Argo's May 2024 Oil Production

Rhea-AI Summary

Argo Gold reported its May 2024 oil production at 3,375 barrels, averaging 109 barrels per day. The company earned an average oil price of CDN$79.43 per barrel, resulting in total revenue of $268,111 and a net operating cash flow of $175,732. Argo holds interests in three oil fields: Lindbergh 1, Lindbergh 2, and Lloyd. In Lindbergh 1, with a 37.5% interest, Argo produced 41 barrels per day, earning $100,878 in revenue and generating $65,952 in net operating cash flow. At Lloyd, with an 18.75% interest, the company produced 37.5 barrels per day, garnering $92,210 in revenue and $61,398 in net operating cash flow. Lastly, in Lindbergh 2, with a 37.5% interest, Argo produced 30.5 barrels per day, earning $75,023 in revenue and resulting in $48,382 in net operating cash flow.

Positive

• Argo Gold's May 2024 oil production totaled 3,375 barrels, averaging 109 barrels per day.
• Average oil price was CDN$79.43 per barrel.
• Total revenue for May 2024 was $268,111.
• Net operating cash flow for May 2024 was $175,732.

Negative

• None.

Toronto, Ontario--(Newsfile Corp. - July 10, 2024) - Argo Gold Inc's. (CSE: ARQ) (OTC Pink: ARBTF) (XFRA: A2ASDS) (XSTU: A2ASDS) (XBER: A2ASDS) ("Argo" or the "Company") May 2024 oil production was a total of 3,375 barrels for the month, averaging 109 barrels per day. Oil prices averaged CDN$79.43 per barrel and Argo's May oil revenue was $268,111 and net operating cash flow was $175,732.

May 2024	Oil Production	Argo's interest	Argo's Oil Revenue	Argo's net operating cash flow
Lindbergh 1 (37.5% interest)	109 bbl/day	41 bbl/day	$100,878	$65,952
Lloyd (18.75% interest)	200 bbl/day	37.5 bbl/day	$92,210	$61,398
Lindbergh 2 (37.5% interest)	81 bbl/day	30.5 bbl/day	$75,023	$48,382

 

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) and (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/216042

FAQ

What was Argo Gold's oil production in May 2024?

Argo Gold produced a total of 3,375 barrels of oil in May 2024, averaging 109 barrels per day.

What was Argo Gold's average oil price in May 2024?

The average oil price for Argo Gold in May 2024 was CDN$79.43 per barrel.

How much revenue did Argo Gold generate in May 2024?

Argo Gold generated $268,111 in revenue in May 2024.

What was Argo Gold's net operating cash flow in May 2024?

Argo Gold's net operating cash flow for May 2024 was $175,732.

What was Argo Gold's production and revenue from Lindbergh 1 in May 2024?

From Lindbergh 1, Argo Gold produced 41 barrels per day, earning $100,878 in revenue and $65,952 in net operating cash flow in May 2024.

What was Argo Gold's production and revenue from Lloyd in May 2024?

From Lloyd, Argo Gold produced 37.5 barrels per day, earning $92,210 in revenue and $61,398 in net operating cash flow in May 2024.

What was Argo Gold's production and revenue from Lindbergh 2 in May 2024?

From Lindbergh 2, Argo Gold produced 30.5 barrels per day, earning $75,023 in revenue and $48,382 in net operating cash flow in May 2024.