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UKOG Uk Oil & Gas Plc

0.0235
0.00 (0.00%)
13 Dec 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Uk Oil & Gas Plc LSE:UKOG London Ordinary Share GB00BS3D4G58 ORD GBP0.000001
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.0235 0.023 0.024 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Finance Services 1.54M -3.78M -0.0003 -0.67 3.14M

UK Oil & Gas PLC Solent Cluster Hydrogen Storage LOS

09/09/2024 7:00am

RNS Regulatory News


RNS Number : 3288D
UK Oil & Gas PLC
09 September 2024
 

UK Oil & Gas PLC

("UKOG" or the "Company")

 

Solent Cluster Hydrogen Storage LOS

 

UK Oil & Gas PLC (London AIM: UKOG) is delighted to announce that its strategic Dorset salt cavern hydrogen storage project, operated by its wholly owned subsidiary UK Energy Storage ("UKEn"), has received a further key letter of support ("LOS") from The Solent Cluster, which constitutes the primary near-term industrial user base of the Company's planned facility.

 

The Solent Cluster is one of six large UK industrial clusters planning to decarbonise via a switch to hydrogen and other sustainable low-carbon power sources. It is the major industrial cluster and carbon emitter in the southern half of England and encompasses UKEn's planned storage facility at its western limit.

 

Stuart Baker, Executive Director of The Solent Cluster, states:

 

"The production, transport and storage of hydrogen are key infrastructure elements of The Solent Cluster, with significant national scale hydrogen facilities planned by our members, including SGN, RWE and ExxonMobil, two of whom, we understand, have also furnished LOS to UKEn.

 

UKEn's hydrogen storage project in Dorset can, therefore, be a key enabler for the decarbonisation of The Solent Cluster and southern UK, providing strategic inter-day to seasonal storage capacity, security of supply and pipeline stability for the proposed SGN H2 Connect pipeline network, also a key part of The Solent Cluster."

 

 

As per the Company's RNS of 27 June 2024, UKEn's national scale Dorset storage facility is planned to link directly with The Solent Cluster and the wider southern UK via SGN's H2 Connect pipeline, enabling our storage to service a significant portion of the UK's planned future hydrogen system.

 

Along with similar LOSs from Sumitomo, SGN and RWE (see RNS announcements of 29 May, 27 June and 2 August 2024) The Solent Cluster LOS will be used as required documentation for UKEn's future application for government hydrogen storage Revenue Support.

 

Stephen Sanderson, Chief Executive of UKOG and UKEn, commented:

 

"This further key LOS will help strengthen UKEn's application for Revenue Support by providing government and identified potential strategic investors comfort that the project links directly to a major UK industrial user base. We look forward to continued collaboration with The Solent Cluster of which we are now a key member."

 

For further information, please contact:

 

UK Oil & Gas Plc

Stephen Sanderson / Matt Cartwright                                                                            Tel: 01483 941493

 

Zeus Capital Limited (Nominated Adviser and Broker)                                      

James Joyce / James Bavister / Andrew de Andrade                                                    Tel: 0203 829 5000

 

CMC Markets (Joint Broker)

Douglas Crippen                                                                                                                 Tel: 0203 003 8632

 

Communications

Brian Alexander                                                                                                                  Tel: 01483 941493  

 

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this information is now considered to be in the public domain.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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