Argo's July 2024 Oil Production
Argo Gold Inc. (CSE: ARQ, OTC Pink: ARBTF) reported its July 2024 oil production results.
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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.
Details
News Market Reaction – ARBTF
The recorded move for ARBTF in the trading session of this news was +10.09%.
Data tracked by StockTitan Argus. Session date unavailable.
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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
| July 2024 | Oil Production | Argo's interest | Argo's Oil Revenue | Argo's net operating cash flow |
| Lindbergh 1 ( | 70 bbl/day | 26 bbl/day | ||
| Lloyd 1 ( | 184 bbl/day | 35 bbl/day | ||
| Lindbergh 2 ( | 91 bbl/day | 34 bbl/day |
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
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
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