07:44 AM EDT, 03/21/2024 (MT Newswires) -- Kolibri Global Energy Inc. ( KGEI ) outlined Thursday the results of its year-end 2023 reserves evaluation.

The pre-tax net present value (NPV) of total proved reserves fell 6% to US$482.6 million based on a 10% discount rate.

The NPV of Kolibri's proved plus probable reserves inched down 1% to US$719.2 million while the NPV of proved plus probable plus possible reserves rose 4% to US$981 million.

Total proved reserves decreased 3% to 32.4 million barrels of oil equivalent (boe) while proved plus probable reserves remained steady at 54.1 million boe. Proved plus probable plus possible reserves grew 3% to 79.4 million boe.

"We look forward to continuing our success with the next two wells, where drilling is scheduled to start in the first week of April," President and CEO Wolf Regener said. "We expect our 2024 drilling program, which currently includes drilling and completing six to seven wells, to continue to significantly increase the company's cash flow and add incremental value to our shareholders."

The company lost 4.1% yesterday.