UK Oil & Gas PLC (UKOG) has successfully raised £1.0 million through a placing and retail offer to fund hydrogen storage projects. The Placing involved the issuance of 2,000,000,000 Placing Shares at an Issue Price of 0.05 pence per share. The Company plans to utilize these funds for various activities crucial for advancing its hydrogen storage projects, including environmental surveys, engineering studies, and seeking government Revenue Support. Additionally, the funds will facilitate negotiations with potential joint venture partners and secure a new hydrogen storage site. UKOG also aims to garner support from major energy and UK hydrogen infrastructure players like RWE, Sumitomo, and SGN. The Placing is conditional upon the passing of shareholder resolutions at a General Meeting, with Admission to trading on the AIM market expected around 27th August 2024. The Company's Chief Executive, Stephen Sanderson, expressed optimism about the funding and support received, highlighting the potential to progress towards competitive Revenue Support applications and secure strategic partnerships. UKOG aims to align its projects with the UK government's renewable energy ambitions and enhance lobbying efforts in the hydrogen sector.