Argo's November 2024 Oil Production
Rhea-AI Summary
Argo Gold (ARBTF) reported its November 2024 oil production results, achieving 3,597 barrels for the month, averaging 120 barrels per day. With oil prices at CDN$72 per barrel, the company generated revenue of $258,042 and net operating cash flow of $153,014.
The company's production comes from multiple wells: Lindbergh 1 (37.5% interest) producing 45 bbl/day, Lloyd 1 (18.75% interest) at 30 bbl/day, Lindbergh 2 (37.5% interest) at 24 bbl/day, Lloyd 2 (18.75% interest) at 2.6 bbl/day, and Lindbergh 3 (18.75% interest) at 19 bbl/day.
The company noted that Lloyd 2 experienced a well bore collapse in late October, significantly reducing production. Despite repair attempts in November and December, production remains very low. December production decreased to 3,367 barrels, averaging 109 barrels per day.
Positive
- Monthly revenue of $258,042 from oil production
- Positive net operating cash flow of $153,014
- Successful production from multiple wells with 120 bbl/day average
Negative
- Lloyd 2 well bore collapse causing near-zero production
- Failed repair attempts on Lloyd 2 well in November and December
- December production declined to 109 bbl/day from 120 bbl/day in November
News Market Reaction
On the day this news was published, ARBTF declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Toronto, Ontario--(Newsfile Corp. - January 8, 2025) - Argo Gold Inc's. (CSE: ARQ) (OTC Pink: ARBTF) (XFRA: A2ASDS) (XSTU: A2ASDS) (XBER: A2ASDS) ("Argo" or the "Company") November 2024 oil production was a total of 3,597 barrels for the month, averaging 120 barrels per day. Oil prices averaged CDN
| November 2024 | Oil Production | Argo's interest | Argo's Oil Revenue | Argo's net operating cash flow |
| Lindbergh 1 ( | 119 bbl/day | 45 bbl/day | ||
| Lloyd 1 ( | 159 bbl/day | 30 bbl/day | ||
| Lindbergh 2 ( | 65 bbl/day | 24 bbl/day | ||
| Lloyd 2 ( | 14 bbl/day | 2.6 bbl/day | ( | |
| Lindbergh 3 ( | 99 bbl/day | 19 bbl/day | ||
| October 2024 Total | 120 bbl/day | |||
Lindbergh 3 came on production in late October. Lloyd 2 produced about 8,000 barrels from mid-September through until late October (Argo's share 1500 barrels) when the horizontal well bore appears to have collapsed dropping production to near zero. Operational well repair attempts in November and December have not been successful but the oil well continues to produce at very low levels.
Argo's December oil production was approximately 3,367 barrels averaging 109 barrels per day.
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/236427
FAQ
What was Argo Gold's (ARBTF) oil production volume in November 2024?
How much revenue did ARBTF generate from oil production in November 2024?
What happened to ARBTF's Lloyd 2 well production in late October 2024?
How did ARBTF's December 2024 oil production compare to November?
