Argo's July 2024 Oil Production

Rhea-AI Summary

Argo Gold Inc. (CSE: ARQ, OTC Pink: ARBTF) reported its July 2024 oil production results. The company produced a total of 2,947 barrels for the month, averaging 95 barrels per day. Oil prices averaged CDN$81.79 per barrel, resulting in oil revenue of $241,065 and net operating cash flow of $161,982.

Argo's production comes from three wells: Lindbergh 1 (37.5% interest), Lloyd 1 (18.75% interest), and Lindbergh 2 (37.5% interest). In late August, a second horizontal oil well was drilled at Lloyd, with Argo holding an 18.75% interest. The company plans to drill a third oil well at Lindbergh in Q4 2024.

Positive

• Total oil production of 2,947 barrels in July 2024, averaging 95 barrels per day
• Oil revenue of $241,065 and net operating cash flow of $161,982 for July 2024
• Second horizontal oil well drilled and completed at Lloyd in late August
• Plans for development drilling of a third oil well at Lindbergh in Q4 2024

Negative

• None.

News Market Reaction

+10.09%

1 alert

+10.09% News Effect

On the day this news was published, ARBTF gained 10.09%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Toronto, Ontario--(Newsfile Corp. - September 9, 2024) - Argo Gold Inc's. (CSE: ARQ) (OTC Pink: ARBTF) (XFRA: A2ASDS) (XSTU: A2ASDS) (XBER: A2ASDS) ("Argo" or the "Company") July 2024 oil production was a total of 2,947 barrels for the month, averaging 95 barrels per day. Oil prices averaged CDN$81.79 per barrel and Argo's June oil revenue was $241,065 net operating cash flow was $161,982.

July 2024	Oil Production	Argo's interest	Argo's Oil Revenue	Argo's net operating cash flow
Lindbergh 1 (37.5% interest)	70 bbl/day	26 bbl/day	$66,746	$43,884
Lloyd 1 (18.75% interest)	184 bbl/day	35 bbl/day	$87,577	$57,109
Lindbergh 2 (37.5% interest)	91 bbl/day	34 bbl/day	$86,742	$60,989

 

In late August, a second horizontal oil well at Lloyd was drilled and completed in the General Petroleum (GP) Formation. Argo's interest in the second oil well at Lloyd is 18.75%. 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) (OTC Pink: ARBTF) (XFRA: A2ASDS) (XSTU: A2ASDS) (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/222641

FAQ

What was Argo Gold's (ARBTF) total oil production in July 2024?

Argo Gold's total oil production in July 2024 was 2,947 barrels, averaging 95 barrels per day.

How much oil revenue did Argo Gold (ARBTF) generate in July 2024?

Argo Gold generated oil revenue of $241,065 in July 2024.

What was the average oil price for Argo Gold (ARBTF) in July 2024?

The average oil price for Argo Gold in July 2024 was CDN$81.79 per barrel.

What are Argo Gold's (ARBTF) interests in its current oil wells?

Argo Gold has a 37.5% interest in Lindbergh 1 and Lindbergh 2, and an 18.75% interest in Lloyd 1 and the newly drilled Lloyd 2 well.

When does Argo Gold (ARBTF) plan to drill its third oil well at Lindbergh?

Argo Gold plans to drill its third oil well at Lindbergh in Q4 2024.