Kolibri Global Energy (KEI) investor relations material

Company overview and operational strategy

• Operates a shale oil field in Oklahoma, with a focus on efficient, low-cost extraction and strong governance.

• Achieved a 35% CAGR in production over the past three years, supported by a solid balance sheet.

• Proved reserves valued at $440 million and proved plus probable reserves at $584 million, based on conservative oil price assumptions for 2026-2029.

• Production costs average $7.33 per barrel of oil equivalent, leveraging in-field natural gas for operations.

• Field development benefits from minimal water production, reducing infrastructure needs and costs.

Drilling efficiency and reserve development

• Drilled 45 wells to delineate the field, with 48 proved, 24 probable, and 17 possible locations identified.

• Only 29% of proved reserves are currently developed; pace of development is tied to oil prices.

• At lower prices, plan is to drill about three wells per year to maintain or slightly grow production.

• Higher oil prices enable faster drilling and increased cash flow.

• Operational improvements stem from iterative learning in drilling, completion, and stimulation techniques.

Market outlook and macro environment

• Oil price volatility and geopolitical events have driven recent price spikes, with expectations for sustained higher prices in the low $70s per barrel.

• Market consensus underestimated supply disruptions; recovery to normal supply levels may take longer than anticipated.

• Natural gas comprises a small portion of production and has limited impact on financial results.