Kolibri Global Energy Inc. has announced a significant update to its long-term strategy and an upward revision of its 2026 financial forecast, driven by an expanded drilling programme. The energy firm, primarily focused on its Tishomingo field in Oklahoma, is broadening its exploration efforts to include several previously untapped geological formations, or 'benches', in addition to its established Lower Caney development.
Historically, Kolibri's operations have concentrated on the Lower Caney. However, the company is now adapting its completion techniques to economically develop other benches within its field, including the False Caney, Upper Caney, T-zone, and Sycamore formations. This strategic shift involves continuing to drill one-and-a-half and two-mile lateral development wells in the Lower Caney while simultaneously drilling longer lateral wells into these new benches to assess their commercial viability.
As part of this revised strategy, Kolibri has added an extra well to its 2026 drilling schedule, specifically targeting the False Caney. The Upper Caney is expected to be the next formation explored, potentially with drilling commencing in late 2026 or early 2027. Further plans for the T-zone and Sycamore will be determined at a later date, contingent on the success of these initial explorations.
Operationally, Kolibri is currently drilling three Clifton Mack wells. Following these, the drilling rig will move to the Lovina 5-8-1H well, a two-mile lateral False Caney well, in which Kolibri holds a 98.5% working interest. The initial Clifton Mack well encountered unexpected geological conditions, necessitating a redrill and a redesigned casing programme. Despite these challenges, the company is applying lessons learned to the subsequent Clifton Mack wells, which are located in the southwest corner of Kolibri's acreage block and are projected to be completed in the third quarter of this year.
Based on these updated plans, Kolibri is forecasting a robust performance for 2026. The company anticipates an Adjusted EBITDA of $56 million to $62 million, with capital expenditures estimated between $39 million and $43 million. This forecast projects a revenue increase of over 40% compared to 2025, even with a revised oil price assumption of $70 per barrel for the remainder of the year. Wolf Regener, President and CEO, highlighted that this forecast demonstrates strong cash flow generation and marks the beginning of the company's updated strategy to unlock further potential within the Tishomingo field. He also noted that while the Clifton Mack wells are more expensive due to extra casing, the encountered pressures suggest high production rates.