UK Oil & Gas (LSE:UKOG) has reported unaudited interim results for the six months ended 31 March 2026, outlining further progress in its transition from onshore oil and gas production to hydrogen storage infrastructure. During the period, the company restored trading on AIM, raised £5 million through equity placings, completed the plugging and abandonment of a legacy well, and agreed to sell its majority interest in the Horse Hill oil field, marking another step in its planned withdrawal from the UK onshore oil and gas sector.
The group’s subsidiary, UK Energy Storage, continued to advance its hydrogen storage ambitions by signing memorandums of understanding with National Gas and Wales & West Utilities to connect its proposed salt cavern storage facilities in South Dorset and East Yorkshire to future hydrogen transmission networks. Engineering work has confirmed the feasibility of a 24-cavern storage development in South Dorset, while growing industry partnerships, membership of key hydrogen clusters and letters of support are strengthening the projects’ position as strategically important long-duration energy storage assets for the UK’s emerging hydrogen economy.
The company’s transformation reflects a broader strategy to reposition its business towards clean energy infrastructure. By focusing on large-scale geological hydrogen storage and reducing exposure to traditional oil and gas production, UK Oil & Gas aims to play a significant role in supporting industrial decarbonisation and the development of the UK’s future hydrogen network.
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UK Oil & Gas PLC is a UK-based energy company transitioning from conventional onshore oil and gas operations to clean energy infrastructure. Through its wholly owned subsidiary, UK Energy Storage, the company is developing large-scale salt cavern hydrogen storage projects in Dorset and East Yorkshire designed to support long-duration energy storage, industrial decarbonisation and the UK’s expanding hydrogen economy.
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