Argo's September 2024 Oil Production and Update

Rhea-AI Summary

Argo Gold reported its September 2024 oil production results, achieving a total of 3,565 barrels for the month, averaging 118 barrels per day. The company generated oil revenue of $241,198 with net operating cash flow of $163,738 at average oil prices of CDN$68 per barrel. Production came from four wells: Lindbergh 1 (37.5% interest), Lloyd 1 (18.75% interest), Lindbergh 2 (37.5% interest), and Lloyd 2 (18.75% interest). Lloyd 2 began production in mid-September, and the company participated in a third Lindbergh well (18.75% interest) that started production in late October.

Positive

• Monthly oil revenue of $241,198
• Net operating cash flow of $163,738
• Expansion of production with new Lloyd 2 well
• Additional production capacity with new Lindbergh well

Negative

• None.

Toronto, Ontario--(Newsfile Corp. - November 7, 2024) - Argo Gold Inc's. (CSE: ARQ) (OTC Pink: ARBTF) (XFRA: A2ASDS) (XSTU: A2ASDS) (XBER: A2ASDS) ("Argo" or the "Company") September 2024 oil production was a total of 3,565 barrels for the month, averaging 118 barrels per day. Oil prices averaged CDN$68 per barrel and Argo's September oil revenue was $241,198 and net operating cash flow was $163,738.

September 2024	Oil Production	Argo's interest	Argo's Oil Revenue	Argo's net operating cash flow
Lindbergh 1 (37.5% interest)	102 bbl/day	38 bbl/day	$77,775	$54,292
Lloyd 1 (18.75% interest)	166 bbl/day	31 bbl/day	$63,175	$39,752
Lindbergh 2 (37.5% interest)	83 bbl/day	31 bbl/day	$63,279	$41,409
Lloyd 2 (18.75% interest)	97 bbl/day	18 bbl/day	$36,969	$28,285
September 2024 Total		118 bbl/day	$241,198	$163,738

 

Lloyd 2 was drilled in late August, equipped in early September, and on production since mid-September. In October 2024, Argo participated for an 18.75% interest in development drilling of a third oil well at Lindbergh that came on production in late October.

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/229167

FAQ

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

Argo Gold produced 3,565 barrels of oil in September 2024, averaging 118 barrels per day.

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

Argo Gold generated $241,198 in oil revenue in September 2024, with net operating cash flow of $163,738.

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

The average oil price for Argo Gold in September 2024 was CDN$68 per barrel.

How many oil wells does Argo Gold (ARBTF) have interests in as of September 2024?

Argo Gold has interests in four producing wells: Lindbergh 1 (37.5%), Lloyd 1 (18.75%), Lindbergh 2 (37.5%), and Lloyd 2 (18.75%).