Kelt Exploration Ltd

KEL

Equity

ISIN null / Valor 20105679

Toronto Stock Exchange (2026-03-23)

CAD 8.96-3.14%

Kelt Exploration Ltd
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About company

Kelt Exploration Ltd is an oil and gas company focused on the development, exploration, and acquisition of petroleum and natural gas resources. The company adopts a balanced approach to capital spending, emphasizing financial discipline, clear leadership, and close teamwork in its operations. Kelt Exploration funds its capital program through a mix of debt, share equity offerings, and cash flow generated from its operations. It aims to acquire assets with potential for exploitation and to carry out a comprehensive exploration program. The company's strategy, which has historically proven successful, is supported by a team of experienced and qualified personnel. Kelt Exploration is financially well-positioned to quickly seize new opportunities, aiming to enhance its growth strategy to increase funds from operations per share, net asset value per share, and production per share.

Summarized from source with an LLMView SourceSector: Energy

Production

Q3 2025 average production: 37,710 BOE/d (36% oil & NGLs, 64% gas), up 16% vs Q3 2024. Temporary shut‑ins included ~60 MMcf/d for ~15 days (Pouce Coupe/Grande Cache) and ~28 days at Wembley for third‑party plant turnaround; all shut‑ins have been restored.

Sales and realized prices

P&NG sales were CA$110.4M in Q3 2025. Realized prices: oil CA$84.91/bbl (-10% YoY), NGLs CA$33.70/bbl (-31% YoY), gas CA$1.71/Mcf (+37% YoY). Combined net realized price before hedges was CA$30.01/BOE (-14% YoY).

Adjusted funds from operations (AFFO)

AFFO for Q3 2025: CA$44.6M (CA$0.22 per share diluted), down 9% vs Q3 2024 (CA$48.9M), driven by higher costs partially offset by higher production and some realized hedge gains.

Net income

Kelt reported a Q3 2025 net loss of CA$7.4M (CA$0.04 per share diluted) versus net income of CA$8.9M in Q3 2024. The swing reflects lower oil/NGL realizations, higher some operating/finance costs and derivative mark‑to‑market movements.

Capital expenditures and operations

Q3 2025 capex (net of A&D): CA$89.8M — CA$56.6M on drilling/completions and CA$32.0M on facilities, pipelines and equipment. Q3 activity: 5.0 net wells drilled and 10.0 net wells completed.

Net debt and liquidity

Bank debt drawn was CA$186.0M at Sept 30, 2025; net debt was CA$223.7M. Subsequent to quarter end available credit was increased to CA$300M (from CA$250M). Management expects net debt ≈ CA$170M at Dec 31, 2025 (~0.6x forecasted 2025 AFFO).

Operating netback and costs

Operating netback in Q3 2025 was CA$14.69/BOE (vs CA$17.91/BOE in Q3 2024). Royalties declined to 9.8% of sales; production expense was CA$10.70/BOE and transportation CA$3.78/BOE in the quarter.

Hedging and risk management

Q3 realized gains on derivatives were CA$7.3M, but an unrealized loss of ~CA$7.6M produced a small net derivative loss of CA$0.2M for the quarter. Kelt maintains oil, NGL and gas swaps/collars and some FX and power‑linked positions to protect cash flows.

Outlook / guidance

2025 revised forecast: production 40,000–41,000 BOE/d (previously 42–45k), AFFO CA$280M (reduced from CA$325M). Management cites delayed plant start, some shut‑ins and lower AECO/NGL price assumptions; expects meaningful Q4 production/cash flow uplift as Albright plant deliveries ramp.

Summarized from source with an LLMView Source

Key figures

34.9%1Y

96.9%3Y

250%5Y

Performance

38.9%1Y

36.8%3Y

41.4%5Y

Volatility