Argo December 2023 Oil Production

Rhea-AI Summary

Argo Gold Inc. (ARBTF) achieved a record oil production of 3,980.5 barrels in December 2023, with an average of 128.4 barrels per day. Despite low oil prices, the company generated $173,333 in oil revenue and $106,528 in net operating cash flow.

Positive

• Record oil production in December 2023
• Stable net operating cash flow despite low oil prices

Negative

• Dependence on oil prices for revenue
• No mention of future production or revenue projections

Toronto, Ontario--(Newsfile Corp. - February 8, 2024) - Argo Gold Inc's. (CSE: ARQ) (OTC Pink: ARBTF) (XFRA: A2ASDS) (XSTU: A2ASDS) (XBER: A2ASDS) ("Argo" or the "Company") oil December 2023 oil production reached a record of 3,980.5 barrels for the month, averaging 128.4 barrels per day. Despite low oil prices averaging CDN$43.55 per barrel, Argo's December oil revenue was $173,333 and net operating cash flow was $106,528.

December 2023	Oil Production	Argo's interest	Argo's Oil Revenue	Argo's net operating cash flow
Lindbergh 1 (37.5% interest)	110 bbl/day	41.3 bbl/day	$53,832	$31,928
Lloyd (18.75% interest)	227 bbl/day	42.5 bbl/day	$61,388	$52,758
Lindbergh 2 (37.5% interest)	119 bbl/day	44.6 bbl/day	$57,806	$21,842

 

About Argo Gold
Argo Gold is a Canadian mineral exploration and development company. 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) (OTC Pink: ARBTF) (XFRA: A2ASDS) (XSTU: A2ASDS) (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/197257

FAQ

What was Argo Gold Inc.'s (ARBTF) oil production in December 2023?

Argo Gold Inc. (ARBTF) achieved a record oil production of 3,980.5 barrels in December 2023, with an average of 128.4 barrels per day.

How much oil revenue did Argo Gold Inc. (ARBTF) generate in December 2023?

Despite low oil prices averaging CDN$43.55 per barrel, Argo's December oil revenue was $173,333.

What was Argo Gold Inc.'s (ARBTF) net operating cash flow in December 2023?

Argo Gold Inc. (ARBTF) generated $106,528 in net operating cash flow in December 2023.

What were the oil production figures for Argo Gold Inc.'s (ARBTF) interests in Lindbergh 1, Lloyd, and Lindbergh 2?

Argo Gold Inc. (ARBTF) had varying interests in the oil production from Lindbergh 1, Lloyd, and Lindbergh 2, with different production and revenue figures for each interest.

What were the average daily production rates for Argo Gold Inc.'s (ARBTF) oil interests?

Argo Gold Inc. (ARBTF) had varying average daily production rates for its oil interests, with the highest being 44.6 barrels per day for Lindbergh 2.

What were the oil revenue figures for Argo Gold Inc.'s (ARBTF) interests in Lindbergh 1, Lloyd, and Lindbergh 2?

Argo Gold Inc. (ARBTF) had varying oil revenue figures for its interests in Lindbergh 1, Lloyd, and Lindbergh 2, with different revenue amounts for each interest.

What were the net operating cash flow figures for Argo Gold Inc.'s (ARBTF) interests in Lindbergh 1, Lloyd, and Lindbergh 2?

Argo Gold Inc. (ARBTF) had varying net operating cash flow figures for its interests in Lindbergh 1, Lloyd, and Lindbergh 2, with different cash flow amounts for each interest.