UKOG's Hydrogen Storage Projects Receive Support from RWE and Others
Key Ideas
- UK Oil and Gas receives support from RWE, Sumitomo, and SGN for its Dorset and Yorkshire underground hydrogen storage projects at an early engineering design stage.
- Vector Capital offers shareholders a tender at 33p per share, covering up to 11.2 million shares, costing £3.7m, with a share price increase of 18.2%.
- Trinity Exploration and Production recommends a cash bid from Lease Operators, withdrawing the Touchstone Exploration offer, leading to a 10.5% share price rise.
- Tower Resources extended the initial exploration period for PEL96 in Namibia, leading to an 8.7% share price increase.
UK Oil and Gas (UKOG) announced that its hydrogen storage projects in Dorset and Yorkshire have received support from RWE, Sumitomo, and SGN. These projects are in the early engineering design stage. The share price of UKOG increased by 20.8% following this development. Vector Capital (VCAP) is planning to leave AIM and has offered shareholders a tender at 33p per share, with the share price recovering by 18.2%. Trinity Exploration and Production (TRIN) recommended a cash bid from Lease Operators, leading to a 10.5% rise in their share price. Tower Resources (TRP) shared that the Namibian government extended the exploration period for PEL96, resulting in an 8.7% increase in their share price. Overall, positive developments are seen in the oil and gas sector, with companies making significant strides in their projects and receiving support from various partners and investors.