- Exillon Energy's [LON:EXI] shares rose after Hanberg Finance confirmed that is considering making an offer to acquire all the Exillon shares it does not already own - approximately 85.1% - at a price of not less than 300p a share.

Hanberg says it has approached Exillon's board to discuss the possible offer.

Petroneft Resources [LON:PTR] said production has declined slightly over the past few months to about 2,300 bopd due to several wells requiring workovers.

Once winter roads became available, supplies would be trucked in and the workovers performed. Petroneft's water injection programme continued to function effectively and overall well performance was in accordance with expectations.

Continued progress was being made on both the re-financing and planned farmout of Licence 61. While progress has been slower than expected, Petroneft continued to move forward on both fronts, particularly as regards the re-financing with additional parties having shown interest since our last announcement.

The company said its board had recently approved a proposal received from Tomskburneftegas ("TBNG"), a drilling contractor owned by Non-Executive Director Vakha Sobraliev, to undertake agreed drilling operations under a deferred payment arrangement.

Drilling operations have now re-commenced with the recent spudding of the Lineynoye No. 9 ("L-9") delineation well. Under these arrangements, TBNG will not receive any payment until after the Company completes its re-financing arrangements to the satisfaction of the Board.

All other elements of the commercial agreement relating to this operation are consistent with prior turnkey drilling contracts between PetroNeft and TBNG. The overall value of the contract is of the order of $1.95 million and the operation is utilising existing equipment and supplies available at the L-9 location.

L-9 is a delineation well on the westernmost lobe of the Lineynoye field and is recommended by the Russian authorities as an important component of the overall development of the Lineynoye field. Should the Lineynoye No. 9 well be successful it will be possible to commence production from it utilising winter roads.

Once the re-financing is completed, plans are in place to drill additional production wells at Arbuzovskoye and delineation wells at Tungolskoye and Sibkrayevskoye, where significant upside potential and near-term developments are possible.

Stratex International [LON:STI], the exploration and development company focussed on gold and base metals in Turkey, East Africa and West Africa, has completed its previously announced non-brokered private placement in Tembo Gold Corporation.

The wholly-owned subsidiary Stratex Gold AG has been issued 17,500,000 common shares in Tembo priced at C$0.10 per share, and matching warrants, in return for a subscription of C$1.75 million.

This will represent approximately 13.2% of the outstanding common shares of Tembo on a non-diluted basis, assuming the Placement is fully subscribed.

The Company's holding could increase to 23.4% on exercise of the matching warrants, assuming the Placement is fully subscribed. Each warrant will be exercisable for one common share in Tembo until 2nd December 2016, at a price of C$0.12.

The Placement was for an aggregate of C$5.95 million co-investment with New Africa Mining Fund II (C$2.5 million) and Concept Capital Management Ltd (C$1.0 million), together with other investors. Tembo expects to close a second, non-brokered tranche of the Placement by mid-December 2013 for up to approximately C$2.3 million.

Funds invested are to be focussed largely on exploration drilling and resource definition at the Tembo gold property in Tanzania, a package of c.100 km2 of highly prospective licences adjacent to African Barrick Gold's Bulyanhulu Mine. The Placement remains subject to the final approval of the TSX Venture Exchange.

The sector's biggest faller was Leed Resources [LON:LDP] - down by more than 12% in late afternoon trading - while the biggest riser was Tower Resources [LON:TRP] - up by nearly 5%.

At 4:15pm:

[LON:AUR] Aurum Mining PLC share price was +0.01p at 1.88p

[LON:BOR] Borders & Southern Petroleum PLC share price was -0.5p at 12.13p

[LON:CHAR] Chariot Oil & Gas Ltd share price was +0.13p at 17.63p

[LON:DES] Desire Petroleum PLC share price was -0.12p at 16.38p

[LON:DGO] Dragon Oil PLC share price was -2p at 567p

[LON:ENQ] EnQuest Plc share price was -3.45p at 133.55p

[LON:EXI] Exillon Energy PLC share price was +5.5p at 270.5p

[LON:FOGL] Falkland Oil & Gas Ltd share price was -0.25p at 27p

[LON:GKP] Gulf Keystone Petroleum share price was -3.87p at 165.63p

[LON:GPX] Gulfsands Petroleum PLC share price was -1.37p at 62.63p

[LON:INDI] Indus Gas Ltd share price was -12.25p at 892.75p

[LON:LDP] Leed Resources PLC share price was -0.01p at 0.07p

[LON:PET] Petrel Resources PLC share price was -0.12p at 13.13p

[LON:PTR] Petroneft Resources PLC share price was 0p at 4.75p

[LON:RKH] Rockhopper Exploration PLC share price was -1.25p at 142.5p

[LON:RPT] Regal Petroleum PLC share price was 0p at 14.25p

[LON:STI] Stratex International PLC share price was +0.01p at 4.38p

[LON:TRP] Tower Resources PLC share price was +0.18p at 3.75p

[LON:XEL] Xcite Energy Ltd share price was +2p at 99.5p

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