- Argo Gold (ARQ) has finalized two letters of intent to earn into oil and gas exploration, and development
- The mineral lands are two separate Devonian oil prospects in southern Alberta
- Argo did this as a result of an increase in oil and gas prices, world energy supply issues, and the abundance of oil and gas exploration and development opportunities in Canada
- Argo Gold will earn a 100 per cent working interest in the prospect lands in exchange for drilling one test well per prospect
- Argo Gold is a Canadian mineral exploration and development company
- Argo Gold Inc. is down 9.52 per cent, trading at $0.095 per share at 3:45 pm ET
Argo Gold (ARQ) has finalized two letters of intent to earn into oil and gas exploration and development mineral lands.
The mineral lands are two separate Devonian oil prospects in southern Alberta.
Argo Gold will earn a 100 per cent working interest in the prospect lands in exchange for drilling one test well per prospect.
The oil prospects are seismically defined and are located within in a well-known producing trend with proven oil zones and surrounding infrastructure.
Four additional well locations have been identified on the two prospects. The estimated yield on the two initial test wells is calculated to be 100 bbl/day to 150 bbl/day. The estimated ultimate recovery (EUR) of the two initial wells is expected to be 275,000 bbl oil and 300,000 bbl oil, respectively.
Argo Gold paid finder’s fees of $4,000 for the two oil prospects.
Argo Gold is a Canadian mineral exploration and development company.
Argo Gold Inc. (ARQ) is down 9.52 per cent, trading at $0.095 per share at 3:45 pm ET.