07:39 AM EDT, 07/08/2024 (MT Newswires) -- Kolibri Global Energy ( KGEI ) reported Monday "slight reductions" to its 2024 guidance as new production will be added later than originally forecast.

Kolibri said its newest wells will take longer to drill and complete, and most of the benefits of these wells will be realized in 2025.

"We believe the anticipated benefits outweigh the revised lower guidance for 2024," President and CEO Wolf Regener said.

Kolibri's updated guidance includes estimated average production of 3,200-3,700 barrels of oil equivalent per day (boepd), a 14%-33% increase from 2023.

Revenue was estimated at US$57 million-US$62 million, increasing 13%-23%. The company also set an adjusted EBITDA guidance of US$43 million-US$48 million, 10%-23% higher than last year.

Kolibri also announced a capital expenditures guidance of US$33 million-US$39 million and a net debt target of US$29 million-US$32 million.

Kolibri said its Nickel Hill 35-1H well had a 30-day production rate of 495 boepd while the Nickel Hill 35-2H well had a 30-day production rate of 511 boepd. The company owns a 62.9% working interest in both wells.

Kolibri also said it expects to begin drilling the next three Alicia Renee wells in four to five weeks, while adding that it recently completed a study of the most economic and efficient future development plan for the field.

Kolibri's share price fell 1.2% on Friday to $4.77 on the TSX.