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UKOG has now raised £4.5 million at 0.30p, leaving the company debt-free and with its biggest cash balance in years. That’s enough to pay for the technical/economic studies, FEED prep and revenue-support applications on its hydrogen salt-cavern portfolio.

These aren’t tiny projects. The UK Government’s Hydrogen Strategy set aside £20 billion+ for carbon capture, hydrogen production and storage support, with the Hydrogen Storage Business Model (HSBM) due to launch its first funding rounds through 2026.

If UKOG can move its caverns through FEED and secure a HSBM revenue support contract or a joint venture with a major infrastructure/energy player, the valuation could change overnight – you don’t stay at a £10-15 m cap once you have a state-backed, 15-20 year revenue contract or a Tier-1 partner sharing capex.

TR-1s will be the next tell – with nearly 1 billion shares = 3 % of the new total (~£300k at placing price), any serious institutional or HNW buyer who keeps their stake will have to declare after 8–9 Oct. Seeing credible names on the register could light a fire under the SP.

Short-term, the share price may stay noisy while forward-sold stock clears, but the company is now funded to chase exactly the catalysts that cause true re-rates:

government-backed revenue, JV partners, or long-term hydrogen storage contracts in a sector the UK is pumping billions into.

Sometimes the best move after this kind of reset is to stop watching every tick and wait for those material RNS events – that’s when the games stop and real valuation steps in.

Placings this week have been grim, no argument – but a few realities worth noting:

£4.5m raised in a week, all at 0.30p, no extra discount and no debt. That’s more cash than UKOG has seen in years and leaves it funded for the hydrogen pivot without borrowings hanging over it.

RNSs are clear the cash is to finish the technical / economic studies, FEED prep and government revenue-support applications (HSBM). If they can get those done and land a JV or state-backed revenue deal, that’s a genuine re-rate trigger.

Huge liquidity – >20B shares traded in a few days. That is not just small PIs being milked; retail simply can’t turn over that kind of volume or write £4.5m cheques in three days. There are clearly bigger players taking stock here.

Last accounts were weak, but now the company is debt-free and cash-rich for the next stage, which is a stronger base than most AIM juniors trying to pivot.

Yes, dilution hurts and the placing mechanics stink – but this isn’t just a PI cash grab. The scale and speed suggest institutions/HNWs were willing to fund at 0.30p. If this £4.5m really carries UKOG through FEED and into a government-backed contract or JV, the reset could finally stick and the next move will be about delivery and news flow, not survival funding.

For anyone watching the dilution play out this week, a quick timeline and what it means:

£3m placing @0.30p (2 Oct) – shares due to be admitted 8 Oct

£0.5m tap @0.30p (3 Oct) – admission 9 Oct

£1m subscription @0.30p (4 Oct) – also 9 Oct

By the end of 9 October the company’s share count will jump from ~18 B to about 33.25 B – nearly 45 % dilution in one week.

Once those new shares settle, anyone still holding 3 % or more of the enlarged total (≈1 B shares) must file a TR-1.

If you see TR-1s next week it means those investors are actually long.

If we don’t, it usually means the stock was forward-sold (placees sold down under 3 % before settlement to lock a margin).

Either way, next week’s admissions will show who’s really in for size and whether the overhang clears or we just had a big forward-selling churn.

Lot of noise here today – people re-hashing old UKOG history, doom-saying and pointing at every tick. Fair enough, but the truth is the day-to-day price will always be played with on AIM: forward sellers, market makers, and flippers will push it around.

My plan isn’t to stare at the SP every five minutes – it’s to wait for material confirmation events that force the market to re-price overnight. Examples of what would do that:

A binding Joint Venture agreement with a major infrastructure or energy partner on the hydrogen salt cavern assets.

Government revenue support approval under the Hydrogen Transport & Storage Business Model (HSBM) scheme – essentially locking in a long-term, state-backed income stream.

A 15–20 year offtake or storage contract signed with National Gas or another industrial hydrogen user.

FEED / full development sanction backed by funding or grants that move the project from concept into build.

Any of those would instantly change valuation math – you don’t trade at fractions of a penny once a project has guaranteed state-backed revenue or a Tier-1 partner sharing capex. Until then the price will swing on sentiment and short-term placing games, but material news will trump MM games in a heartbeat.

That’s the risk/reward here: let the noise play out, stay alert for RNS that confirm real contracts, funding or JVs - that’s when the rerate can happen fast.

Worth clearing up what’s really happened over the last 48 hrs.

Yesterday (2 Oct) – UKOG raised £3m at 0.30p to fund its pivot into hydrogen salt-cavern storage and generation, including the new MoU with National Gas.

Today (3 Oct) – the company RNS’d that, “due to further institutional demand”, it has accepted another £0.5m at the same 0.30p, adding ~1.66 b shares. Proceeds are specifically to accelerate and strengthen the technical/economic studies, FEED work and government revenue-support applications (Hydrogen Storage Business Model rounds start H1 2026). CEO SS confirmed the extra funds “will help accelerate and strengthen our hydrogen projects towards fruition.”

So yes, it’s another placing and yes it’s frustrating – but it’s not a lower price and it’s clearly stated as funding to fast-track the NG hydrogen collaboration and the revenue-support bid. On AIM this usually just means brokers and placees forward-sold some of yesterday’s stock and asked for a small tap to tidy up.

It’s dilution, no way round that – but it also means UKOG now has ~£3.5 m raised, fully funds the shift away from legacy oil, and can deliver the studies needed to go for government-backed hydrogen storage revenue support. Once this extra block is admitted the forward-selling overhang should be gone and the share price can trade on the actual hydrogen project news rather than placing mechanics.

To all the doomsayers - I'm losing money on my VAST investment at the moment.. why aren't you over there helping protect my shiny pennies? Why is it only UKOG you're trying to protect me from myself on? Strange! 😂😂

We’ve finally broken the long 0.33–0.35 area and I know it looks ugly, but a couple of things stand out:

Volume is still low for a 4 billion share company. A few million shares changing hands in an illiquid book can push the price a long way. There’s no sign of a huge flush of stock or a panic exodus – just weak hands hitting bids.

Some decent sized prints have actually gone through above mid. One trade today was ~£50k and yet the price still finished red – classic AIM illiquidity where a few small sells outweigh a bigger buy because the MMs don’t bother moving the quote.

We’ve seen this pattern before: shakeout on low conviction while people chase hotter tickers, then price drifts until news.

What’s waiting in the wings

The company raised heavily earlier this year to fund diamond beneficiation. Cash burn should be far lower with mines shut/maintenance only.

The long-running Romanian reorganisation has kept creditors onside – no sign they’re pushing for aggressive action while the diamond route plays out.

Baita Plai licence was renewed for five years; government clearly wants continuity, not liquidation.

Diamonds are cleaned, sorted and (per AP) heading into auctions Sept/Oct. Even a partial sale gives the company optionality and cash runway.

Audited results are due by end-October; debt updates will have to be disclosed.

Placing risk is always there on AIM but feels lower after the earlier raise and warrant cash – they’ve had funds to keep the lights on while maximising diamond value.

Bottom line

Today’s drop looks more like a low-volume shakeout and market-maker games than fundamental news. Yes, AIM is AIM and a placing can appear out of nowhere, but with burn reduced, creditors patient, diamonds in hand and results due soon, there’s a solid set of upcoming catalysts.

GL

After yesterday’s 300 % relist surge on the MoU news, today’s 0.30p placing caused the expected gap-down — but the market soaked it up fast. Over 11.7 B shares traded, and we closed ~25 % above the placing price at 0.37p.

Short-term flippers appear to have been cleared, and any shorts leaning on the placing price may have been forced to cover. Technicals are turning: MACD curling up, RSI back through 50–70, and price reclaiming the short MAs.

With the company now funded and focused on hydrogen salt-cavern storage & generation (its new core business), cash burn should be far lower as it sheds legacy oil assets. The huge liquidity today suggests the market is resetting and ready to value UKOG on its energy-transition story rather than the past.

Strong close above the placing level = very constructive base forming. Any continued momentum could see the stock re-test the 0.05–0.06p zone where it paused yesterday.

Thanks for the heads-up noswej, 30m purchase this morning at 0.0325 👌

P.S, past performance is no indicator of future performance 😉

Can't buy for .32, 2.30pm bounce inc

There's the reason for the shake out, filling the 50k order. 🤦‍♂️

Now I can sell at .30 and buy for .31, flushing out sales? If we end green for a Friday rns or Monday then that would be nice.. so long as it's not a placing..

Very usually rapid drop here on very little volume. Dropped below support, delaying trades, feels a lot like pre placing sales being flushed into the market knowing they can buy them back mid placing. Either that or people selling to chase the rocket risers elsewhere.

I hope the auction results come out soon, or positive news before a placing, catching all the sellers out.

Concerning that we spend months locked in one price, vast releases an 'auctions imminent ' rns, and now we're falling.

GLA

Last one from me for a bit, but from what I've dug up;

A lot of hydrogen names are announcing MOUs, but most are small-scale – ports, local distribution, or single production tech trials.

Very few companies have secured an MOU directly with National Gas Transmission – the UK operator building out the Project Union 100% hydrogen backbone.

UKOG (via wholly-owned UKEn) now has that link for BOTH of its major projects:

South Dorset – 24 planned salt caverns for large-scale hydrogen storage.

East Yorkshire – additional cavern storage tied into the national grid.

This is a much bigger, more integrated play: full-scale underground storage plus national transmission tie-in. It positions UKOG as part of the UK’s core hydrogen infrastructure, not just a local demo.

That scope matters: when government starts allocating Hydrogen Transport & Storage Business Model contracts and grants (H1 2026 first round), projects that already align with the national backbone and have National Gas on board should have a serious edge.

Add to this: UKOG is now debt-free, cashed up (~£4m), and has shed non-core oil assets to reduce burn. They still hold 85% of Horse Hill for optional cash flow if planning returns.

Bottom line:

UKOG isn’t just another small hydrogen hopeful. It’s one of the few with a direct MOU with National Gas and a plan that covers storage and backbone integration – exactly what government wants to fund for long-term UK hydrogen security.

GLA

Debt free: The July 2024 RNS confirmed the RiverFort/YA convertible facility was fully repaid. No bank debt hanging over the company.

Fresh cash runway: Yesterday’s £3m raise (on top of c.£1m cash YE 2024) gives UKOG ~£4m+ to move its hydrogen pivot forward and cover required petroleum commitments. Removes the near-term funding overhang.

Lean, focused business: The sale of non-core UKOG (GB) Ltd (Horndean & Avington) brought in cash and strips out loss-making legacy oil. Burn should fall sharply now that management isn’t trying to run multiple small petroleum fields.

Hydrogen transition is the core play: Annual Report made it clear the South Dorset and Yorkshire salt-cavern hydrogen storage & generation projects are the company’s future.

Strategic positioning: Wholly-owned UKEn has signed an MOU with National Gas to align Dorset/Yorkshire storage with the UK’s 100% hydrogen backbone (“Project Union”). Puts UKOG in the running for the government’s Hydrogen Transport & Storage Business Model revenue contracts.

Government tailwinds: First hydrogen storage allocation round expected H1 2026, with multi-£100m support on offer. UKOG’s early mover status could be a big advantage.

Legacy upside still there: UKOG still controls ~85% of Horse Hill. If they resolve the planning/EIA issue, even modest oil cashflow could help self-fund hydrogen and cut dilution risk further.

Clean slate after write-downs: The big 2024 impairments mean the balance sheet now better reflects reality; fewer zombie assets draining value.

Bottom line:

UKOG is now debt free, cashed-up, and streamlined, with a clear focus on hydrogen storage – but still keeping the optionality of Horse Hill. For a micro-cap energy transition play, this looks far stronger than it did a year ago and is now set up for the next newsflow: planning updates, hydrogen subsidy rounds, and potential strategic partners.

The UKOG story just got interesting again.

85% Horse Hill ownership remains with UKOG – the recent sale of UKOG (GB) Ltd was non-core Horndean/Avington; Horse Hill stays in the group. If planning is reinstated after the Supreme Court emissions ruling, HH could restart production and throw off real cash.

Fresh £3m funding secured – placing done and dusted. Gives runway to progress hydrogen storage without an immediate funding overhang.

Pivot to future energy is real – wholly-owned UKEn driving two large salt-cavern hydrogen storage hubs (South Dorset & East Yorkshire).

Strategic MOU with National Gas – UKEn’s Dorset & Yorkshire sites now aligned with the UK’s planned 100% hydrogen backbone (“Project Union”). Positions UKOG for the government’s hydrogen transport & storage business models.

Government subsidy potential – UK is rolling out multi-£100m support for hydrogen storage/transport. First allocation round expected H1 2026. UKOG now well placed to compete for 15-yr revenue support contracts and capex grants.

Legacy oil could fund the transition – if Horse Hill returns online, even modest cash flow strengthens the balance sheet and helps reduce future dilution.

Suspension risk resolved – accounts now filed, trading resumed. Clears a key cloud that weighed on sentiment.

Multiple news catalysts ahead – planning updates for Horse Hill & Dorset/Yorkshire storage, government hydrogen support announcements, possible new strategic partners/offtakers, and progress on engineering studies.

Small cap, yes. Risky, yes.

But UKOG now has cash in the bank, a credible hydrogen pivot with national grid alignment, legacy oil optionality, and big government support rounds coming.

For those who like early-stage energy transition plays with multi-bagger potential if execution lands, this could be an interesting entry point.

Missed the rocket yesterday, after researching last night I was going to get in regardless.. luckily avoided dilution but all the positives remain - I've gladly taken 30m shares this morning GLA 👌

Oddly enough it's now showing 40m trade at .31499

Yet not showing on lse or IG trade volumes.

Very strange.

Yeah maybe at the moment I was trying to put a buy order in the spread was causing it to show unavailable? Absolute tool.

Also 27m trade at 4.24pm today showing on Google. Dropped the price to fill this order?

Spread is .29 / 0.31

I can sell 8m for .309

Can't buy 100k shares.

GLA shakeouts in full swing! Before you hit the seller button make sure you test the dummy buys!!

ORCP 0.9 to 0.6 in an hour this morning. Good shout ASI