UK Oil & Gas (UKOG)

Sector:

IT Hardware

Index:

FTSE AIM All-Share

0.038p
   
  • Change Today:
      0.003p
  • 52 Week High: 0.30p
  • 52 Week Low: 0.014p
  • Currency: UK Pounds
  • Shares Issued: 11,141m
  • Volume: 334,846,765
  • Market Cap: £4.18m

UK Oil & Gas strikes lease deal for Dorset hydrogen storage site

By Josh White

Date: Wednesday 21 Aug 2024

LONDON (ShareCast) - (Sharecast News) - UK Oil & Gas announced the execution of a heads of terms agreement for a 60-year lease on land and subsurface mineral rights on Wednesday, for a second underground hydrogen storage facility in south Dorset.
The AIM-traded firm said the new site, managed by its subsidiary UK Energy Storage (UKEn), is strategically located above the thickest part of the Dorset Triassic salt deposit and near SGN's planned H2 Connect hydrogen pipeline, which would link the storage caverns to the proposed Solent Cluster and the broader southern UK hydrogen super-cluster.

It said the facility was expected to provide between 6.5 and 10 terawatt-hours (TWh) of hydrogen storage annually, representing 10% to 20% of the UK's projected hydrogen storage needs by 2050.

That was aligned with the UK government's target to decarbonise the national power system by 2030.

UKEn would now move forward with finalising the lease agreement, designing the salt caverns, and preparing to submit a Nationally Significant Infrastructure Project planning application.

The company also planned to seek government revenue support for at least one of its Dorset sites, as part of its strategic energy infrastructure development efforts.

"UKEn's new Dorset site is optimally placed to exploit the thickest part of the onshore Dorset Triassic salt deposit, permitting large underground caverns to be emplaced via a modest sized surface facility," said chief executive officer Stephen Sanderson.

"Its proximity to SGN's H2 Connect pipeline is deliberate and will ensure storage can be directly linked to the planned Solent Cluster and wider Southern UK hydrogen networks.

"We look forward to continued collaboration with the government to develop these strategic UK energy infrastructure assets and to help make the 2030 UK power decarbonisation target a reality."

At 1211 BST, shares in UK Oil & Gas were up 5.26% at 0.05p.

Reporting by Josh White for Sharecast.com.

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UK Oil & Gas Market Data

Currency UK Pounds
Share Price 0.038p
Change Today 0.003p
% Change -6.25 %
52 Week High 0.30p
52 Week Low 0.014p
Volume 334,846,765
Shares Issued 11,141m
Market Cap £4.18m

UK Oil & Gas Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
76.36% above the market average76.36% above the market average76.36% above the market average76.36% above the market average76.36% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average
Price Trend
47.39% below the market average47.39% below the market average47.39% below the market average47.39% below the market average47.39% below the market average
36% below the sector average36% below the sector average36% below the sector average36% below the sector average36% below the sector average
Income Not Available
Growth
24.66% below the market average24.66% below the market average24.66% below the market average24.66% below the market average24.66% below the market average
27.27% below the sector average27.27% below the sector average27.27% below the sector average27.27% below the sector average27.27% below the sector average

UK Oil & Gas Dividends

No dividends found

Trades for 31-Oct-2024

Time Volume / Share Price
16:10 500,000 @ 0.037p
16:10 6,578 @ 0.038p
16:10 4,578 @ 0.038p
16:10 12,631 @ 0.038p
16:10 114 @ 0.037p

UK Oil & Gas Key Personnel

CEO Stephen (Steve) Sanderson

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