October 07, 2024 9:39 AM EDT | Source: Argo Gold Inc.
Based in Toronto, Ontario, Argo Gold Inc. (CSE: ARQ) (OTC Pink: ARBTF) (XFRA: A2ASDS) (XSTU: A2ASDS) (XBER: A2ASDS) announced that their oil production for August 2024 amounted to a total of 3,154 barrels, with an average of 102 barrels per day. The average oil price for the month was CDN$73 per barrel, resulting in Argo’s August oil revenue of $230,111 and a net operating cash flow of $156,699.
| August 2024 | Oil Production | Argo’s interest | Argo’s Oil Revenue | Argo’s net operating cash flow |
| Lindbergh 1 (37.5% interest) | 103 bbl/day | 39 bbl/day | $87,793 | $60,578 |
| Lloyd 1 (18.75% interest) | 168 bbl/day | 31.5 bbl/day | $71,198 | $46,834 |
| Lindbergh 2 (37.5% interest) | 84 bbl/day | 31.5 bbl/day | $71,120 | $49,287 |
| August 2024 Total | 102 bbl/day | $230,111 | $156,699 | |
Argo was involved in a new horizontal oil well project at Lloyd in August, with Argo holding an 18.75% interest. Furthermore, a third oil well project at Lindbergh is set for development in October 2024, with Argo having an 18.75% interest in the project.
About Argo Gold
Argo Gold is a Canadian mineral exploration and development company that also engages in oil production. For more information on Argo Gold, visit SEDAR at www.sedarplus.ca and Argo Gold’s official website at www.argogold.com. Argo Gold is publicly listed on the Canadian Securities Exchange (www.thecse.com) with the ticker symbol CSE: ARQ, as well as OTC: ARBTF and XFRA, XSTU, XBER: A2ASDS.
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.
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