Business
Annual Report for the year ended 30 September 2023
Annual Report for the year ended 30 September 2023.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n\nUK Oil & Gas Plc\n(\"UKOG\" or the \"Company\")\n \nAnnual Review and Accounts for the year ended 30 September 2023\n \nUK Oil & Gas Plc (AIM: UKOG) is pleased to announce its full year results for the full year ended 30 September 2023. A copy of the full annual report has been posted to shareholders. A copy of the full annual report will also be made available on the Company's website: www.ukogplc.com\n \nSTRATEGIC REPORT FOR THE YEAR ENDED 30 September 2023\n \nOUR BUSINESS\n \nUK Oil & Gas Plc (\"UKOG\" or the \"Company\") aims to build a sustainable oil and gas production base that can help deliver its new UK hydrogen storage business as part of the UK's transition to Net Zero and which will act as a springboard to further worldwide growth opportunities in the hydrogen space. \n \nIn May 2022, the Company's wholly-owned subsidiary, UK Energy Storage Ltd (\"UKEn\"), signed an Agreement to Lease with Portland Port Limited covering two sites at the former Royal Navy port in Dorset, with the intent to develop, subject to new planning consent and securing necessary development finance, a planned integrated Energy-Hub, centred around hydrogen-ready gas storage and a future green hydrogen generation capability.\n \nThe government's newly announced one year acceleration of the first hydrogen storage allocation round to Q3 2024 against the prior Q3/Q4 2025 timeline, also necessitates the Company to accelerate its Portland project schedule. In order to prepare and submit a bid for an allocation award, the round's timetable necessitates an acceleration of specific conceptual design, pre-FEED and environmental/ecology works during 2024. The Company is also in discussion with several significant potential international investors with regard to their participation in the Company's hydrogen storage project.\n \nOur current oil and gas operational focus is on the UK and Turkey onshore sectors. UKOG has operated safely and environmentally responsibly in the UK since 2013.\n \nOur current UK onshore portfolio consists of direct and indirect interests in five oil & gas exploration, appraisal, development and production assets, all situated within the Weald and Purbeck-Wight Basins of southern England. We are the largest acreage holder in the south of England, with assets cov...