UK Oil & Gas plc

UKOG is an energy company focused upon oil and gas exploration and production in the UK and international onshore sectors, together with an increasing diversification into gas storage, hydrogen, and geothermal energy space within the UK.
Deal price
0.02
Discount of 20 %
Last Price 0.025p p

Key information

Key information

Sector

Oil, Gas and Coal

Close date

Delivery

Placing price

Last price

Discount

Amount raised

0.02

0.025 p

20 %

£750,000

Use of proceeds

The Placing is primarily in response to the government's newly announced acceleration of the first hydrogen storage allocation round, now scheduled to commence in Q3 2024 vs the prior Q3/Q4 2025 timeline. As the Company intends to submit a bid for an allocation award for its material hydrogen storage project in Portland, Dorset, the round's timetable now necessitates an acceleration of specific unbudgeted studies/works during 2024. The Company is also in discussion with a significant international trading house with regard to its participation in the Company's hydrogen storage project. The Placing's proceeds will also provide the Company with a further source of general working capital to progress its existing UK/Turkey projects.

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