AUS
NZ
UK
CA
USA
IND
Highlights:
- £400,431 raised through private placing at 0.0102 pence per share.
- Proceeds will support South Dorset hydrogen storage project and HSBM Procurement bid.
- Focus on green hydrogen generation, storage, and pipeline development for UK market.
UK Oil & Gas PLC (AIM:UKOG) has successfully raised £400,431 through a private placing of 3,925,797,833 new Ordinary Shares, priced at 0.0102 pence per share, which represents a 42% discount to the closing price of 0.0175 pence per share as of 20th February 2025. The funds raised will primarily be directed towards advancing the Company’s South Dorset hydrogen storage project and its participation in the upcoming Hydrogen Storage Business Model (HSBM) Procurement Round later this year.
The Company’s South Dorset hydrogen storage project aims to become one of the leading sites for green hydrogen storage in the UK. Following recent discussions with the government’s HSBM team, the funds from the placing will be used to further enhance the project’s viability and strengthen its bid for government revenue support. The planned developments will position the project as one of only three similar "hydrogen cohorts" in the UK.
A key focus of the raised capital will be the initiation of several critical initiatives, including the conceptual design of a joint venture green hydrogen generation and import project at Portland Port. This project will involve the import of Middle Eastern green hydrogen and its onward transmission to the South Dorset storage site via SGN’s H2 Connect pipeline. Additionally, the funds will support the pre-Front End Engineering Design (FEED) of surface facilities, pipeline routing, and borehole placements, which are essential to meet the eligibility criteria for the HSBM Procurement process.
The placing proceeds will also cover operational expenses associated with the HSBM Procurement process and the bid submission, as well as general and administrative costs. UKOG continues to engage with potential joint venture partners in the energy infrastructure sector to further advance its South Dorset and Yorkshire projects, owned by its subsidiary, UK Energy Storage (UKEn).
UK Oil & Gas PLC remains committed to pushing forward its clean energy initiatives, aiming to secure a prominent role in the UK’s hydrogen economy and play a significant part in the country’s transition to a greener energy future. Further updates on these developments are expected in due course.
