Kolibri Global Energy falls on lower annual outlook

Kolibri Global Energy

22/12/2023 16:12

** Shares of energy company Kolibri Global Energy  KEI.TO 
down 4.51% at C$4.66
    ** Co slashes revenue outlook for 2023 to between $51 mln
and $53 mln, from $57 mln to $62 mln
    ** Lowers adj core profit forecast to between $39 mln and
$41 mln, from $45 mln to $50 mln
     ** KEI says new wells starting production later than
expected, lower oil prices and impact of a number previously
shut-in oil wells not returning to pre-shut-in rates after
resuming production led to outlook revisions
    ** Co also lowers average oil production outlook to
2,800-3,000 barrels of oil equivalent per day (boepd) from
3,100-3,400 boepd 
    ** Including session's losses, stock is up 17.09% YTD

 (Reporting by Kabir Dweit)
 ((Kabir.Dweit@thomsonreuters.com))