Kolibri Global Energy reports 24% production increase for 2024

Kolibri Global Energy reported a significant increase in production and revenues for 2024. The company achieved net revenues of $58.5 million, which is a 16% rise compared to 2023. This growth was largely driven by a 24% boost in production, even though average prices fell by 7%. Wolf Regener, Kolibri’s CEO, expressed satisfaction with the company's performance. He noted that they met their revenue and earnings forecasts despite lower prices. The company invested $31.3 million in capital expenditures, a 41% decrease from the previous year, which helped improve cost efficiencies. Looking ahead to 2025, Kolibri expects production to increase further, with forecasts ranging from 4,500 to 5,100 barrels of oil equivalent per day, marking a potential rise of up to 47%. The company anticipates revenues between $75 million and $89 million for 2025, representing an increase of up to 52%. In 2024, gross revenues from oil and gas totaled $74.6 million, a 16% increase. Oil revenues alone rose by 14% to $68.3 million. Natural gas revenue remained unchanged at $1.7 million, while revenue from natural gas liquids surged by 57% due to production increases. Operating expenses also grew in 2024, totaling $2.4 million in the fourth quarter, which is higher than the $1.6 million reported for the same quarter in 2023. General and administrative expenses increased by 35%, affected by higher accounting fees and costs related to being a public company. Kolibri's financial results highlight continued growth, but they also mention uncertainties ahead, including fluctuating commodity prices and regulatory challenges. The CEO emphasized the company’s focus on maintaining growth while managing costs efficiently.