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Argo Update on Near-Term Oil Production

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Argo Update on Near-Term Oil Production

 

 

 

 

 

Argo Gold Inc. (CSE: ARQ) (OTCQB: ARBTF and XFRA) (XSTU, XBER: A2ASDS) 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 Inc.

 

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 ArgoGold.com.

 

Posted February 13, 2023

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