06:50 AM EST, 11/12/2024 (MT Newswires) -- Kolibri Global Energy Inc. ( KGEI ) on Tuesday provided an update on its latest wells in its Tishomingo field in Oklahoma and, its share buyback program.

On initial flow rates, Kolibri said the Alicia Renee 2-11-3H3H, Alicia Renee, 2-11-4H and Alicia Renee 2-11-5H wells were all successfully drilled and completed in the Caney Formation and are currently flowing back the fracture stimulation fluid. It added the wells are still cleaning up, but over the last five days, the Alicia 3H well has averaged 1,049 Barrels of oil equivalent per day (720 barrels of oil per day), the Alicia 4H well has averaged 845 BOEPD (590 BOPD) and the Alicia 5H well has averaged 630 BOEPD (435 BOPD).

Even with the wells still cleaning up, current production is about 1,155 BOEPD, 950 BOEPD, and 715 BOEPD, for the Alicia 3H, Alicia 4H and Alicia 5H, respectively, the company noted.

Kolibri owns a 100% working interest in the wells, which were drilled at a 6-well per section spacing pattern. Wolf Regener, President and CEO, said, "We are very pleased that the first three of our longer lateral Caney wells are performing so well. The early production results indicate the wells to be very economic. In addition, I'm proud that our team once again drilled and completed these wells safely and under budget. Assuming the wells continue to perform as we anticipate, it should lead to demonstrating the higher rates of return and efficiencies that we were forecasting."

In a normal course issuer bid update, the company has repurchased 104,000 shares under its share buyback program since its commencement on September 23, 2024. The company intends to continue repurchasing shares to increase shareholder value.

KEI fell 3% to $4.50 on the TSX yesterday.