(416) 786-7860 Contact Us

Investisseurs

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 productionArgo’s 2024 Oil RevenueArgo’s 2024 net operating cash flow
Lindbergh 1, Lloyd 1, Lindbergh 2, Lloyd 2, Lindbergh 339,739 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 2025Argo’s oil productionArgo’s Q1 2025 Oil RevenueArgo’s Q1 2025 net operating cash flow
Lindbergh 1, Lloyd 1, Lindbergh 2, Lloyd 2, Lindbergh 39,765 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 ReservesArgo Gross OilArgo Oil net of Royalties0% NPV10% NPV15% NPV
Total Proved plus Probable466,300 bbl400,000 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

www.argogold.com

Judy Baker
CEO, Argo
(416) 786-7860
jbaker@argogold.ca

Company News (EN)[/ vcex_button]
Button Text
SEDARplus Publications
Corporate presentation [EN]
Financial Statements (EN)
Stock information
Argo Gold in the media (EN)

Subscribe to company news



To unsubscribe, click the “ Unsubscribe ” link at the bottom of your latest ArgoGold.ca email. We will instantly unsubscribe you from all future emails.

Back To Top