06:49 AM EDT, 05/03/2024 (MT Newswires) -- Kolibri Global Energy ( KGEI ) overnight Thursday reported a 72% jump in fourth-quarter 2023 net income along with an increase in production.

The company reported fourth-quarter net income of US$4.8 million, or US$0.14 per share, up from US$2.8 million, or US$0.08 per share, in the year-ago quarter.

Adjusted EBITDA rose 53% to US$10.5 million from US$6.8 million.

Kolibri's average production increased 52% to 2,842 barrels of oil equivalent per day (boe/d) from 1,868 boe/d.

Kolibri's share price gained 0.9% on Thursday, hitting $4.35 at the close.