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Toronto, Ontario–(Newsfile Corp. – August 8, 2023) – Argo Gold Inc. (CSE: ARQ) (OTCQB: ARBTF) (XFRA, XSTU, XBER: A2ASDS ) (“ Argo “) announces its oil production results for the Lindbergh oil well including April, May and June 2023. Drilling commenced at the Lindbergh in mid-March 2023 and the oil well came online in late March 2023. Lindbergh 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 $57,4491 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 Argo also has a mutual area of interest at Lindbergh, whereby Argo can participate in additional oil wells for 37.5% of the production for 37.5% of the oil well cost. In the area proximal to the current Lindbergh oil well, there are drilling locations for five oil wells based on current seismic coverage. Argo is currently completing a private placement of 12,000,000 shares at a price of $0.10 per share, for gross proceeds of up to $1,200,000. The proceeds of the financing will be used for participation in the Sparky oil wells at Lloyd and Lindbergh, and for general corporate purposes. Finder’s fees may […]
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