Corcel PLC (LSE:CRCL) shares were stronger on Friday as the company confirmed its project in Angola is advancing, with the explorer paying the African country's national oil company a signature bonus of US$821,000.
As such it marks the formal start to its ‘risk service contract’ that covers the company’s three oil block licences.
At the same time, Corcel confirmed it has received the full proceeds of its equity raise, announced in March, which will now see a final tranche of 130,147 shares being issued.
It additionally confirmed receipt of £226,958 from fundraising announced in May, with the completion of the first two tranches of that funding arrangement.
In London, Corcel shares traded up 5.77% to change hands at 0.28p valuing the micro-cap explorer at just over £3.5 million.