Capital Drilling Limited (LON:CAPD) shares rose on Wednesday on news it has been awarded a delineation drilling contract with Canadian-based Sama Resources Inc. at its Yepleu property in Côte d'Ivoire.
The FTSE Fledgling-listed drilling solutions company, which is focused on the African markets, noted that the contract is its first in the country following its strategic expansion into West Africa where the company now has 31 rigs, representing a third of its rig fleet.
The firm said the contract will initially utilise two diamond drill rigs, sourced from the group's base in Yamoussoukro, which was established in first-half of 2018.
The company said drilling is anticipated to commence in November with the initial programme being 6,000 metres of diamond core drilling, targeting semi-massive and massive polymetallic sulphide targets for Nickel-Copper-Cobalt-Palladium.
Commenting on the contract award, Jamie Boyton, Capital Drilling’s executive chairman, said: “With the increased fleet and new infrastructure in place, we are well positioned to continue to secure additional work in the country in the future."
In early morning trading, Capital Drilling shares were 5.3% higher at 39.50p.