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Kolibri Global Energy Inc. Announces Operations Update
Kolibri Global Energy Inc. (the “ Company ” or “ Kolibri ”) (...
About this update from Kolibri Global Energy Inc
[{"type":"text","content":"Kolibri Global Energy Inc. Announces Operations Update\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n.bwuline { text-decoration: underline }\n \n\n\n\n Kolibri Global Energy Inc. (the “\n \n Company\n \n ” or “\n \n Kolibri\n \n ”) (TSX: KEI, NASDAQ: KGEI) is pleased to provide an operations update on its latest wells in its Tishomingo field in Oklahoma.\n \n\n LOVINA WELLS\n \n\n The initial thirty-day average production rate for the Lovina 9-16-1H well is 565 barrels of oil equivalent per day (“\n \n BOEPD\n \n ”) with 463 barrels of oil per day (“\n \n BOPD\n \n ”), the Lovina 9-16-2H is 629 BOEPD with 510 BOPD, the Lovina 9-16-3H well is 510 BOEPD with 413 BOPD, and the Lovina 9-16-4H is 428 BOEPD with 355 BOPD. The combined thirty-day production rates from the four wells is higher than our previously disclosed early initial production rates, with the 3H production rate increasing 22% and the 4H rate increasing 33% from those initial rates. The Lovina wells are continuing to produce much higher percentages of oil than many of our previously drilled wells, as they are only producing about 7% natural gas. The higher oil percentage and longer well lengths, combined with our controlled and conservative flowback, should lead to lower decline rates for these wells.\n \n\n FORGUSON WELL\n \n\n The Forguson 17-20-3H well is continuing to flow back the fracture stimulation fluid and is currently making about 160 BOEPD with 115 BOPD. As expected, the flowback is taking longer than our other wells in the field since this well is shallower. Only about 2.6% of the fracture stimulation fluid has been recovered, and the well has continued to improve as more fracture stimulation fluid is being recovered. As a comparison, the four Lovina wells have recovered between 7% and 10% of their fracture stimulation fluid. Kolibri is operator and has a 46% working interest in this well, which is testing the economics of our 3,000 acres that is located on the eastern side of our acreage.\n \n\n BARNES 6-31-2H AND 6-31-3H WELLS\n \n\n Casing is currently being run in the Barnes 6-31-2H after which the rig will move over to drill the Barnes 6-31-3H well. These wells are both planned to be 1.5-mile laterals with Kolibri having a 100% working interest in both wells. Once the dri...