Argo's October 2024 Oil Production and Update
Argo Gold reported its October 2024 oil production results, achieving 3,651 barrels for the month, averaging 118 barrels per day. The company generated oil revenue of $258,369 with net operating cash flow of $170,041, at average oil prices of CDN$71 per barrel.
The company's production comes from multiple wells: Lindbergh 1 (37.5% interest), Lloyd 1 (18.75% interest), Lindbergh 2 (37.5% interest), Lloyd 2 (18.75% interest), and Lindbergh 3 (18.75% interest). Notably, Lindbergh 3 began production in late October, while Lloyd 2 experienced operational issues with a collapsed horizontal well bore, leading to its shutdown in late November after producing 8,000 barrels from mid-September to late October.
Argo Gold ha riportato i risultati della produzione di petrolio di ottobre 2024, raggiungendo 3.651 barili per il mese, con una media di 118 barili al giorno. L'azienda ha generato entrate da petrolio pari a $258.369 con un flusso di cassa operativo netto di $170.041, a prezzi medi del petrolio di CDN$71 per barile.
La produzione dell'azienda proviene da diversi pozzi: Lindbergh 1 (interesse del 37,5%), Lloyd 1 (interesse del 18,75%), Lindbergh 2 (interesse del 37,5%), Lloyd 2 (interesse del 18,75%) e Lindbergh 3 (interesse del 18,75%). È notevole che Lindbergh 3 abbia iniziato la produzione a fine ottobre, mentre Lloyd 2 ha sofferto di problemi operativi a causa di un cedimento del foro orizzontale del pozzo, portando alla sua chiusura a fine novembre dopo aver prodotto 8.000 barili da metà settembre a fine ottobre.
Argo Gold informó sobre los resultados de producción de petróleo de octubre de 2024, alcanzando 3,651 barriles en el mes, con un promedio de 118 barriles por día. La compañía generó ingresos por petróleo de $258,369 con un flujo de caja operativo neto de $170,041, a precios promedio del petróleo de CDN$71 por barril.
La producción de la empresa proviene de múltiples pozos: Lindbergh 1 (interés del 37.5%), Lloyd 1 (interés del 18.75%), Lindbergh 2 (interés del 37.5%), Lloyd 2 (interés del 18.75%) y Lindbergh 3 (interés del 18.75%). Notablemente, Lindbergh 3 comenzó la producción a finales de octubre, mientras que Lloyd 2 experimentó problemas operativos con un colapso del pozo horizontal, lo que llevó a su cierre a finales de noviembre después de haber producido 8,000 barriles desde mediados de septiembre hasta finales de octubre.
아르고 골드는 2024년 10월 유정 생산 결과를 보고하며, 한 달 동안 3,651 배럴을 기록하고, 하루 평균 118 배럴을 생산했다고 발표했습니다. 이 회사는 배럴당 평균 유가가 CDN$71인 가운데 $258,369의 석유 수익을 창출했으며, 순 운영 현금 흐름은 $170,041에 달했습니다.
회사의 생산은 여러 우물에서 나오며: 린드버그 1 (37.5% 지분), 로이드 1 (18.75% 지분), 린드버그 2 (37.5% 지분), 로이드 2 (18.75% 지분) 및 린드버그 3 (18.75% 지분)입니다. 특히, 린드버그 3는 10월 말에 생산을 시작했으며, 로이드 2는 수평 우물의 붕괴로 인해 운영 문제를 겪어 11월 말에 8,000 배럴을 생산한 후 중단되었습니다.
Argo Gold a publié ses résultats de production de pétrole d'octobre 2024, atteignant 3 651 barils pour le mois, avec une moyenne de 118 barils par jour. L'entreprise a généré des revenus pétroliers de 258 369 $ avec un flux de trésorerie opérationnel net de 170 041 $, à des prix de pétrole moyens de 71 CDN$ par baril.
La production de l'entreprise provient de plusieurs puits : Lindbergh 1 (37,5 % d'intérêt), Lloyd 1 (18,75 % d'intérêt), Lindbergh 2 (37,5 % d'intérêt), Lloyd 2 (18,75 % d'intérêt) et Lindbergh 3 (18,75 % d'intérêt). Notamment, Lindbergh 3 a commencé sa production fin octobre, tandis que Lloyd 2 a rencontré des problèmes opérationnels à cause de l'effondrement d'un forage horizontal, entraînant son arrêt fin novembre après avoir produit 8 000 barils de la mi-septembre à fin octobre.
Argo Gold hat die Produktionszahlen für Öl im Oktober 2024 veröffentlicht, mit 3.651 Barrel für den Monat und einem Durchschnitt von 118 Barrel pro Tag. Das Unternehmen erzielte Öl-einnahmen von $258.369 mit einem operativen Cashflow von $170.041, bei durchschnittlichen Ölpreisen von CDN$71 pro Barrel.
Die Produktion des Unternehmens stammt aus mehreren Bohrlöchern: Lindbergh 1 (37,5% Anteil), Lloyd 1 (18,75% Anteil), Lindbergh 2 (37,5% Anteil), Lloyd 2 (18,75% Anteil) und Lindbergh 3 (18,75% Anteil). Bemerkenswert ist, dass die Produktion von Lindbergh 3 Ende Oktober begann, während Lloyd 2 aufgrund von Betriebsproblemen mit einem zusammengebrochenen horizontalen Bohrloch im Ende November stillgelegt wurde, nachdem es von Mitte September bis Ende Oktober 8.000 Barrel produziert hatte.
- Generated revenue of $258,369 with strong net operating cash flow of $170,041 in October
- Maintained steady production of 118 barrels per day in October
- Successfully brought Lindbergh 3 well online in late October
- Lloyd 2 well experienced collapse, dropping production to near zero
- Well repair attempts for Lloyd 2 in November were unsuccessful, leading to shutdown
- Loss of Lloyd 2 production capacity until potential re-drill in January 2025
Toronto, Ontario--(Newsfile Corp. - December 10, 2024) - Argo Gold Inc's. (CSE: ARQ) (OTC Pink: ARBTF) (XFRA: A2ASDS) (XSTU: A2ASDS) (XBER: A2ASDS) ("Argo" or the "Company") October 2024 oil production was a total of 3,651 barrels for the month, averaging 118 barrels per day. Oil prices averaged CDN
| October 2024 | Oil Production | Argo's interest | Argo's Oil Revenue | Argo's net operating cash flow |
| Lindbergh 1 ( | 80 bbl/day | 30 bbl/day | ||
| Lloyd 1 ( | 162 bbl/day | 30 bbl/day | ||
| Lindbergh 2 ( | 62 bbl/day | 23 bbl/day | ||
| Lloyd 2 ( | 151 bbl/day | 28 bbl/day | ||
| Lindbergh 3 ( | 30 bbl/day | 6 bbl/day | ||
| October 2024 Total | 118 bbl/day | |||
Lindbergh 3 came on production in late October. Lloyd 2 produced about 8,000 barrels from mid-September through until late October (Argo's share 1500 barrels) when the horizontal well bore appears to have collapsed dropping production to near zero. Operational well repair attempts in November were not successful and the well was shut down in late November. There are tentative plans for partial re-drill of Lloyd 2 in early January 2025.
Argo's November oil production was approximately 3,569 barrels averaging 119 barrels per day.
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: ARBTF and XFRA, XSTU, 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.
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