Kolibri Global Energy Inc. (KGEI) Monday said it lowered its full-year guidance for production, revenue and adjusted EBITDA. The company cited longer-than-expected time taken to drill and complete the lateral wells.
Kolibri currently expects fiscal 24 revenue to be in the range of $57 million to $62 million, lower than the previous outlook of $60 million to $65 million.
Adjusted earnings before interest, taxes, depreciation, and amortization or adjusted EBITDA is currently seen at $43 million - $48 million, down from $46 million and $51 million expected before.
Average production outlook for the year has been reduced to 3,200 boepd to 3,700 boepd, down from 3,500 boepd to 4,000 boepd, guided earlier.
"We are excited to drill the first of our longer lateral wells, which is another step in our striving for continuous improvement. They are expected to improve the economics of the field, and more economic wells lead to higher valuations, which benefits all shareholders. Since these wells will take longer to drill and complete, new production will be added later than originally forecasted in our previous plan," said Wolf Regener, President and CEO.
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