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 high share of oil in its production mix. The company’s growth story remains intact as it boasts a large proved undeveloped reserve base in the Caney formation alone.
Oil & Gas |
Update
Oil & Gas |
Flash note
Oil & Gas |
Update
Oil & Gas |
Initiation
David Neuhauser
Chairman
Gary Johnson
CFO
Wolf Regener
Director, president and CEO
Forecast net debt (US$m)
30.1
Forecast gearing ratio (%)
15
% | 1M | 3M | 12M |
---|---|---|---|
Actual | 6.0 | 12.4 | (14.4) |
Relative | 8.5 | 13.0 | (23.1) |
52 week high/low | C$6.5/C$3.9 |
Kolibri reported a 6% q-o-q increase in revenues to US$14.3m in Q1 as a 16% increase in average production to 3,305boepd was partly offset by an 8% drop in the realised basket price. Production costs were negatively affected by the one-off reassessment of legacy processing and gathering fees, which lowered the sequentially flat EBITDA of US$10.6m by a net US$0.2m. Adjusted for these fees, unit cash production costs of US$6.4/boe were down 8% q-o-q. As a result of the lower basket price and higher absolute costs, Q124 netback came in 14% lower at US$38/boe. Kolibri ended the quarter with net debt of US$32.8m (FY23: US$30.2m). Separately, the company announced a 25% increase in its credit facility from BOK Finance to US$50m, with US$18m remaining undrawn.
Y/E Dec | Revenue (US$m) | EBITDA (US$m) | PBT (US$m) | EPS (c) | P/E (x) | P/CF (x) |
---|---|---|---|---|---|---|
2022A | 48.4 | 28.9 | 16.6 | 46.74 | 7.6 | 7.6 |
2023A | 64.4 | 39.7 | 22.6 | 54.12 | 6.5 | 6.5 |
2024E | 85.7 | 53.3 | 33.9 | 76.22 | 4.7 | 4.6 |
2025E | 91.8 | 57.1 | 37.2 | 82.45 | 4.3 | 4.3 |
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