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Argo Gold Inc. (ARBTF) is a Canadian mineral exploration and development company that has ventured into oil production in Alberta, Canada. The company's 2023 reserves report by Petrotech and Associates details its interest in producing and planned oil wells, providing valuable insight into its operations and future prospects.
With total 2023 oil production of 17,553 barrels and $952,692 in oil revenue, Argo Gold marked its entry into the oil market. The company's ongoing projects at Lindbergh and Lloydminster, Alberta, underscore its commitment to growth and sustainability in the energy sector.
As a listed entity on the Canadian Securities Exchange, Argo Gold continues to showcase resilience and innovation in its exploration and production endeavors. With a focus on transparency and compliance, the company remains dedicated to delivering value to its stakeholders and investors.
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.
Argo Gold released its Year-End 2023 Reserves Report effective December 31, 2023, prepared by Petrotech and Associates. The report complies with the Canadian Oil and Gas Evaluation Handbook and National Instrument 51-101 standards. It covers Argo's interests in three producing and three planned undeveloped oil wells in Lindbergh and Lloydminster, Alberta. The report excludes a second planned well at Lloydminster set for summer 2024.
The key figures are:
- Proved Developed Producing: 208.8 Mbbl Gross, 176.3 Mbbl Net, with NPV ranging from $7.1M to $11.1M
- Proved Undeveloped: 272.7 Mbbl Gross, 223.6 Mbbl Net, with NPV ranging from $7.4M to $13.7M
- Total Proved: 481.5 Mbbl Gross, 399.9 Mbbl Net, with NPV ranging from $14.5M to $24.8M
- Probable: 92.8 Mbbl Gross, 76.0 Mbbl Net, with NPV ranging from $2.0M to $5.5M
- Total Proved plus Probable: 574.3 Mbbl Gross, 476.0 Mbbl Net, with NPV ranging from $16.5M to $30.3M
The formal documents have been filed and are available on the company's website and SEDAR+.
Argo Gold Inc. reported a total of 3,269 barrels of oil production in March 2024, with an average of 105 barrels per day. The oil prices averaged CDN$73 per barrel, resulting in March oil revenue of $239,334 and a net operating cash flow of $138,860. Argo's interest in Lindbergh 1, Lloyd, and Lindbergh 2 contributed to the production and revenue figures.
Argo Gold Inc. reported a total 2023 oil production of 17,553 barrels in their first year as an oil producer in Alberta, Canada. The company's 2023 oil revenue reached $952,692 with a net operating cash flow of $665,917.
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