Business
Unaudited results for six-months end 31 March 2026
UK Oil & Gas PLC reported its unaudited interim results for the six months ended 31 March 2026, highlighting a strategic shift towards clean energy infrastructure, particularly geological hydrogen storage. The company raised £5 million through placings in October and November 2025, strengthening its financial position. Significant progress includes memorandums of understanding with National Gas and Wales & West Utilities for hydrogen storage projects in Dorset and Yorkshire. The company also agreed to sell its remaining 85.635% interest in the Horse Hill field and PEDL137 licence to Energy B PLC for £1.0 million, marking a further step in exiting the UK onshore oil and gas sector. Revenue for the period was £0.1 million, with an operating loss of £1.2 million. Total assets stood at £2.6 million, and net liabilities were £2.2 million. Cash and cash equivalents increased to £2.1 million following net proceeds of £4.7 million from equity fundraisings. Disclaimer*
About this update from Uk Oil & Gas Plc
UK OIL & GAS PLC ("UKOG" or the "Company") Unaudited results for the six-month period ended 31 March 2026 UK Oil & Gas Plc (AIM: UKOG) is pleased to announce its Interim Results for the period ended 31 March 2026. A copy of the Interim Results will also be made available on the Company's website: www.ukogplc.com. CHIEF EXECUTIVE'S STATEMENT The six months ended 31 March 2026 represented a period of significant strategic progress as UK Oil & Gas PLC accelerated the transition of its UK business from oil & gas to clean energy infrastructure, focused on strategic scale geological hydrogen storage. During the period, our wholly owned subsidiary, UK Energy Storage ("UKEn"), established important strategic alliances through memorandums of understanding with National Gas and Wales & West Utilities. These relationships are important building blocks in our ambition to support the future development of our planned storage projects in Dorset and Yorkshire. We also continued our engagement with the Dorset Clean Energy Super Cluster ("DCESC") and welcomed the Government's ongoing commitment to developing a UK hydrogen economy, including its support for hydrogen transport and storage infrastruc...