UK Oil & Gas saw a significant drop in its shares after announcing it had raised gross proceeds of £1m through a discounted share placing to support hydrogen storage projects. The placing, at 0.05p per share, represents a 37% discount to the closing share price. In addition to the placing, the company intends to offer existing retail shareholders a retail offer at the same price. The CEO highlighted that the funds would be crucial in advancing the company's hydrogen storage projects and facilitating negotiations with potential joint venture partners. The company aims to secure a land option agreement for an additional hydrogen storage site. The CEO also mentioned the support received from key players in the UK energy and hydrogen infrastructure sectors, such as RWE, Sumitomo, and SGN. He emphasized the significance of these funds in progressing the company's projects towards a competitive Revenue Support application. The CEO expressed optimism in securing a major strategic partner and in lobbying efforts with the UK government, which is showing interest in hydrogen as part of its renewable energy strategy. Despite the share price drop following the fundraising announcement, the company remains positive about the future of its hydrogen initiatives.