|
UK Oil & Gas PLC on Friday said it has accepted a further £500,000 investment through a placing, to support its work with National Gas Transmission PLC. The London-based energy company will issue 1.67 billion shares at 0.03 pence each, which was a discount of around 14% to the firm’s share closing price on Thursday. Shares in UK Oil & Gas were down 5.7% at 0.033 pence in London on Friday afternoon. The stock is down 18% over the past year. This follows the company on Thursday raising £3 million through a placing of new shares at 0.03p each. The funding will be used to complete engineering concept and design studies for the collaboration between subsidiary UK Energy Storage and National Gas. UK Energy Storage will work with National Gas on Project Union, a 100% hydrogen pipeline ‘aimed at connecting future centres of hydrogen production, storage and consumption,’ according to its parent company. The tie-up is expected to help the companies secure government funding, with allocation rounds for hydrogen transport and hydrogen storage business models expected to begin in the first half of 2026. ‘This further funding will help to accelerate and strengthen our hydrogen projects towards fruition, permit us to deliver strongly on our collaboration with National Gas and further strengthen our intended submission of applications for government revenue support in the coming year,’ said Chief Executive Officer Stephen Sanderson. CMC Markets UK PLC, trading as CapX, will act as the company’s sole placing agent for the fundraising. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
