Investors in UK Oil & Gas plc have approved two resolutions aimed at raising money for the company’s hydrogen storage and production plans.
UKOG said the voting figures would be published on its website but at the time of writing this has not happened.
The resolutions, passed at a general meeting this morning, give directors authority to allot and issue shares and equity securities.
The company said it needed additional fundraising to:
- apply for the government’s hydrogen storage business model revenue support, due to start in 2026
- continue negotiations with prospective joint venture partners on hydrogen projects
- conclude memoranda of understanding with hydrogen pipeline providers, hydrogen offtakers and clean electrical power providers.
UKOG said the resolutions were “crucial to permit the Company to further advance its core hydrogen business”.
General working capital
UKOG said money raised under the resolutions would also be used for what it called “general working capital across all assets”.
This is likely to fund plugging and abandonment of the company’s onshore oil exploration wells at Broadford Bridge in West Sussex and restoration of the site to farmland.
Broadford Bridge has been mothballed since March 2018 and has had no planning permission since March 2024.
The industry regulator, the North Sea Transition Authority, has given UKOG more time to plug and abandon the Broadford Bridge wells – until 31 March 2026.
But separately West Sussex County Council served two breach of condition notices on 6 May 2025. These require the operator to remove all the equipment, plug and abandon the wells and restore the site by 6 February 2026.
The cost of plugging and abandonment an onshore well was estimated in 2019 at between £195,000 and £1 million. This did not include site restoration or aftercare, which is required for five years at Broadford Bridge.
UKOG relinquished the exploration and production licence covering Broadford Bridge in July 2025. So far, no report giving reasons for the relinquishment have been published.
Trading in UKOG shares has been suspended for more than five months because of delays to publication of company accounts.
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