Armadale Capital (LON:ACP) struck a "landmark" agreement to fund and develop its Mpokoto project in the Democratic Republic of the Congo (DRC) into production, which is earmarked for the first half of 2016.
The heads of terms is with Africa Mining Contracting Services group (A-MCS), who will fund, construct and operate the project in the Katanga province.
It was one of a number of good news stories to come from the world of small caps today.
It has secured a US$70mln bridge facility backed by the Peruvian state-owned development bank, Corporacion Financiera de Desarrollo, or COFIDE for short.
The Trinidad oil and gas company on Friday clarified its financial position following the receipt of £5.2mln in cash as part of a recently agreed funding deal with Beijing Sibo Investment Management.
In other oil news, Simba Energy (LON:SMB) has struck a significant new partnership deal with Indian conglomerate Essel which will see the oil explorer advance its projects in Kenya, Chad and Guinea.
It comes after the completion of pipeline work, and work to tie-in the well to production facilities is currently underway.
In gas news, Cameroon-based gas utility Victoria Oil and Gas (LON:VOG) is expects to exceed its 2015 production target of 10.5mmscf per day as more customers sign up.
Three new industrial users have been switched on in the past month in addition to two new power stations at Logbaba and Bassa.
Last week it signed off the all-important forestry permit, paving the way for construction and ultimately production and now it has awarded the operation strategic investment status.
Meanwhile, The High court petition concerning Mwana Africa (LON:MWA) is now behind the company.
As previously reported, the petition centred on a dispute with the group's largest shareholder CIMGC and votes cast at an AGM last year and challenged the validity of the re-election of Stuart Morris as director and the appointments of Ngoni Kudenga and Herbert Mashanyare last year.
Asset Chile Exploración will take a 40% stake in the gold and silver project if it spends US$3.475mln in three stages of exploration.
The year saw the continued turnaround in fortunes and significant improvement to margins at its core operations, it added.
A new interface has been designed to appeal to more sophisticated editors, particularly in sports, the company told shareholders at its AGM today.