Argo Gold – May 2025 Update [EN]
Argo finished calendar 2024 with an ownership interest in 5 operating oil wells in the Lloydminster area of Alberta, Canada.
During 2023 and 2024, Argo invested capital of CAD $2.6 million to participate in the development drilling of 5 new horizontal oil wells – 3 oil wells at Lindbergh into the Sparky formation and 2 oil wells at Lloyd, 1 oil well in the Sparky formation and 1 oil well in the General Petroleum.
All 5 oil wells were successfully drilled, completed, equipped, and brought on production, except for Lloyd 2. After 6 weeks of oil production at Lloyd 2 (mid September – end of October), of approximately 5,000 barrels of oil (Argo’s share 1,500 barrels), the oil well collapsed, and production has been minimal.
For Full Year 2024, Argo’s oil production was 39,739 barrels; generating oil revenue of $2.9 million (before royalty payments) and a net operating cash flow total of $1.7 million (before non-cash oil depreciation and accretion).
| Full Year 2024 | Argo’s oil production | Argo’s 2024 Oil Revenue | Argo’s 2024 net operating cash flow |
| Lindbergh 1, Lloyd 1, Lindbergh 2, Lloyd 2, Lindbergh 3 | 39,739 barrels | $2.9 million | $1.7 million |
For Q1 2025, Argo’s oil production was 9,765 barrels; generating oil revenue of $0.705 million (before royalty payments) and a net operating cash flow total of $0.422 million (before non-cash oil depreciation and accretion).
| Q1 2025 | Argo’s oil production | Argo’s Q1 2025 Oil Revenue | Argo’s Q1 2025 net operating cash flow |
| Lindbergh 1, Lloyd 1, Lindbergh 2, Lloyd 2, Lindbergh 3 | 9,765 barrels | $0.705 million | $0.422 million |
Argo’s Year-End 2024 Oil Reserves summarized below includes the five current operating oil wells and five future planned oil wells at Lindbergh and Lloyd.
| Year-End 2023 Oil Reserves | Argo Gross Oil | Argo Oil net of Royalties | 0% NPV | 10% NPV | 15% NPV |
| Total Proved plus Probable | 466,300 bbl | 400,000 bbl | $24 million | $16.2 million | $13.8 million |
Argo’s Plan for 2025
- Argo has a Growth Agenda with plans to continue to participate in development drilling of oil wells in 2025 at both Lloyd and Lindbergh; as well as a partial re-drill of Lloyd 2.
- Argo Gold is also the 100% owner of two gold projects in northwestern Ontario, the Uchi Gold Project and the Talbot Lake Gold Project.
- In August 2024 and January 2025, Argo acquired a 100% ownership position of over 200 square kilometres in the emerging and underexplored Rottenstone Metallogenic Belt.
- Argo Gold recently acquired a 100% ownership position of over 160 square kilometres of uranium mineral claims in the Athabasca Basin in Saskatchewan.
- Argo Gold currently has 73 M shares outstanding. Institutions and insiders own 50% of the shares outstanding. The current CAD $6 million market capitalization is a compelling opportunity.
CSE: ARQ, OTC: ARBTF and XFRA, XSTU, XBER: A2ASDS
Judy Baker
CEO, Argo
(416) 786-7860
jbaker@argogold.ca
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