UK Oil & Gas PLC has successfully raised £1 million to further develop its hydrogen gas storage projects in Dorset and Yorkshire. The fundraising, priced at 0.05p per share, represents a 37% discount on the previous closing price. Shareholders, including retail investors, will have the opportunity to participate in the offering. The company plans to utilize the raised capital to conduct essential studies related to government Revenue Support and seek Development Consent Orders under the Nationally Significant Infrastructure Project planning regime. Additionally, the funding will facilitate negotiations with potential strategic joint venture partners and enable the conclusion of a land option agreement for an additional hydrogen storage site. UKOG's CEO, Stephen Sanderson, emphasized the significance of the funding and highlighted the support received from key industry players like RWE, Sumitomo, and SGN. This backing positions UKOG to advance its projects significantly, positioning them for a competitive Revenue Support application and potentially securing a strategic partner for joint venture participation. The company's strategic goals include enhancing lobbying efforts with the government, particularly with the new Labour administration. The funding represents a substantial step forward in UKOG's ambition to establish itself as a key player in the hydrogen space. The company's focus on innovation and collaboration underscores its commitment to driving the transition towards hydrogen as a clean energy source in the UK.