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