UK Oil & Gas PLC has successfully raised £1 million to further develop its hydrogen gas storage projects in Dorset and Yorkshire. The fundraising was priced at 0.05p per share, representing a 37% discount on the previous closing price. Existing retail shareholders have also been offered new shares on the same terms as the placement. The company emphasized that shareholder approval is necessary for both parts of the funding to proceed. The new capital will enable UKOG to conduct vital studies required for government Revenue Support and Development Consent Orders in the hydrogen storage allocation round. Additionally, the funds will facilitate negotiations with potential strategic joint venture partners and the finalization of a land option agreement for an additional hydrogen storage site. CEO Stephen Sanderson expressed enthusiasm about the funding and the support received from prominent UK energy and hydrogen infrastructure players, including RWE, Sumitomo, and SGN. Sanderson highlighted that the financing will significantly propel their projects forward, positioning them for a competitive Revenue Support application and enhancing lobbying efforts with the new Labour government.