11:55 AM EDT, 08/11/2025 (MT Newswires) -- (Updates shares.)

Kolibri Global Energy ( KGEI ) reported a 30% fall in second-quarter net income amid lower average oil prices.

The company reported net income of US$2.9 million, or US$0.08 per share, dropping from US$4.1 million, or US$0.11.

Oil and natural gas revenue was down to US$10.8 million from US$13.9 million, while average production inched up to 3,220 barrels of oil equivalent per day (boe/d) from 3,128 boe/d.

The company said its production increased despite shutting in several wells while completing the Lovina wells. All of the shut-in wells are now back online, the company said.

"We are excited for the second half of the year as the company will be bringing nine wells into production, which we anticipate will significantly increase production and cash flow during the last two quarters of 2025," chief executive Wolf Regener said.

Kolibri shares were last seen down $0.24 to $8.06 on the Toronto Stock Exchange.

Price: 7.99, Change: -0.31, Percent Change: -3.73