UK Oil & Gas PLC, based in London, has successfully completed a £0.5 million fundraising through a Placing to support the acquisition of a new hydrogen storage site in East Yorkshire. This site, located in the East Yorkshire salt basin, is strategically positioned within the UK's significant salt deposit, making it an ideal area for future hydrogen and natural gas storage. The Company's plans for this site align with the government's Clean Power 2030 strategy and the development of the Project Union national hydrogen pipeline network. The funds raised will enable UKOG to bolster its portfolio of salt-cavern storage sites, positioning the Company as a key player in the UK's hydrogen storage sector. By securing long term purchase and leasehold rights to the property, UKOG aims to participate in the upcoming Hydrogen Storage Allocation Round and seek Government Revenue Support. Additionally, the Company is in discussions with an energy infrastructure investor for its Dorset and Yorkshire projects, further enhancing its position in the energy transition landscape. UKOG's Chief Executive emphasized the strategic importance of this fundraising to capitalize on the growth opportunities in hydrogen storage and align with government initiatives for a sustainable energy future. The Placing Shares are expected to commence trading on AIM around 25th November 2024, further solidifying UKOG's position in the energy infrastructure market.