Business
Unaudited results for six-month ended 31 Mar 2024
Unaudited results for six-month ended 31 Mar 2024.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n\n 28 June 2024\nUK OIL & GAS PLC\n(\"UKOG\" or the \"Company)\n \nUnaudited results for the six-month period ended 31 March 2024\n \nCHIEF EXECUTIVE'S STATEMENT\n \nI am pleased to present the unaudited results of UK Oil & Gas PLC (\"UKOG\") for the six-month period ended 31 March 2024.\n \nThis interim period has been a reflection of our diverse spread of interests, with positive and encouraging activity surrounding the Company's wholly-owned subsidiary, UK Energy Storage Ltd (\"UKEn\") in Dorset. UKEn plans to create a significant 3 Terawatt hour (\"TWh\", equivalent to c. 1 billion m³) hydrogen storage facility in underground salt caverns as a key strategic element of the UK's future hydrogen energy infrastructure.\n \nUKEn's Dorset project has the potential to provide the hydrogen storage needs for the Solent Cluster and Southern England and, if delivered, would be a key enabler for the decarbonisation of an area projected by National Grid to consume 56% of the UK's hydrogen demand by 2040.\n \nOur new Yorkshire project concept has a similar planned strategic storage capability to serve both the nascent Humber and Teesside hydrogen clusters, being a co-located salt cavern site close to these future expected high hydrogen demand areas. It is also within pipeline reach of Sumitomo's planned 590 Megawatt Bacton hydrogen p...