UK Oil & Gas saw its shares decline after successfully raising £400,431 through a private placing to bolster its South Dorset hydrogen storage project. The company conducted the placing at a price of 0.0102p per share with professional investors, excluding private investors from the opportunity. The funding acquired will play a crucial role in the project's development and its involvement in the government's Hydrogen Storage Business Model (HSBM) Procurement Round. A major part of the funds will be used for a joint venture project at Portland Port focused on green hydrogen generation and import facilities. This initiative seeks to set up the infrastructure for bringing in green hydrogen carrier fluids from the Middle East and producing hydrogen locally. The hydrogen produced will be transmitted to the South Dorset storage site and distributed across the UK through SGN's H2 Connect pipeline. Additionally, funds will be dedicated to the pre-Front End Engineering Design phase tasks such as conceptual design of surface facilities, pipeline routing, borehole placements, and covering operational expenses related to the procurement process and general administrative costs. This strategic development will position South Dorset as a significant player in the UK's hydrogen landscape, with plans to combine production, storage, and trunk pipeline transmission capabilities. By adopting this integrated approach, the project anticipates enhanced eligibility for government revenue support under the HSBM scheme.