Year-End 2023 Oil Reserves include Argo’s current producing oil wells and 3 future oil wells at Lindbergh. Lloyd 2 to be drilled in Summer 2024 not included in YE 2023 Reserves
Year-End 2023 Reserves Report (“Reserves Report”), with an effective date of December 31, 2023, is summarized below. The Reserves Report was completed by Petrotech and Associates, an independent qualified reserves evaluator based in Calgary, Alberta, and was prepared in accordance with the Canadian Oil and Gas Evaluation Handbook (“COGE Handbook”) and National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (“NI 51-101”). The evaluation was conducted using the Sproule December 31, 2023, Price Forecast for Heavy Crude Oil (12°API) at www.sproule.com, adjusted for each property.
The Reserves Report includes Argo’s interest in the three current producing oil wells at Lindbergh and Lloydminster, Alberta; and three undeveloped planned development oil wells at Lindbergh. The following table summarizes the information contained in the Reserves Report, with an effective date of December 31, 2023:
Year-End 2023 Heavy Crude Oil Reserves | Company Gross(1) | Company Net(2) | 0% "NPV | 10% NPV | 20% NPV |
Heavy Crude Oil Mbbl | Heavy Crude Oil Mbbl | MM$ | MM$ | MM$ | |
Proved Developed Producing | 208.8 | 176.3 | 11.1 | 8 | 6.4 |
Proved Undeveloped | 272.7 | 223.6 | 13.7 | 8.9 | 6.3 |
Total Proved | 481.5 | 399.9 | 24.8 | 16.9 | 12.7 |
Probable | 92.8 | 76 | 5.5 | 2.6 | 1.5 |
Total Proved plus Probable | 574.3 | 476 | 30.3 | 19.6 | 14.2 |
Year-End 2023 Heavy Crude Oil Reserves (scroll horizontally for full table, onsome devices)
Table Notes:
- “Gross Reserves” are the Company’s working interest reserves before the deduction of royalties. (1)
- “Net Reserves” are the Company’s working interest reserves after deductions of royalty obligations, plus the Company’s royalty interests. (2)
- Mbbl are thousand barrels
- MM$ are millions of dollars
- The numbers in the table may not add due to rounding.
The disclosures contained in this report represent information related to the Company’s reserves, future net revenue, and discounted value of future net cash flows as of December 31, 2023. The report does not include the second planned oil well at Lloydminster, as this was not confirmed until Q1 2024.
See www.sedarplus.ca for Form 51-101 F1 Statement of Reserves Data and Other Oil and Gas Information (“Form F1”), Form 51-101 F2 Report on Reserves Data by Independent Qualified Reserves Evaluator (“Form F2”), and Form 51-101 F3 Report of Management and Directors on Oil and Gas Disclosure (“Form F3”) for the year ending December 31, 2023.