Argo Gold is now an oil producing company.
Argo’s first oil well came on production in late March 2023 at Lindbergh. Argo’s second oil well (Lloyd #1) was drilled in the Lloydminster area in late September and came on production for October 2023. In late November, a second oil well was drilled at Lindbergh (Lindbergh #2) and the third oil well for Argo, came on production for December 2023. A fourth well (Lloyd #2) was drilled in August 2024 and completed and on production in September 2024. Development drilling of a third oil well at Lindbergh is planned for Q4 2024.
See the latest monthly oil production information in our News.
Sparky Oil Project – Lindbergh Area
Sparky Project – Lloydminster, Alberta Argo paid 50% of the cost (~$0.75 M) of a new horizontal well to earn 37.5% interest in the Lindbergh Project targeting oil in the Sparky Formation
- Oil well Lindbergh #1 drilled mid-March 2023 and production commenced late March
- Lindbergh #2 oil well was drilled in November 2023 and production commenced in December 2023
- Proximal to the current Lindbergh oil well, there are drilling locations for five oil wells based on current seismic coverage
- In the area of mutual interest where Argo’s capital is 37.5% for 37.5% of production
- The other half of the property is also estimated to have locations for an additional 6 oil wells
- Development drilling of a third oil well at Lindbergh is planned for Q4 2024.
Sparky Oil Project – Lloyd Area
Sparky Project – Lloydminster, Alberta Argo will pay 25% of the cost ($0.458 M) of a new horizontal well to earn 18.75% interest in the Lloyd Area Project targeting oil in the Sparky Formation
- Lloyd #1 oil well drilled in late September 2023 and on production in early October 2023
- Lloyd #2 oil well drilled in August 2024 and on production in September 2024
- Currently one additional known development well location at Lloyd
