UKOG raises funds at 42% discount to built hydrogen storage facility in Devon
UK Oil & Gas PLC (AIM:UKOG) has raised £400,431 through a discounted fundraising to develop its hydrogen storage project in Dorset and to try and win a place in the government’s Hydrogen Storage Business Model (HSBM) procurement round later this year.
If developed, the site at the deepwater Portland Port would be one of only three similar hydrogen hubs in the UK, the company pointed out.
The cash was raised from a small number of institutional investors at a price of 0.0102p per share, representing a sizeable 42% discount to the closing price of 0.0175p from the day before.
UKOG said the funds will enable the conceptual design of a joint venture green hydrogen generation and import project at Portland Port, and support the pre-front-end engineering design steps to meet eligibility criteria for the HSBM procurement process
This port will be focused on importing Middle Eastern green hydrogen carrier fluids and producing hydrogen for transmission into the AIM-listed company’s South Dorset storage site and the wider UK network.
UKOG signed a lease agreement with Portland Port for two sites under the former Royal Navy port for the development of the hydrogen-ready gas storage caverns.
Georgina Energy PLC (LSE:GEX) CEO Anthony Hamilton talked with Proactive’s Stephen Gunnion about the company’s latest progress, including the near-completion of the purchase of the Mt Winter permit in Northern Territory. Hamilton highlighted that acquiring 100% control of the project offers Georgina Energy complete autonomy over its operations, eliminating external influences.
He explained,
We’ve ended up with 100% control, 100% control of our destiny, and the program that we want to undertake isn’t subject to anybody else’s influence.
” This transition from a joint venture to full ownership allows the company to streamline its strategic objectives, particularly regarding the EPA155 permit.
Hamilton detailed the process following the share sale agreement execution, including awaiting the Aboriginal Land Rights Agreement (ALRA) and the subsequent ministerial approval. Once granted, Georgina Energy will proceed with its drilling approval application alongside a comprehensive resource revaluation.
The discussion also touched on the company’s Western Australia Officer Basin operations, where severe weather, including a major cyclone, has delayed the Environmental Impact Study (EIS). Despite these challenges, Georgina Energy remains focused on maintaining its 60-day EIS completion target.
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UKOG raises funds at 42% discount to built hydrogen storage facility in Devon, source
