oversupply in the short term

thematic

Energy & Resources

27.01.16

Oil & gas macro outlook – Oversupply short term, lower break-even long term

thematic

Energy & Resources

12.01.16

Governments need to adapt to the oil price too

thematic

Energy & Resources

11.01.16

Exploration Watch – West of Shetland

thematic

Energy & Resources

17.11.15

100% success rate continues offshore Mauritania/Senegal

thematic

Energy & Resources

29.10.15

Falklands exploration: Humpback results finally in

thematic

Energy & Resources

28.10.15

Is the Serica deal a sign of improved North Sea co-operation?

thematic

Energy & Resources

20.10.15

Genel trading statement

thematic

Energy & Resources

16.10.15

Is there a link between the oil prices and deals?

thematic

Energy & Resources

15.10.15

Kurdistan payments ~ two payments in two months

thematic

Energy & Resources

15.09.15

Plexus Holdings taps subsea market

thematic

Energy & Resources

27.08.15

Gulf of Mexico – stepping up to the challenges

thematic

Energy & Resources

03.08.15

Kurdistan ~ payments coming

thematic

Energy & Resources

27.07.15

Petroceltic ~ Creating value in Algeria through execution

thematic

Energy & Resources

27.07.15

Cairn ~ Exposure to Senegal exploration, at lower risk

thematic

Energy & Resources

27.07.15

Rockhopper ~ Building a full cycle, exploration-led E&P

thematic

Energy & Resources

14.07.15

Wentworth Resources ~ company snapshot

thematic

Energy & Resources

13.07.15

Genel operations update ~ still waiting for export payments

thematic

Energy & Resources

25.06.15

Company Snapshot ~ Sterling Energy

thematic

Energy & Resources

15.06.15

Company Snapshot ~ Solo Oil

thematic

Energy & Resources

22.05.15

What’s the marginal cost of oil supply – $60/bbl or $80/bbl?

thematic

Energy & Resources

07.05.15

Saudi-led market share war with US producers continues

thematic

Energy & Resources

01.05.15

Oil & gas macro outlook – The market is returning to equilibrium

thematic

Energy & Resources

07.04.15

First Falklands well in two years looks positive

thematic

Energy & Resources

26.03.15

Nigerian elections 28th March

thematic

Energy & Resources

19.03.15

Ophir results – Acting counter-cyclically… or not?

thematic

Energy & Resources

13.03.15

Reserves – better not blink or they could be gone

thematic

Energy & Resources

13.03.15

Omne trium perfectum

thematic

Energy & Resources

10.03.15

Thoughts post Cairn FY14 results & India tax update

thematic

Energy & Resources

05.03.15

Finite storage capacity could call time on the financial demand currently supporting oil prices

thematic

Energy & Resources

03.03.15

Exploration Watch – Falklands

thematic

Energy & Resources

25.02.15

Catalytic converter – Five themes from oil majors’ 2015 updates

thematic

Energy & Resources

25.02.15

Exploration watch – Drilling returns to the Falklands

thematic

Energy & Resources

14.01.15

Oil & Gas – Macro Outlook: Current prices are not sustainable

thematic

Energy & Resources

03.12.14

Catalytic converter – Crude oil prices: A range-bound future

thematic

Consumer

11.11.14

Deutsche Börse Eigenkapitalforum 2014 Research Guide

thematic

Energy & Resources

03.10.14

Oil & Gas – Macro Outlook: Swimming in oil

thematic

Energy & Resources

02.05.14

Oil & gas macro outlook: Ukraine supports prices for now

thematic

Energy & Resources

04.03.14

ASX Spotlight Conference – London, 6 March 2014

thematic

Energy & Resources

28.01.14

Oil & gas macro outlook: North America is shifting the supply needle

thematic

Energy & Resources

10.10.13

Fallen angels, rising stars: Old LatAm basins creating fresh opportunities

thematic

Energy & Resources

04.10.13

Oil & gas macro outlook: The market remains well supplied

thematic

Energy & Resources

14.08.13

Oil & Gas – Oil & gas research principles

thematic

Energy & Resources

08.05.13

Oil & Gas – Falklands oils: Time to pause and draw breath

thematic

Energy & Resources

01.03.13

ASX Small to Mid Caps Conference – London, 7 March 2013

thematic

Energy & Resources

28.02.13

Asia-Pacific resources quarterly: February 2013 edition

thematic

Energy & Resources

08.02.13

Seismic reflections: Seismic Elections

thematic

Energy & Resources

16.11.12

Seismic reflections: Oil market dynamics turn bearish

thematic

Energy & Resources

05.10.12

Seismic reflections: Sentiment vs reality

thematic

Energy & Resources

07.09.12

Seismic reflections: Take me out

thematic

Energy & Resources

24.08.12

Seismic reflections: Unstoppable force?

thematic

Energy & Resources

20.08.12

Asia-Pacific resources quarterly: August edition

thematic

Energy & Resources

10.08.12

Seismic reflections: Stick or twist – looks like twist

thematic

Energy & Resources

13.07.12

Seismic reflections: What’s next for UK North Sea?

thematic

Energy & Resources

15.06.12

Seismic reflections: The next major US resource play

thematic

Energy & Resources

10.05.12

Asia-Pacific resources quarterly

thematic

Energy & Resources

04.05.12

Seismic reflections: Closing bell for the 27th UK licensing round

thematic

Energy & Resources

20.04.12

Seismic reflections: YPF nationalisation

thematic

Energy & Resources

05.04.12

Seismic reflections: Heavy cash

thematic

Energy & Resources

09.03.12

Seismic reflections: Budgeting for a North Sea revitalisation

thematic

Energy & Resources

10.02.12

Seismic reflections: Italian drilling ban about turn?

thematic

Energy & Resources

27.01.12

Seismic reflections: Gas to liquids could gain traction

thematic

Energy & Resources

13.01.12

Seismic reflections: Funding troubles, M&A bubbles

thematic

Energy & Resources

28.10.11

Seismic reflections: Singing those 100% equity blues

thematic

Energy & Resources

30.09.11

Seismic reflections: Enormous North American potential

thematic

Energy & Resources

16.09.11

Seismic reflections : Tullow’s breakthrough discovery

thematic

Energy & Resources

05.08.11

Seismic reflections: Confidence in Kurdistan grows

thematic

Energy & Resources

24.06.11

Seismic reflections: An exciting investment story

thematic

Energy & Resources

22.06.11

Still bearish

thematic

Energy & Resources

23.05.11

Seismic reflections : Commodity prices only a side issue

thematic

Energy & Resources

18.04.11

Crude market potentially vulnerable

thematic

Energy & Resources

01.04.11

Seismic reflections : Taxing matters

thematic

Energy & Resources

11.03.11

Seismic reflections – Introducing the oil screen

thematic

Energy & Resources

25.02.11

Supply fears exaggerated

thematic

Energy & Resources

16.08.10

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Kolibri Global Energy (TSX: KEI)

Latest Insights

Kolibri Global Energy — FY23 reserves show solid replacement rates

Kolibri Global Energy — FY24 guidance suggests slower growth

Kolibri Global Energy — Playing its cards right

Sector

Equity Analyst

Key Management

Balance Sheet

Share Price Performance

Financials

Research

Verbier appraisal points to lower than expected resources

Orinduik resource upgrade for Eco Atlantic offshore Guyana

No moveable hydrocarbons in Alaskan Winx-1 well

Hydrocarbon discovery for Murphy at Cholula-1 offshore Mexico

Sound Energy well result highlights reservoir variability in Morocco

Tullow’s Namibian well disappoints

Tullow spuds Cormorant well offshore Namibia

Southern gas corridor to the EU nears agreement

Mexico: reassurance or uncertainty?

UK independents pick up blocks in Mexico’s Round 3.1

Lower break even for Johan Sverdrup

Kosmos exploration hiccups

Positive news from Genel’s Taq Taq

Ludicrous growth of the EV

Tullow’s Araku result completes our 2017 wells to watch list

Fancy a Ferrari or an EV?

Verbier delivers after sidetrack

Revealing Big Oil hurdle rates

Fatala well latest disappointment offshore West Africa

Partridge and Verbier fail to find oil

Made a discovery? What are the odds of another?

Kosmos searching for more investors

Killing the goose that laid the golden eggs

South east basin most popular in latest Mexico round

Porcupine Basin attracts Total

Tory manifesto – what does it mean for oil and gas?

Cairn/FAR return to deepwater FAN in Senegal

E&P industry funding cost still high

What a difference a year makes

Filicudi discovery – positive start to 2017 Barents exploration

Tullow dipping a toe back into exploration

Diversified Gas and Oil – quick thoughts

EnQuest acquisition: Ability to extract net economics (NAV) will be demonstrated over time

Fortuna LNG deal underlines the structurally higher costs of capital seen by E&Ps

Majors – failure to make sufficient returns will raise costs of capital across the E&Ps

Development lead times

Barents Sea – frontier drilling in 2017

Understanding of connectivity in Senegal key to tapping upside for Cairn

SDX initiation

Porcupine Basin Phase 2

Conoco sells Senegalese discovery blocks – fair price?

Oil and Gas Macro Outlook – Tightening market buffered by abundant inventories

Exploration Watch – Porcupine Basin

Bonds vs Equity vs Oil

Genel’s Taq Taq highlights complexity of fractured reservoirs

Oil & Gas UK 2016 Activity Survey: Impressive improvements no match for oil price headwinds

Oil Macro outlook 2016 – oversupply in the short term