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Argo Update – January 2024 – Cash Flow from Oil Production in a Lower Oil Price Environment [EN]

Argo continues to generate cash flow from oil production in the current lower oil price environment.

Since the beginning of October 2023, Argo has oil production from Lloyd as well as ongoing oil production from Lindbergh which came online in late March 2023.

Argo’s November oil production averaged 76 bbl/day and net operating cash flow for the month was $115,285.

In late November 2023, a second horizontal oil well was drilled at Lindbergh and has been on production since the end of November 2023.

LINDBERGH 1 Lindbergh 1 Oil Production Argo’s 37.5% interest Argo’s Oil Revenue Argo’s net operating cash flow
April 2023 115 bbl/day 43.4 bbl/day $90,334 $57,491
May 2023 92 bbl/day 34.5 bbl/day $69,615 $43,291
June 2023 132 bbl/day 49.5 bbl/day $97,483 $70,695
July 2023 130 bbl/day 48.6 bbl/day $115,890 $80,262
August 2023 135 bbl/day 50.6 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 $114,146 $76,350
November 2023 88 bbl/day 33 bbl/day $60,429 $36,533
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 $103,627 $91,266
November 2023 230 bbl/day 43 bbl/day $89,208 $78,752
  • 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 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 $7 million market capitalization is a compelling opportunity.


Judy Baker
CEO, Argo
(416) 786-7860

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

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