Kolibri Global Energy - FY24 guidance suggests slower growth

Kolibri Global Energy (KEI) reported its operational and financial guidance for FY24. The company expects average production of 3,500-4,000boepd and 6-7 well completions this year. Earlier, Kolibri provided FY23 production guidance of 2,800-3,000boepd. Both FY24 output and well completions are somewhat lower than our previous assumptions, which lead us to revise downwards our estimates. As a result, our valuation of KEI falls to US$7.1/share from US$7.5/share. On the positive side, we note strong oil price momentum supported by geopolitical uncertainty, which bodes well for KEI given its high share of oil in the production mix, and the company's intention to implement a shareholder return policy this year.

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