COMPANY SNAPSHOT: Solo Oil, Aminex, Heritage Oil, IGas Energy, Triple Plate Junction, London Mining, Active Energy

Investors in London had a raft of reports from oil and gas companies to digest this morning. Solo Oil (LON:SOLO) and Aminex (LON:AEX) released the results of an independent evaluation of the Ruvuma basin onshore Tanzania, while Heritage Oil (LON:HOIL) has acquired a stake in a producing oil project in Nigeria.

The FTSE 250 oil and gas group said Shoreline Natural Resources, which was formed between a subsidiary of Heritage and a local Nigerian partner, has acquired a 45 percent stake in the OML 30 oil mining lease and a 45 percent interest in other assets for US$850 million.

OML 30 is located onshore in the delta in Nigeria and has eight producing fields and associated infrastructure, including a segment of the 850,000 barrel of oil per day Trans Forcados pipeline.

Heritage said the acquisition represents a significant opportunity to materially increase its production and reserves.

Production at the project currently stands at 35,000 bops, increasing Heritage’s net production to 11,350 bopd from 605 bopd. OML 30 is estimated to hold proved and probable reserves of 707 million barrels of oil and 2.5 trillion cubic feet of gas.

Peers Solo and Aminex told investors that the results of an independent assessment of the Ruvuma Basin production area point to “unrisked” gas in place of 5.75 trillion cubic feet.

Based on these findings and the recent flow tests of the Ntorya-1 discovery well, Solo said it will be “actively seeking an additional partner to participate in the next phase of exploration and development”.

The study suggests Ntorya contains an unrisked 1.17tcf of gas, of which 178 billion cubic feet is discovered and there is a potentially large lead up-dip of Ntorya, which is estimated to be in the order of 2.62 tcf.

Staying with oil and gas companies, Silvermere Energy (LON:SLME) today updated investors on the tie-in of the I-1 well in its Mustang Island 818-L field in the Gulf of Mexico, while Essar Energy (LON:ESSR) has sold a 50 percent stake in Vietnam's offshore gas exploration block 114 to ENI.

Silvermere reported that the barge containing the platform jacket was loaded out and departed from Galveston.

After arrival at the staging port at Aransas Pass, Texas the jacket will be rotated to the vertical position before the barge then continues to the designated platform location for offloading.

The lift-boat, Dularge, is expected to load the pilings and installation equipment later today.

Once the lift-boat and barge are on location, pile-driving will begin.

A second barge containing the Platform and the Deck Extension will load out and follow the first vessels in the next few days, the company added.

According to Essar, the reduction of its stake in the project to 50 percent is in line with its strategy to of introducing strategic partners to help manage risk and of focusing on the development of its core assets.

Essar also noted that further investment is required to establish gas reserves in the block and no gas is being produced at present.

Under the terms of the transaction, ENI is also assuming operator status for the block.

Meanwhile, IGas Energy (LON:IGAS) said that a report published by the Royal Society and The Royal Academy of Engineering on Friday said that hydrofraccing could be managed effectively in the UK as long as operational best practices continue to be implemented and enforced by regulation.

The company said it is currently examining the findings of the report to “ensure that its own approach embraces the report's conclusions to ensure that we continue to further improve operational best practice in the industry”.

“All evaluation of shale gas potential within licences held by IGas will continue to follow best industry practice and regulatory guidelines, while fully consulting with the communities in which we operate,” IGas said in a statement this morning.

Moving to miners, Triple Plate Junction (LON:TPJ) released its full year results this morning, while London Mining (LON:LOND) unveiled a new chief operating officer (COO).

During the year to end March, Triple Plate began drilling at three of its four joint venture projects and successfully completed a £2.2 million fundraising in the third quarter of the year.

“The last year has been a very important one for the company, and much has been achieved,” said chairman of Triple Plate Tony Shearer.

“Drilling is taking, or has taken, place on our joint ventures with Newmont, Newcrest and Gold Anomaly.

While the results to date at Morobe have not yet produced assay results that indicate a major discovery, Newmont remains committed to the project and the drill programme is expected to  last for at least another 3 years.

“We look forward to providing updates on the ongoing drilling at Manus Island in the coming months and remain confident in the future direction of the company.”

Sector peer London Mining has appointed James North as its new COO. He is joining the company from BHP Billiton (LON:BLT), where he was general manager of the Newman joint venture Iron Ore mines.

In this role, North oversaw improvements in operating costs, productivity and safety of the four iron ore mines surrounding Newman in the East Pilbara region with production of 68 million tonnes per annum (Mtpa).

“James' extensive experience in mine production and expansion as well as his experience in Africa make him particularly qualified to contribute to London Mining's next stage of growth,” said chief executive of London Mining Graeme Hossie.

“Operations and construction at Marampa continue to run according to plan and we remain fully funded to achieve our near term targeted production expansion to 5Mtpa from this first phase.”

Active Energy Group (LON:AEG) also announced an appointment today.

The fuel supplier has hired Richard Spinks as chief executive officer with immediate effect.

Spinks, who currently resides in the Ukraine, has been working in Central and Eastern Europe for over 22 years. From 2004 to 2009, he was the founder and chief executive officer at Landkom International, one of the first AIM-listed companies that was based in Ukraine.

Prior to Landkom, he held a number of roles in the seafood sector.

Elsewhere in the markets, Forbidden Technologies (LON:FBT) announced that YouTube will use its video platform FORscene for a major sporting event being held in London this summer.

YouTube licences FORscene back in December and is currently integrating it into a larger system for use by multiple YouTube clients for professional editing of dozens of live and near-live sports feeds this summer.

FORscene provides the professional cloud editing and transcoding components of the system.

“FORscene's scalability and ability to edit content as it comes in are well suited to sport,” said chief executive of Forbidden Technologies Stephen Streater.

“I am happy to have found an opportunity to demonstrate FORscene's capabilities in a major sports project.”

Finally, renewable energy group Kedco (LON:KED) has secured an extension of the repayment date on its 2012 zero-coupon secured loan notes to October 31 from July 1.