Argo Update – September 2023 – Argo is now an Oil Producer and cash flow margins continue to increase
- Argo is now an oil producer at Lindbergh
- Argo’s 37.5% share of oil production at Lindbergh is ~ 44 bbl oil/day
- Lindbergh has Significant Oil Production Growth Profile as there are locations for 5 additional drill ready development wells where Argo’s capital cost is 37.5% for 37.5% of oil production. The north half of the Lindbergh property is estimated to have another 6 oil well locations subject to completion of technical work.
- Argo has an opportunity to participate for 18.75% in the Lloyd Sparky oil well in Q3 2023 where Argo’s share of oil production at Lloyd is estimated to be ~ 30 bbl oil/day
- The Lloyd oil well is adjacent to a very successful Baytex well drilled and brought on production in January 2023 and produced 187 bbl/day, 304 bbl/day, 287 bbl/day and 205 bbl/day for February, March, April and May
- Argo is participating at Lindbergh and Lloyd with Croverro Energy – An Expert Oil Explorer and Operator
- Expert Oil & Gas Consultants based in Calgary
- Argo is an Alberta Energy Licensee
- Significant Oil Opportunities in Canada
- Argo has a Growth Agenda
Argo is also completing a private placement offering of up to 12,000,000 shares at a price of $0.10 per share, for gross proceeds of up to $1,200,000 and a finder’s fee of 8%. The proceeds of the financing will be used for; participation in the Sparky Oil Wells at Lindbergh and Lloyd and general corporate purposes.
Argo Gold is also the 100% owner of two gold projects in northwestern Ontario; the Uchi Gold Project and the Talbot Lake Gold Project. Argo recently received an exploration permit for the Talbot Lake Gold Project. Argo also owns 100% of the Hurdman Silver-Zinc Project, 50 square kilometres of Marshall Lake copper-nickel claims, and the Keelow Lake Cobalt Project.
Argo Gold currently has 69 M shares outstanding. About 40% of the shares are held by institutions. The current $7 million market capitalization is a compelling opportunity.
CSE: ARQ, OTCQB: ARBTF and XFRA, XSTU, XBER: A2ASDS
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 delays or uncertainties with regulatory approvals, including that of the CSE. 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.
Why Invest in Argo Gold
Argo Gold is an oil producer and is developing more West Canadian Oil & Gas projects
Argo Gold is advancing its 100% owned Uchi Lake Gold Project in the Red Lake District
As a result of the last financing, Eric Sprott is now the largest shareholder of Argo Gold with a 19% interest
Argo Gold (CSE: ARQ) has 69.7 M shares outstanding and a market capitalization of C$7 million