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Pin to quick picksUK Oil & Gas Regulatory News (UKOG)

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Second Dorset hydrogen storage site

21 Aug 2024 07:00

RNS Number : 1494B
UK Oil & Gas PLC
21 August 2024
 

UK Oil & Gas PLC

("UKOG" or the "Company")

 

Second Dorset hydrogen storage site

 

UK Oil & Gas PLC (London AIM: UKOG) is delighted to announce that, via its wholly owned subsidiary UK Energy Storage ("UKEn"), it has executed a heads of terms covering the 60-year lease of land and subsurface mineral rights for a second underground salt-cavern hydrogen storage facility in south Dorset. The land lies above the thickest onshore part of the Dorset Triassic salt deposit and is also in close proximity to SGN's planned H2 Connect hydrogen pipeline, linking the proposed storage caverns directly to the planned Solent Cluster and the wider southern UK hydrogen super-cluster (see RNS 27th June 2024).

 

Each UKEn hydrogen storage site aims to provide around 6.5-10 Terawatt-hours ("TWh") of working storage per annum, equating to around 10-20% of the UK's estimated 2050 hydrogen storage demand*. UKEn's aim of delivering these key strategic energy infrastructure elements is fully in step with the Government's ambitious target to decarbonise the UK power system by 2030.

 

UKEn will now proceed ahead to finalise the lease agreement, complete salt cavern design studies and commence other works necessary to submit a Nationally Significant Infrastructure Project planning application. The Company also aims to apply for government Revenue Support for at least one Dorset site (see RNS 29th May, 27th June, 2nd August 2024).

 

Stephen Sanderson the Company's Chief Executive commented:

 

"UKEn's new Dorset site is optimally placed to exploit the thickest part of the onshore Dorset Triassic salt deposit, permitting large underground caverns to be emplaced via a modest sized surface facility. Its proximity to SGN's H2 Connect pipeline is deliberate and will ensure storage can be directly linked to the planned Solent Cluster and wider Southern UK hydrogen networks.

 

We look forward to continued collaboration with government to develop these strategic UK energy infrastructure assets and to help make the 2030 UK power decarbonisation target a reality."

 

Note: * National Grid's July 2023 System Transformation Scenario and the Royal Society's September 2023 Large-Scale Electricity Storage Report estimate 2050 UK hydrogen storage demand at around 50 TWh and 60-100 TWh, respectively.

For further information, please contact:

 

UK Oil & Gas Plc

Stephen Sanderson / Matt Cartwright / Guzyal Mukhametzhanova Tel: 01483 941493

 

Zeus Capital Limited (Nominated Adviser and Broker)

James Joyce / James Bavister / Andrew de Andrade Tel:  0203 829 5000

 

CMC Markets (Joint Broker)

Douglas Crippen Tel: 0203 003 8632

 

Communications

Brian Alexander Tel: 01483 941493

 

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this information is now considered to be in the public domain.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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UPDURUVRSWUWUAR
Date   Source Headline
17th Sep 20247:00 amRNSBoard Appointment
9th Sep 20247:00 amRNSSolent Cluster Hydrogen Storage LOS
21st Aug 202412:11 pmRNSResult of General Meeting
21st Aug 20247:00 amRNSSecond Dorset hydrogen storage site
8th Aug 20247:00 amRNSResults of Retail Offer
5th Aug 20244:28 pmRNSNotice of GM
5th Aug 20242:11 pmRNSEmployee Benefit Trust Share Subscription
5th Aug 20248:39 amRNSRetail Offer
5th Aug 20247:00 amRNSPlacing and Retail Offer to fund hydrogen storage
2nd Aug 20247:00 amRNSRWE Letter of Support for UKEn Hydrogen Storage
29th Jul 202411:36 amRNSHolding(s) in Company
26th Jul 20247:00 amRNSHolding(s) in Company
25th Jul 20247:00 amRNSConvertible loan fully repaid
22nd Jul 20244:24 pmRNSHolding(s) in Company
18th Jul 20244:33 pmRNSHolding(s) in Company
15th Jul 20247:00 amRNSChange of Nominated Adviser and Broker
10th Jul 20247:00 amRNSPlacing and termination of convertible loan
28th Jun 202412:27 pmRNSUnaudited results for six-month ended 31 Mar 2024
28th Jun 20247:00 amRNSD&M Horndean Field Resource Report
27th Jun 20247:00 amRNSDorset Hydrogen Storage: SGN LOS
21st Jun 20241:15 pmRNSLoan Reduction Update
20th Jun 202410:20 amRNSHorse Hill Update
12th Jun 202412:49 pmRNSLoan Reduction Update
4th Jun 20247:00 amRNSLoan Reduction Update
29th May 202412:10 pmRNSResult of AGM
29th May 20247:00 amRNSHydrogen Storage Project update: Sumitomo LOS
17th May 20247:00 amRNSLoan Reduction Update
3rd May 20244:28 pmRNSNotice of Annual General Meeting
3rd May 20247:00 amRNSEmployee Benefit Trust Share Subscription
2nd May 20247:00 amRNSLoan Reduction Update
1st May 20247:00 amRNSLoxley Gas Project Update
19th Apr 202411:59 amRNSLoan Reduction via Equity Share Subscription
2nd Apr 20247:00 amRNSAnnual Report for the year ended 30 September 2023
27th Mar 20247:00 amRNSLoxley Gas Project Update
19th Mar 20245:00 pmRNSBroadford Bridge Planning Update
13th Mar 20249:29 amRNSLoan Reduction via Equity Share Subscription
5th Mar 20243:28 pmRNSResult of Reconvened General Meeting
1st Mar 20247:00 amRNSRevised Timetable for Capital Restructuring
23rd Feb 20241:01 pmRNSNotice of General Meeting Resumption
22nd Feb 20244:37 pmRNSEmployee Benefit Trust Share Subscription
16th Feb 20241:54 pmRNSGeneral Meeting Adjournment
2nd Feb 20242:08 pmRNSPinarova-1 Testing Operations Update
1st Feb 20241:53 pmRNSProposed Capital Reorganisation
23rd Jan 20243:48 pmRNSLoan Balance Reduction via Equity Share Issue
23rd Jan 20247:00 amRNSPinarova-1 Testing Operations Commence
12th Jan 20247:00 amRNSSuccessful Placing
11th Jan 20247:00 amRNSTurkey: Pinarova-1 Testing
10th Jan 202411:39 amRNSEquity Share Issue and Reduction in Loan Balance
9th Jan 20242:00 pmRNSCourt of Appeal Upholds Loxley Planning Consent
3rd Jan 20241:04 pmRNSTurkey: Pinarova-1 Operations Re-Commence

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