UK Oil & Gas PLC (LSE:UKOG) has completed the sale of its fully owned subsidiary, UKOG (GB) Limited, to Servatec Holdings Limited for £400,000. This move supports UKOG’s strategic realignment toward clean energy, with a particular emphasis on hydrogen storage and production projects. The funds generated from the divestment will be reinvested to advance its hydrogen storage developments.
This transaction underscores UKOG’s commitment to shifting away from conventional hydrocarbon operations, focusing instead on sustainable energy solutions, which may influence its future market positioning and stakeholder engagement.
About UK Oil & Gas PLC
UK Oil & Gas PLC operates within the energy sector, with a growing focus on clean hydrogen storage and production. The company is actively developing hydrogen storage projects in salt caverns located in Dorset and Yorkshire, marking its transition from traditional oil and gas activities toward renewable energy technologies.
Leave a Reply