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Kolibri Global Energy Inc. (KGEI) Q2 2024 Earnings Call Transcript Summary

Futu News ·  Aug 15 03:04  · Conference Call

The following is a summary of the Kolibri Global Energy Inc. (KGEI) Q2 2024 Earnings Call Transcript:

Financial Performance:

  • Q2 2024 saw significant increases in production, revenue, and adjusted EBITDA.

  • Average production in Q2 rose 30% year-over-year.

  • Adjusted EBITDA increased 31% year-over-year to $10 million.

  • Net revenue for Q2 2024 increased 38% to $13.9 million.

  • Net income was $4.1 million in Q2 2024, down slightly from the prior year due to increased operating costs and deferred income tax expense.

Business Progress:

  • Kolibri's line of credit was increased to $50 million, enhancing financial flexibility.

  • Three new longer lateral wells began drilling, extending the Alicia Renee well series with aims to increase production efficiency and reserve additions.

  • Continuous efforts in drilling and completion improvements, and operational excellence in the field evidenced by increased production efficiency.

  • Strategic increase in reserves and company value via planned stock marketing.

Opportunities:

  • Expansion into longer lateral drilling which is expected to improve per-foot productivity and potentially boost overall production economics.

  • Increased flexibility in financial operations with enhanced line of credit.

Risks:

  • The increase in operational costs, particularly G&A and water hauling costs, which offset the benefits of higher production and prices.

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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