- Argo (ARQ) to participate in Sparky oil well
- The agreement is a one-well farmout with Croverro Energy of Calgary, Alberta
- The company will pay the operator 50 per cent of the cost
- Once completed, the total yield on the well is estimated to be 90 bbl/day
- Argo Gold has also set up an office recently in Calgary to increase its presence in the energy sector
- Argo Gold (ARQ) is up over 11 per cent, trading at C$0.10 at 11:27 am EST
Argo Gold (ARQ) signed an agreement to participate in a horizontal Sparky Oil Well in the Lindbergh Area near Lloydminster, Alberta.
The agreement is a one-well farmout with Croverro Energy of Calgary, Alberta.
The company will pay the operator 50 per cent of the cost to drill, complete, and fully equip or abandon the well to earn a 37.5-per-cent interest.
The horizontal well is based on similar wells drilled in the Sparky formation by the operator.
The oil well is expected to be finished before 2023, and once completed, the total yield on the well is estimated to be 90 bbl/day.
Commented James Bell, VP Corporate Development, said the team is “[…] extremely excited about drilling an oil well with an experienced partner.”
“This is a great step for Argo as we continue to grow and identify opportunities in the Western Canada Basin.” Argo Gold paid a finder’s fee of $4,000 for sourcing the opportunity,” added Bell.
Argo Gold has also recently set up an office in Calgary to increase its presence in the energy sector.
Argo Gold is a Canadian mineral exploration and development company.
Argo Gold (ARQ) is up over 11 per cent, trading at C$0.10 at 11:27 am EST.