Production / Operations
Argo's Oil Update
ARQ · Price
Executive Summary
- Argo Gold reported total oil production of 24,003 barrels for Jan 1‑Sep 30 2025 (average 88 bbl/day) with revenue of $1.63 M and net operating cash flow of $0.91 M.
- The Lloyd 2 well collapsed in Q4 2024, was shut down June 2025, and neither the partial re‑drill nor the planned Lloyd 3 drilling were completed in 2025 due to low oil prices.
- Monthly production and cash flow details for June‑September 2025 are disclosed by individual wells (Lindbergh 1‑3, Lloyd 1) showing declining output and variable cash generation.
Key Details
- Overall 2025 Production (Jan‑Sep): 24,003 barrels total; 88 bbl/day average.
- Average Oil Price: CAD $68 per barrel.
- Revenue & Cash Flow (Jan‑Sep): $1,631,714 revenue; $913,157 net operating cash flow.
Monthly Production Summary
| Month | Total Avg. Prod. (bbl/day) | Revenue ($) | Net Operating CF ($) |
|---|---|---|---|
| June 2025 | 75 bbl/day | 156,069 | 57,489 |
| July 2025 | 80 bbl/day | 178,304 | 112,342 |
| August 2025 | 65.5 bbl/day | 132,961 | 67,867 |
| September 2025 | 65.5 bbl/day | 123,733 | 73,475 |
- Well‑by‑Well June 2025:
- Lindbergh 1 (37.5% interest) – 27 bbl/day, $57,633 revenue, $28,394 cash flow.
- Lloyd 1 (18.75% interest) – 15 bbl/day, $31,603 revenue, $3,685 cash flow.
- Lindbergh 2 (37.5% interest) – 16 bbl/day, $33,343 revenue, $3,283 cash flow.
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Lindbergh 3 (18.75% interest) – 17 bbl/day, $33,490 revenue, $22,127 cash flow.
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Well‑by‑Well July 2025:
- Lindbergh 1 – 28 bbl/day, $62,098 revenue, $30,933 cash flow.
- Lloyd 1 – 15 bbl/day, $33,934 revenue, $27,754 cash flow.
- Lindbergh 2 – 21 bbl/day, $46,402 revenue, $29,699 cash flow.
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Lindbergh 3 – 16 bbl/day, $35,868 revenue, $23,956 cash flow.
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Well‑by‑Well August 2025:
- Lindbergh 1 – 18 bbl/day, $33,436 revenue, $7,106 cash flow.
- Lloyd 1 – 14 bbl/day, $28,896 revenue, $16,389 cash flow.
- Lindbergh 2 – 17.5 bbl/day, $37,982 revenue, $24,105 cash flow.
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Lindbergh 3 – 16 bbl/day, $32,647 revenue, $20,267 cash flow.
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Well‑by‑Well September 2025:
- Lindbergh 1 – 20 bbl/day, $37,333 revenue, $22,579 cash flow.
- Lloyd 1 – 14 bbl/day, $26,789 revenue, $14,740 cash flow.
- Lindbergh 2 – 16 bbl/day, $30,297 revenue, $17,955 cash flow.
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Lindbergh 3 – 15.5 bbl/day, $29,314 revenue, $18,202 cash flow.
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Operational Issues: Lloyd 2 collapsed after six weeks of production in Q4 2024; shut down June 2025. Partial re‑drill and planned Lloyd 3 drilling were not executed in 2025 due to low oil prices.
Notable Quotes
(No CEO/President quotes included in the release.)
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Jun 11, 2026 · 08:19