UK Oil & Gas PLC (UKOG) has successfully raised £1 million to further develop its hydrogen gas storage projects in Dorset and Yorkshire. The issuance, priced at 0.05p, was done at a 37% discount to the previous closing price. This funding will enable UKOG to conduct essential studies required for applications for government Revenue Support in the hydrogen storage allocation round and obtain Development Consent Orders under the Nationally Significant Infrastructure Project planning regime. Additionally, the raised funds will facilitate negotiations with potential strategic joint venture partners and finalize a land option agreement for an extra hydrogen storage site. Stephen Sanderson, the CEO of UKOG, emphasized the significance of this funding in advancing their projects, with support from key energy and hydrogen infrastructure players like RWE, Sumitomo, and SGN. The company aims to make competitive Revenue Support applications and secure a major strategic partner while enhancing lobbying efforts with the new Labour government. Existing retail shareholders will also have the opportunity to acquire new shares at the same terms as the placing. Overall, this development marks a positive step towards the progress and expansion of UKOG's hydrogen storage projects in the UK.