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 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, and the third oil well for Argo, came on production for December 2023..
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 drilled mid-March 2023 and production commenced late March
- 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
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 oil well drilled in late September 2023 and on production in early October 2023
- Currently one additional known development well location at Lloyd
