11:46 AM EST, 02/27/2025 (MT Newswires) -- (Updates shares.)

Kolibri Global Energy ( KGEI ) provided Thursday an update on its drilling in the Tishomingo field in Oklahoma.

The company said its drilling rig at the Lovina Wells is scheduled to move in next week with an anticipated spud date early in the second week of March. Completion is scheduled for May, with the start of production targeted in June.

Kolibri is building the location for the Forguson 17-20-3H well and plans to move the drilling rig to this location after drilling the Lovina wells have been drilled. Kolibri said it will have a 46% working interest in Forguson, and a large integrated oil company had elected to participate in the well.

"We are excited to begin our 2025 drilling program with our next wells in the heart of the Tishomingo field as well as drilling the Forguson well to test the economics of our east side acreage," President and CEO Wolf Regener said. "An economically successful well could add significant additional reserves and value to the company."

Kolibri expects to release its financial and operating results for 2024 after market close on March 25.

The company's shares were last seen up $0.27 to $11.08 on the Toronto Stock Exchange.

Price: 11.08, Change: +0.27, Percent Change: +2.50