UK Oil & Gas PLC – Additional funding for UKEn Hydrogen projects
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that due to continued investor demand, the Company has accepted a further investment of £0.52 million by means of a placing (the “Placing”)of new Ordinary Shares (the “Placing Shares”) at a price of 0.016 pence per share (the “Issue Price”). The Issue Price represents a discount of approximately 26% per cent to the Closing Price of 0.0215 pence per Ordinary Share on 20th November 2025, being the latest practicable business day prior to the publication of this Announcement.
These additional funds now bring the total new investment into the Company since 2nd October 2025 to over £5 million (see RNS of 2nd, 3rd and 6th October 2025), which will be used to fund the Company’s currently planned and budgeted hydrogen storage, hydrogen production and energy transition activities to end 2026.
Use of Proceeds:
This additional tranche of funds will permit the Company to further accelerate and strengthen the primary technical, economic modelling studies and related costs detailed in the “use of funds” stated in the Company’s RNS of 2nd, 3rd and 6th October 2025.
Specifically, these funds will also assist the Company in meeting the costs necessary to deliver a new collaboration between our wholly owned subsidiary UK Energy Storage (“UKEn”) and a second substantive regional hydrogen pipeline provider, the collaboration being focussed upon the Company’s South Dorset Storage project. This new work will be complementary to the collaboration with National Gas (see RNS 1st October 2025), which initially focusses on UKEn’s Yorkshire storage opportunity.
As stated in our RNS of 6th October, since both hydrogen storage and hydrogen pipeline operators must now submit joint applications for any government revenue support, the Company sees this additional collaboration as essential to support and strengthen the likelihood of securing government revenue support via the Hydrogen Transport and Hydrogen Storage Business Model allocation rounds, due to commence in late spring 2026.
Additionally, the funding will also assist UKEn in further progressing a potential electrolytic hydrogen generation project geared initially to decarbonise the energy use of a substantive Dorset-based industrial user. The project intends to help establish the hydrogen economy in Dorset and is synergistic with UKEn’s national scale South Dorset hydrogen storage project. The funding will permit the necessary technical and economic studies to be undertaken to build upon initial fruitful discussions.
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UK Oil & Gas PLC – Additional funding for UKEn Hydrogen projects
