UKOG's Strategic Moves in Hydrogen Storage Projects Receive Major Support
Key Ideas
  • UK Oil & Gas PLC's subsidiary, UK Energy Storage Ltd, is leading the development of a significant hydrogen storage facility in Dorset to support the UK's future hydrogen energy infrastructure.
  • The Company received a valuable letter of support from Summit Energy Evolution Ltd and SGN, recognizing the strategic importance of its hydrogen storage projects.
  • UKOG is making progress in its hybrid gas and hydrogen feedstock project at Loxley and is seeking a farmout to fund the Loxley-1 appraisal drilling and testing program.
  • Despite setbacks in the Pinarova-1 drilling project in Turkey, UKOG is optimistic about the potential for future oil exploration targets in the Kezer-Pinarova area.
UK Oil & Gas PLC (UKOG) has released its unaudited results for the six-month period ended 31 March 2024, highlighting significant progress in its hydrogen storage projects. The Company's wholly-owned subsidiary, UK Energy Storage Ltd (UKEn), is working towards establishing a 3 Terawatt hour hydrogen storage facility in Dorset, aiming to support the UK's evolving hydrogen energy infrastructure. This initiative has garnered support from Summit Energy Evolution Ltd and SGN, indicating the strategic value of UKOG's hydrogen storage projects. Additionally, UKOG is advancing its hybrid gas and hydrogen feedstock project at Loxley by seeking a farmout to fund drilling activities. Despite challenges faced in the Pinarova-1 drilling project in Turkey, UKOG remains optimistic about future oil exploration opportunities in the region. The Company also successfully completed a capital restructuring in March, consolidating its ordinary shares. Overall, UKOG's focus on hydrogen storage, strategic partnerships, and environmental sustainability reflects a positive trajectory for the Company's operations and growth.
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