September 09, 2024 9:08 AM EDT | Source: Argo Gold Inc.
Toronto, Ontario–(Newsfile Corp. – September 9, 2024) – Argo Gold Inc. (“Argo” or the “Company”) reported that its oil production for July 2024 totaled 2,947 barrels, with an average of 95 barrels per day. The average oil prices were CDN$81.79 per barrel, resulting in net operating cash flow of $161,982 from oil revenue of $241,065 for the month.
| 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 was drilled and completed at Lloyd, with Argo holding an 18.75% interest in the well. Development drilling for a third oil well at Lindbergh is scheduled for Q4 2024.
About Argo Gold
Argo Gold is a Canadian mineral exploration and development company, as well as an oil producer. More information about Argo Gold can be found on SEDAR at www.sedarplus.ca and on its website at www.argogold.com. The company is listed on the Canadian Securities Exchange (www.thecse.com) with symbol ARQ on multiple exchanges.
Disclaimer:
This news release contains forward-looking information which is subject to various risks and uncertainties. The company does not undertake to update forward-looking information except as required by law. Investors are advised to exercise caution when relying on forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222641
