Bannerman Energy (ASX:BMN) advanced early works at the Etango project in Namibia for the period ended June 30, with construction activities within budget and on schedule, according to a Monday filing with the Australian bourse.

Detailed design and procurement activities are also on schedule, and long-term infrastructure and utilities supply activities are in progress, the filing said.

The company is also advancing the financing transaction with CNNC Overseas of up to $321.5 million and a joint venture agreement, per the filing.

Bannerman Energy shares fell 1% in morning trade Monday.