I’m still investigating5 Aug 2024 10:26
UK Oil & Gas (UKOG) announced that it has conditionally raised gross proceeds of £1.0 million by means of a placing at a price of 0.05 pence per share. The Placing’s proceeds will be directly employed to further specific activities required to materially advance the Company’s hydrogen storage projects. Specifically, it will permit the Company to initiate essential new studies, including but not limited to environmental surveys, engineering studies and other works necessary to submit applications for: (i) government Revenue Support in the first hydrogen storage allocation round and (ii) Development Consent Orders under the Nationally Significant Infrastructure Project planning regime.
Comment: It would appear that as far as UKOG is concerned, a leopard cannot change its spots with regard to placings, and even if it assured us that it was debt free. It is now even more debt free with another £1m in the kitty.