Member Info for ocelot

It's a medium term project with important milestones lining up in the short term so all depends upon the share price, which is near the bottom of its recent range.

Https://uk.rwe.com/innovation/hydrogen/

No further word from the company, for the present.

"At the request of the company, trading on AIM for the under-mentioned securities has been temporarily suspended from 19/05/2025 12:10pm, pending an announcement and publication of an admission document". (Suspension RNS of 12:10, 19/05)

RWE signed one of UKOG's LOSs, that of 09/09/24:

Nick Stapley, Hydrogen Business Development Manager at global energy investor, RWE Generation, said:

"RWE supports Ofgem’s decision in awarding FEED funding to National Gas for Project Union: St. Fergus to Teesside and Project Union: North West projects ...

RWE’s view is that a hydrogen backbone pipeline network is essential and necessary for an inclusive and successful hydrogen economy. Enabling the connection between hydrogen production, demand and storage, plus other distribution networks, creates a landscape for hydrogen uptake to be accelerated; it is inclusive for all hydrogen offtakers irrespective of size and geography.”

11% threshold crossed yesterday.

The minister is responsible for: ...

all departmental business in the House of Lords

From his speech of 05/11:

"That is why we have been sprinting to achieve clean power ...

And kickstart our hydrogen and carbon capture industries across the country ..."

Https://www.gov.uk/government/people/michael-shanks

Hydrogen features in the list of his responsibilities.

In the case of UKOG, their 6 months took them through to 30/09 inclusive. They published their delayed annual and interim figures at 18:00 on 30/09 (and RNS'd an MOU with National Gas at 08:45 the following day, which led to their restored share price quadrupling).

Better volume: 518.1m shares.

25/05/24: Sumitomo's LOS; 27/06/24: SGN's LOS; 02/08/24: RWE's LOS; 09/09/24: the Solent Cluster's LOS; 27/01/25: DEEP.KBB's preliminary project design; 01/10/25: MOU with National Gas; ...

Extract from the RWE LOS RNS of 02/08/24:

Mr Jeremy Smith, RWE UK's Head of Hydrogen Business Development commented in the LOS:

" ... In support of this proposal, we have committed to working with UKEn to ensure that the design and delivery of the storage facility meets the needs of RWE and other potential industry users ..."

https://ir-api.eqs.com/storage/ir/5f582a/tools/4aa2fcc5-3e50-4ee3-8792-ea29d2011384/irpages2.html?newsId=2df52dcf-2c0d-492f-965b-20677cd8a293&t=1234

In support of this proposal we have committed to working with UKEn to:

• Ensure supply from the Bacton Energy Hub can contribute to future hydrogen storage capacities

• As far as is practicable, ensure the project schedules are aligned

• Help promote the benefits of a hydrogen economy and the part both the Bacton Hydrogen

Project and UKEn’s Hydrogen Storage Projects can contribute to this

• Identify the opportunities that can be realised between the projects to create new low carbon

energy infrastructure in a sustainable fashion

• To continue to cooperate with UKEn with a view to SEEL or Sumitomo investing in UKEn’s future

hydrogen storage projects

Note that at no stage have the owners of the group of producing assets in the Gulf of America/Mexico withdrawn from the RTO discussions.

This is available on UKOG's home page and was written before the change of government and when Portland was still the focus of UKOG's ambitions in the South.

It was the first letter of support received by UKOG, followed by SGN (27/06/24), RWE (02/08/24) and the Solent Cluster (09/09/24)::

https://www.ukogplc.com/ul/20240524%20LOS%20Portland%20Storage%20Project_Final_V2%20.pdf

Https://deep-kbb.de/?en

"... is there anything published about the expected revenue from the project and payback period?"

Can't be done until the government decides on the storage revenue model (the reason Centrica's potential £2bn investment in Rough is stalled).

"... how does UKOG raise its share of this (the projected total project cost)?"

We don't yet know what its share will be.

It's a long-term project so there will be no need to raise up front all of the total estimated project cost.

Stephen Sanderson, the Company's Chief Executive, commented:

"DEEP.KBB's Design work demonstrates that the South Dorset Site has the potential for far greater future revenues and profitability versus the Company's original and otherwise robust Portland hydrogen storage project. It is, therefore, also likely to be a more compelling case for government revenue support in the forthcoming hydrogen storage procurement process, ... Consequently, our efforts will now be focussed upon this material project and its northern sister in East Yorkshire, both of which plan to utilise simple and proven cushion gas operating technology."

https://ir-api.eqs.com/storage/ir/5f582a/tools/4aa2fcc5-3e50-4ee3-8792-ea29d2011384/irpages2.html?newsId=b64e37cc-bd6d-4403-83df-f653962fd452&t=1234

... Globally this

year, around $2.2 trillion is being invested in clean technology, twice as much as fossil fuels. ...

Over £50 billion of private investment into clean

energy has been announced since July 2024.

https://assets.publishing.service.gov.uk/media/6900f929ab5cc9c893799502/unlocking-benefits-of-clean-energy-economy.pdf

Agreed that the funds are there, TH2, one just has to look at Centrica's Rough: they have £2bn to invest but are awaiting a decision from government concerning the storage revenue model.