Argo's Year-End 2023 Oil Reserves Report
Argo's Year-End 2023 Oil Reserves Report
Toronto, Ontario--(Newsfile Corp. - April 8, 2024) - Argo Gold Inc's. (CSE: ARQ) (OTC PINK: ARBTF)
(XFRA: A2ASDS) (XSTU: A2ASDS) (XBER: A2ASDS) ("
Argo
" or the "
Company
") 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)
Heavy Crude Oil
Mbbl
Company Net
(2)
Heavy Crude Oil
Mbbl
0% NPV
MM$
10% NPV
MM$
20% NPV
MM$
Proved Developed
Producing
208.8
176.3
11.1
8.0
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
76.0
5.5
2.6
1.5
Total Proved plus
Probable
574.3
476.0
30.3
19.6
14.2
Table Notes:
(1)
"Gross Reserves" are the Company's working interest reserves before the deduction of royalties.
(2)
"Net Reserves" are the Company's working interest reserves after deductions of royalty obligations, plus the Company's royalty interests.
(3)
Mbbl are thousand barrels
(4)
MM$ are millions of dollars
(5)
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.
The Company will be filing its 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, shortly.
These documents will
be posted on the Company's website at
www.argogold.com
and SEDAR+ at
www.sedarplus.ca
.
About Argo Gold
Argo Gold is a Canadian mineral exploration and development company.
Argo Gold is listed on the
Canadian Securities Exchange (
www.thecse.com
) (CSE: ARQ) (OTC PINK: ARBTF) (XFRA: A2ASDS)
(XSTU: A2ASDS) (XBER: A2ASDS).
Judy Baker, CEO
(416) 786-7860
www.argogold.com
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES
PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information"
within the meaning of applicable securities law.
Forward-looking information is frequently
characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate"
and other similar words, or statements that certain events or conditions "may" or "will" occur.
Forward-
looking statements are based on the opinions and estimates at the date the statements are made,
and are subject to a variety of risks and uncertainties and other factors that could cause actual events
or results to differ materially from those anticipated in the forward-looking statements including, but not
limited to the financing not being completed in its entirety, or at all, delays or uncertainties with drilling
and surface preparation work, and not achieving hoped for exploration success.
There are
uncertainties inherent in forward-looking information, including factors beyond the Company's control.
The Company undertakes no obligation to update forward-looking information if circumstances or
management's estimates or opinions should change except as required by law.
The reader is
cautioned not to place undue reliance on forward-looking statements.
Additional information
identifying risks and uncertainties that could affect financial results is contained in the Company's
filings with Canadian securities regulators, which filings are available.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/204625