Argo Oil Update

Rhea-AI Summary

Argo Gold Inc. (CSE: ARQ) (OTC Pink: ARBTF) has announced its participation in a second horizontal oil well, Lloyd 2, at the General Petroleum (GP) Formation. The company holds an 18.75% pro rata interest in this well, which was drilled in late August and is now in production. This marks Argo's fourth oil well participation, following Lindbergh 1, Lloyd 1, and Lindbergh 2. The company also revealed plans for the development drilling of a third oil well at Lindbergh in Q4 2024. This update demonstrates Argo's continued expansion in oil exploration and production activities, potentially impacting its future revenue streams and market position.

Positive

• Participation in a new oil well (Lloyd 2) with 18.75% interest
• Lloyd 2 well already in production
• Expansion to fourth oil well participation
• Planned development drilling for third Lindbergh well in Q4 2024

Negative

• None.

Toronto, Ontario--(Newsfile Corp. - September 17, 2024) - Argo Gold Inc. (CSE: ARQ) (OTC Pink: ARBTF) (XFRA: A2ASDS) (XSTU: A2ASDS) (XBER: A2ASDS) ("Argo" or the "Company") participated at its pro rata interest of 18.75% in a second horizontal oil well at Lloyd in the General Petroleum (GP) Formation. Lloyd 2 was drilled in late August, equipped in early September, and is now on production. Lloyd 2 is participation in a fourth oil well for Argo; in addition to Lindbergh 1, Lloyd 1 and Lindbergh 2. Development drilling of a third oil well at Lindbergh is planned for Q4 2024.

About Argo Gold

Argo Gold is a Canadian mineral exploration and development company, and an oil producer. Information on Argo Gold can be obtained from SEDAR at www.sedarplus.ca and on Argo Gold's website at www.argogold.com. Argo Gold is listed on the Canadian Securities Exchange (www.thecse.com) CSE: ARQ as well as OTC: ARBTF and XFRA, XSTU, XBER: A2ASDS.

Judy Baker, CEO
(416) 786-7860
jbaker@argogold.ca
www.argogold.com

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Forward-looking Information Cautionary Statement

Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to the financing not being completed in its entirety, or at all, delays or uncertainties with drilling and surface preparation work, and not achieving hoped for exploration success. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223596

FAQ

What is Argo Gold's (ARBTF) latest oil well development?

Argo Gold (ARBTF) has participated in a second horizontal oil well, Lloyd 2, at the General Petroleum Formation, with an 18.75% pro rata interest. The well was drilled in late August, equipped in early September, and is now on production.

How many oil wells does Argo Gold (ARBTF) currently participate in?

Argo Gold (ARBTF) currently participates in four oil wells: Lindbergh 1, Lloyd 1, Lindbergh 2, and the newly announced Lloyd 2.

What are Argo Gold's (ARBTF) future oil development plans?

Argo Gold (ARBTF) has announced plans for the development drilling of a third oil well at Lindbergh, scheduled for Q4 2024.

When was the Lloyd 2 oil well drilled by Argo Gold (ARBTF)?

The Lloyd 2 oil well, in which Argo Gold (ARBTF) has an 18.75% interest, was drilled in late August 2024 and equipped in early September 2024.