UK Oil & Gas PLC (LSE:UKOG) has secured £3 million through a share placing to support its transition into clean energy, with a focus on hydrogen projects. The funds will be used for engineering studies and collaborations necessary for government revenue support applications, helping the company progress its hydrogen storage and generation efforts and strengthen its position in the renewable energy sector.
About UK Oil & Gas PLC
UK Oil & Gas PLC is evolving from traditional petroleum operations to focus on clean energy, particularly hydrogen storage and generation. The company is shifting its market focus toward renewable solutions, with key projects located in South Dorset and Yorkshire.
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