Argo's October 2024 Oil Production and Update
Rhea-AI Summary
Argo Gold reported its October 2024 oil production results, achieving 3,651 barrels for the month, averaging 118 barrels per day. The company generated oil revenue of $258,369 with net operating cash flow of $170,041, at average oil prices of CDN$71 per barrel.
The company's production comes from multiple wells: Lindbergh 1 (37.5% interest), Lloyd 1 (18.75% interest), Lindbergh 2 (37.5% interest), Lloyd 2 (18.75% interest), and Lindbergh 3 (18.75% interest). Notably, Lindbergh 3 began production in late October, while Lloyd 2 experienced operational issues with a collapsed horizontal well bore, leading to its shutdown in late November after producing 8,000 barrels from mid-September to late October.
Positive
- Generated revenue of $258,369 with strong net operating cash flow of $170,041 in October
- Maintained steady production of 118 barrels per day in October
- Successfully brought Lindbergh 3 well online in late October
Negative
- Lloyd 2 well experienced collapse, dropping production to near zero
- Well repair attempts for Lloyd 2 in November were unsuccessful, leading to shutdown
- Loss of Lloyd 2 production capacity until potential re-drill in January 2025
AI-generated analysis. How Rhea-AI works. Not financial advice.
Toronto, Ontario--(Newsfile Corp. - December 10, 2024) - Argo Gold Inc's. (CSE: ARQ) (OTC Pink: ARBTF) (XFRA: A2ASDS) (XSTU: A2ASDS) (XBER: A2ASDS) ("Argo" or the "Company") October 2024 oil production was a total of 3,651 barrels for the month, averaging 118 barrels per day. Oil prices averaged CDN
| October 2024 | Oil Production | Argo's interest | Argo's Oil Revenue | Argo's net operating cash flow |
| Lindbergh 1 ( | 80 bbl/day | 30 bbl/day | ||
| Lloyd 1 ( | 162 bbl/day | 30 bbl/day | ||
| Lindbergh 2 ( | 62 bbl/day | 23 bbl/day | ||
| Lloyd 2 ( | 151 bbl/day | 28 bbl/day | ||
| Lindbergh 3 ( | 30 bbl/day | 6 bbl/day | ||
| October 2024 Total | 118 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 were not successful and the well was shut down in late November. There are tentative plans for partial re-drill of Lloyd 2 in early January 2025.
Argo's November oil production was approximately 3,569 barrels averaging 119 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/233169