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UK Oil & Gas PLC on Thursday reported the sale of subsidiary UKOG GB Ltd to Servatec Holdings Ltd, progressing its move away from hydrocarbons in favour of the clean hydrogen storage and production sector. The divestment to Servatec was for a cash consideration of £400,000, with proceeds from the sale earmarked to advance material salt cavern hydrogen storage projects with its subsidiary, UK Energy Storage. The London-based energy company said Servatec is the holding company of an unnamed ‘widely utilised and respected UK onshore oil and gas sector well services and drilling group.’ UK Oil & Gas noted that UKOG GB holds minority operating interests in two UK onshore petroleum licences: a 10% interest in PL211 which contains the Horndeane oil field, and a 5% interest in PEDL070, which contains the Avington oil field. It added that the book value of the subsidiary with regard to its interim 2024 statements was £635,000. ‘This divestment is fully in keeping with the company’s stated transition away from hydrocarbons into the clean hydrogen storage and production sector, with the proceeds being utilised to further our subsidiary UK Energy Storage’s material salt cavern hydrogen storage projects in Dorset and Yorkshire,’ said UK Oil & Gas Chief Executive Stephen Sanderson. UK Oil & Gas shares are currently suspended from trading on London’s AIM market owing to the delayed publication of the company’s financial 2024 accounts. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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