07:38 AM EDT, 09/18/2024 (MT Newswires) -- Kolibri Global Energy ( KGEI ) said Wednesday that it finished drilling the first three 1.5-mile lateral wells in its Tishomingo field in Oklahoma.

The company said it drilled the Alicia Renee 2-11-3H, 2-11-4H and 2-11-5H wells "safely and under budget". Drilling averaged less than 14 days each, less than the company's budgeted 20 days.

Completion work for all three wells is expected to begin in early October, with flowback anticipated in early November. All three wells will be completed at the same time. Kolibri has a 100% working interest in all three wells.

"We are looking forward to getting these wells on production in the fourth quarter to further increase our cash flow and to evaluate the economic benefits of these longer lateral wells," President and CEO Wolf Regener said in a statement. "With the wells being drilled so quickly, we are hopeful that these longer laterals can have a material impact in improving the economics and value of the field."

Kolibri's share price rose 3% yesterday to $4.47 on the TSX.