03 oct 25   uk oil & gas plc - additional funding for uken hydrogen projects uk oil & gas plc | ukog | 0.0 0.00 (-4.3%) | mkt cap: 5.79m    rns number : 0427c uk oil & gas plc 03 october 2025   the information contained within this announcement is deemed by the company to constitute inside information under the market abuse regulation (eu) no. 596/2014, as it forms part of uk domestic law by virtue of the european union (withdrawal) act 2018. upon publication of this announcement, this information is now considered to be in the public domain.   uk oil & gas plc ("ukog" or the "company")   additional funding for uken hydrogen projects   uk oil & gas plc (london aim: ukog) is pleased to announce that due to further institutional demand the company has accepted a further investment of £0.5 million by means of a placing (the "placing") of new ordinary shares (the "placing shares") at a price of 0.03 pence per share (the "issue price") being the same price as the company's placing announced on 2nd october 2025. the issue price represents a discount of approximately 14% per cent to the closing price of 0.035 pence per ordinary share on 2nd october 2025, being the latest practicable business day prior to the publication of this announcement.   use of proceeds:   these additional funds will permit the company to accelerate and strengthen the primary technical and economic studies detailed in the "use of funds"  stated in the company's rns of 2nd october 2025 and which are restated below:   in its latest annual report (see rns 30th september, 2025) the directors highlighted the company's  transition away from the petroleum sector into clean power, emphasising that its south dorset and yorkshire salt-cavern hydrogen storage and generation projects will constitute the company's future core focus. consequently, by funding both its planned hydrogen development activities and ongoing petroleum sector commitments this material placing will enable the company to advance its energy transition over the coming year.   more specifically, the funding will also enable the company to commission and deliver the necessary engineering concept and design studies that are essential to deliver the planned collaboration between our wholly owned subsidiary uk energy storage ("uken") and national gas (see rns 1st october 2025). the company sees that this collaboration will support and strengthen the company's activities related to securing government revenue support via the hydrogen transport and hydrogen storage business model ("hsbm") allocation rounds, now scheduled to commence in h1 2026. following meetings with the government's hsbm team on 23rd september 2025 the new requirement for both storage and pipeline operators to submit joint applications for government revenue support makes the delivery of such studies and planned collaboration key for uken's future success.   the funding will also enable uken to progress a potential combined electrolytic hydrogen generation and local scale salt-cavern hydrogen storage scheme in central eastern dorset. the funding will permit the necessary technical studies to be undertaken to build upon initial discussions with dorset council and a significant dorset based industrial hydrogen offtaker.   additionally, the proceeds will also be used to complete economic modelling to further discussions with energy infrastructure and sector specialists with the object of securing a key strategic joint venture partner for uken's hydrogen storage projects.   placing summary   ·    the placing raised £500,000 (before expenses) through the issue of 1,666,666,666 placing shares at the issue price. ·    the net proceeds of the placing will be utilised as described above. ·    participants in the placing have subscribed on the basis of the customary terms and conditions of the placing. the placing   the company will issue 1,666,666,666 placing shares, to raise gross proceeds of £500,000 to participants in the placing. admission to trading on aim is expected on or around 9th october 2025 ("admission"). cmc markets uk plc ("cmc"), trading as capx, acted as the company's sole placing agent in respect of the placing.   stephen sanderson ukog's chief executive commented: " this further funding will help to accelerate and strengthen our hydrogen projects towards fruition, permit us to deliver strongly on our collaboration with national gas and further strengthen our  intended submission of applications for government revenue support in the coming year."   placing information   the placing is conditional inter alia on the placing agreement dated 3rd october 2025 between the company and cmc (the "placing agreement") not having been terminated and admission. the placing shares will be issued, credited as fully paid, and will rank pari passu with the existing ordinary shares in issue in the capital of the company, including the right to receive all dividends and other distributions (if any) declared, made or paid on or in respect of such shares after the date of their issue. admission to trading   application will be made to aim for admission, which is expected to become effective and dealings in the placing shares to commence at, 8.00 a.m. on or around 9th october 2025. following admission, the total voting rights in the company will therefore be 29,915,801,332 and shareholders will be able to use this figure as the denominator by which they are required to notify their interest in, or change to their interest in, the company under the disclosure guidance and transparency rules.     for further information, please contact: uk oil & gas plc stephen sanderson / guzyal mukhametzhanova / kris bone                                   tel: 01483 941493   zeus capital limited (nominated adviser and broker)                                                             james joyce / james bavister / andrew de andrade                                                   tel: 020 38295000   cmc markets (joint broker) douglas crippen                                                                                                                 tel: 0203 003 8632   communications brian alexander                                                                                                                             tel: 01483 941493       this information is provided by rns, the news service of the london stock exchange. rns is approved by the financial conduct authority to act as a primary information provider in the united kingdom. terms and conditions relating to the use and distribution of this information may apply. for further information, please contact rns@lseg.com or visit www.rns.com.  rns may use your ip address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. for further information about how rns and the london stock exchange use the personal data you provide us, please see our privacy policy.   end   ioepknbndbddkkk return to news summary

Label: Gesunken