Argo Update on Near-Term Oil Production Toronto, Ontario--(Newsfile Corp. - February 13, 2023) - Argo Gold Inc. (CSE: ARQ) (OTCQB: ARBTF) (XFRA, XSTU, XBER: A2ASDS) ("Argo") is pleased to announce that the near-term oil production at the Sparky oil wells is on track for before Spring break-up at Lindbergh and post Spring break-up at Lloyd.
Surface installations at Lindbergh are in progress for drilling to commence and be completed prior to Spring break-up. Argo's 37.5% participation in the Lindbergh oil well is expected to yield 55 to 70 barrels oil/day to Argo. At the second Sparky oil well, Argo is participating for 18.75% and Argo's share of oil production is estimated to be 30 to 40 barrels of oil/day.
As announced on February 1, 2023, 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, advancement of the Nisku Oil Farm-ins, and general corporate purposes. Finder's fees may be payable to qualified individuals pursuant to which the finder may receive a finder's fee equal to 8% of the gross proceeds of the financing attributable to such finder.
About Argo Gold
Argo Gold is a Canadian mineral exploration and development company. Information on Argo Gold can be obtained from SEDAR at www.sedar.com and on Argo Gold's website at www.argogold.com. Argo Gold is listed on the Canadian Securities Exchange (www.thecse.com) (CSE: ARQ) as well as (OTCQB: ARBTF) and (XFRA, XSTU, XBER: A2ASDS).
Argo Update on Near-Term Oil Production (newsfilecorp.com)