UK Oil & Gas PLC, based in London, announced a revenue decline and a pretax loss in the six months ending March 31. The company's Horndean field in Texas saw a 22% increase in daily production and a rise in net reserves. The Dorset hydrogen storage project received a letter of support from SGN Ltd, the hydrogen pipeline operator, signaling progress towards decarbonisation. The company's CEO highlighted the importance of the support for government hydrogen storage allocation. Financial backing from the UK government requires alignment with pipeline connections, reflecting a positive outlook for the project. Despite the revenue decline, UK Oil & Gas PLC's shares climbed by 12% in London, indicating investor confidence in the advancements made in the hydrogen storage initiative.