Argo's April 2024 Oil Production

Rhea-AI Summary

Argo Gold reported April 2024 oil production totaling 2,842 barrels, with an average daily output of 95 barrels. The average oil price for April was CDN$83 per barrel, leading to a total oil revenue of $235,869 and a net operating cash flow of $133,739.

Argo's production from Lindbergh 1 (37.5% interest) was 85 barrels per day, contributing 32 barrels per day to Argo's share. This resulted in $79,398 in revenue and $39,084 in net operating cash flow. From the Lloyd site (18.75% interest), production was 182 barrels per day, with Argo's share at 34 barrels per day, generating $85,179 in revenue and $51,286 in net operating cash flow. Lindbergh 2 (37.5% interest) produced 76 barrels per day, with Argo's share at 29 barrels per day, resulting in $71,292 in revenue and $43,369 in net operating cash flow.

Positive

• April 2024 oil production totaled 2,842 barrels, averaging 95 barrels per day.
• Oil prices averaged CDN$83 per barrel in April.
• Total oil revenue for April 2024 was $235,869.
• Net operating cash flow for April 2024 was $133,739.
• Lindbergh 1 (37.5% interest): 85 barrels per day production, 32 barrels/day for Argo, $79,398 revenue, $39,084 net operating cash flow.
• Lloyd (18.75% interest): 182 barrels per day production, 34 barrels/day for Argo, $85,179 revenue, $51,286 net operating cash flow.
• Lindbergh 2 (37.5% interest): 76 barrels per day production, 29 barrels/day for Argo, $71,292 revenue, $43,369 net operating cash flow.

Negative

• No substantial increase in production volume or revenue reported.
• Dependence on oil price fluctuations, which could affect future revenue and cash flow.
• production contribution from Lindbergh 2 (only 29 barrels per day for Argo).

Toronto, Ontario--(Newsfile Corp. - June 3, 2024) - Argo Gold Inc's. (CSE: ARQ) (OTC Pink: ARBTF) (XFRA: A2ASDS) (XSTU: A2ASDS) (XBER: A2ASDS) ("Argo" or the "Company") April 2024 oil production was a total of 2,842 barrels for the month, averaging 95 barrels per day. Oil prices averaged CDN$83 per barrel and Argo's April oil revenue was $235,869 and net operating cash flow was $133,739.

April 2024	Oil Production	Argo's interest	Argo's Oil Revenue	Argo's net operating cash flow
Lindbergh 1 (37.5% interest)	85 bbl/day	32 bbl/day	$79,398	$39,084
Lloyd (18.75% interest)	182 bbl/day	34 bbl/day	$85,179	$51,286
Lindbergh 2 (37.5% interest)	76 bbl/day	29 bbl/day	$71,292	$43,369

 

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 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/211359

FAQ

What was Argo Gold's April 2024 oil production?

Argo Gold's April 2024 oil production was 2,842 barrels, averaging 95 barrels per day.

What were the average oil prices for Argo Gold in April 2024?

The average oil price for Argo Gold in April 2024 was CDN$83 per barrel.

How much revenue did Argo Gold generate from oil production in April 2024?

Argo Gold generated $235,869 in oil revenue in April 2024.

What was Argo Gold's net operating cash flow for April 2024?

Argo Gold's net operating cash flow for April 2024 was $133,739.

How much did Lindbergh 1 contribute to Argo Gold's oil production in April 2024?

Lindbergh 1 contributed 85 barrels per day, with Argo's share being 32 barrels per day in April 2024.

What was the oil production from Lloyd in April 2024 for Argo Gold?

Lloyd produced 182 barrels per day, with Argo's share being 34 barrels per day in April 2024.

How much revenue did Lindbergh 2 generate for Argo Gold in April 2024?

Lindbergh 2 generated $71,292 in revenue for Argo Gold in April 2024.