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
0.05p
Discount of 37 %
Last Price 0.08p p

Key information

Key information

Sector

Oil, Gas and Coal

Close date

Delivery

Placing price

Last price

Discount

Amount raised

0.05p

0.08 p

37 %

£1,248,205

Use of proceeds

The Placing's proceeds will be directly employed to further specific activities required to materially advance the Company's hydrogen storage projects. Specifically, it will permit the Company to initiate essential new studies, including but not limited to environmental surveys, engineering studies and other works necessary to submit applications for: (i) government Revenue Support in the first hydrogen storage allocation round (see RNS 29th May 2024, 27th June 2024 and 2nd August 2024), and (ii) Development Consent Orders under the Nationally Significant Infrastructure Project planning regime. The funds will also permit the Company to further negotiations with identified prospective strategic joint venture partners and conclude a land option agreement for a further hydrogen storage site. The Company will also seek further Letters of Support for its Revenue Support application similar to those recently furnished by major energy and UK hydrogen infrastructure players RWE, Sumitomo and SGN.

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