Kolibri Clifton Mack Wells Reach ~2,100 BOEPD, Up 55% Week-Over-Week; Lovina False Caney Test Flowing Back

summarizeSummary

Kolibri reported its three Clifton Mack wells are producing ~2,100 BOEPD combined, up 55% week-over-week, and that its first False Caney test well (Lovina) has been fracture stimulated with flowback due early next week.

check_boxKey Events · Product Development and Regulatory · KGEI

• Clifton Mack Production Jumps 55%

  The three Clifton Mack wells (97.45%-99.03% WI) are producing a combined ~2,100 BOEPD, including ~925 barrels of oil per day, up about 55% from the prior week.

• Slower Peak Rates Under New Frac Design

  The new fracture stimulation design has changed flowback behavior: two wells have recovered just over 15% of frac fluid and one just over 7% after about three weeks, so peak oil and gas rates are taking longer to reach than in prior Caney wells.

• Lovina False Caney Test Flowing Back

  The Lovina 5-8-1HF well has been successfully fracture stimulated and flowback is expected to start early next week after plugs are drilled out; it is the company's first False Caney test.

• Potential New Bench and Reserves

  Management says successful Lovina results could add many future drilling locations not currently booked, increasing reserves and shareholder value.

auto_awesomeAnalysis · KGEI · Energy & Transportation

Kolibri's three Clifton Mack wells are now producing a combined ~2,100 BOEPD (about 925 bbl/d oil), a 55% jump from the prior week, and the company says the wells can keep cleaning up given high frac-fluid recovery rates. The bigger optionality is the Lovina 5-8-1HF well, the company's first False Caney test, which has been fracture stimulated and should begin flowback early next week; success there could prove up a new bench and add drilling locations not currently booked, which would lift reserves. Against that, the new frac design is causing slower peak-rate buildup than prior Caney wells, so the ultimate production level is not yet established.