Argo Update – 2023 is a Wrap – March 1 2024 [EN]
Argo finished calendar 2023 with an ownership interest in 3 operating oil wells in the Lloydminster area of Alberta, Canada.
During 2023, Argo invested capital of CDN $1.8 million to participate in the development drilling of 3 new horizontal oil wells into the Sparky formation.
All 3 oil wells were successfully drilled, completed, equipped, and brought on production.
Argo’s total oil production for 2023 was 17,533 barrels oil generating 2023 oil revenue of $1.17 million and a net operating cash flow total of $ 0.82 million for 2023.
Argo’s 2023 monthly oil revenue and net operating cash flow is summarized below. Net operating cash flow is net of royalties and production costs.
LINDBERGH 1 | Lindbergh 1 Oil Production | Argo’s 37.5% interest | Argo’s Oil Revenue | Argo’s net operating cash flow | |||
March 2023 | 26.5 bbl/day | 10 bbl/day | $16,180 | $6,921 | |||
April 2023 | 97 bbl/day | 36.3 bbl/day | $75,622 | $44,964 | |||
May 2023 | 110 bbl/day | 41.3 bbl/day | $84,327 | $55,817 | |||
June 2023 | 132 bbl/day | 49.6 bbl/day | $97,483 | $70,696 | |||
July 2023 | 130 bbl/day | 48.7 bbl/day | $115,890 | $80,262 | |||
August 2023 | 130.5 bbl/day | 48.9 bbl/day | $130,461 | $91,292 | |||
September 2023 | 115 bbl/day | 43.4 bbl/day | $115,536 | $83,068 | |||
October 2023 | 124.5 bbl/day | 46.7 bbl/day | $114,189 | $76,384 | |||
November 2023 | 88 bbl/day | 33 bbl/day | $60,562 | $37,586 | |||
December 2023 | 110 bbl/day | 41.2 bbl/day | $53,832 | $31,928 | |||
LLOYD | Lloyd Oil Production | Argo’s 18.75% interest | Argo’s Oil Revenue | Argo’s net operating cash flow | |||
October 2023 | 217.3 bbl/day | 40.7 bbl/day | $103,648 | $91,266 | |||
November 2023 | 242 bbl/day | 45.3 bbl/day | $89,209 | $78,752 | |||
December 2023 | 227 bbl/day | 42.5 bbl/day | $61,388 | $52,758 | |||
LINDBERGH 2 | Lindbergh 2 Oil Production | Argo’s 37.5% interest | Argo’s Oil Revenue | Argo’s net operating cash flow | |||
December 2023 | 119 bbl/day | 44.6 bbl/day | $57,806 | $21,842 | |||
ARGO’s 2023 SUMMARY | |||||||
2023 Capital Investment | 2023 Total Oil Production | 2023 Oil Revenue | 2023 Net Operating Cash Flow | ||||
CDN $1.8 Million | 17,533 barrels | $ 1.17 Million | $ 0.82 Million |
- 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 with plans to continue to participate in development drilling of oil wells in the second half of 2024.
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 Gold currently has 72 M shares outstanding. Institutions and insiders own 50% of the shares outstanding. The current $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
Pourquoi investir à Argo Gold ?
Argo Gold recherche des projets pétroliers et gaziers économiquement intéressants dans l’Ouest canadien
Argo Gold fait progresser son projet aurifère Uchi Lake détenu à 100% dans le district de Red Lake
À l’issue du dernier financement, Eric Sprott est désormais le premier actionnaire d’Argo Gold avec un capital de 19%
Argo Gold (CSE: ARQ) possède 69,7 millions d’actions en circulation et une capitalisation boursière de sept millions de dollars US