Argo's Lindbergh Oil Production, Lloyd on Production

Rhea-AI Summary

Argo Gold Inc. announces oil production results for August 2023 and completion of Lloyd oil well

Positive

• Argo's oil production for August 2023: 135 bbl/day
• Argo's net operating cash flow for August 2023: $91,292
• Argo completes Lloyd oil well and starts producing oil

Negative

• None.

Toronto, Ontario--(Newsfile Corp. - October 5, 2023) - Argo Gold Inc. (CSE: ARQ) (OTCQB: ARBTF) (XFRA, XSTU, XBER: A2ASDS) ("Argo") announces its oil production results for the Lindbergh oil well for August 2023.

	Lindbergh Oil Production	Argo's 37.5% interest	Argo's Oil Revenue	Argo's net operating cash flow
August 2023	135 bbl/day	50.6 bbl/day	$130,461	$91,292

 

Argo also has a mutual area of interest at Lindbergh, whereby Argo can participate in additional oil wells for 37.5% of the production for 37.5% of the oil well cost. In the area proximal to the current Lindbergh oil well, there are drilling locations for five oil wells based on current seismic coverage.

Argo also announces that the seven leg multi-lateral Lloyd oil well in the Sparky formation has been completed, equipped and is now producing oil. Argo's interest in the Lloyd oil well is 18.75%.

Argo is currently completing a non-brokered private placement of 12,000,000 shares at a price of $0.10 per share, for gross proceeds of up to $1,200,000. The proceeds of the financing will be used for participation in the Sparky oil wells at Lloyd and Lindbergh, and for general corporate purposes. Finder's fees may be payable to qualified individuals pursuant to which the finder may receive a finder's fee equal to 8% of the gross proceeds of the financing attributable to such finder.

About Argo Gold

Argo Gold is a Canadian mineral exploration and development company. Information on Argo Gold can be obtained from SEDAR at www.sedar.com 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 OTCQB: ARBTF and XFRA, XSTU, XBER: A2ASDS.

For more information please contact:

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/183040

FAQ

What is Argo Gold Inc.'s oil production for August 2023?

Argo Gold Inc.'s oil production for August 2023 is 135 bbl/day.

What is Argo Gold Inc.'s net operating cash flow for August 2023?

Argo Gold Inc.'s net operating cash flow for August 2023 is $91,292.

What has Argo Gold Inc. completed recently?

Argo Gold Inc. has completed the Lloyd oil well and is now producing oil.