REG - UK Oil & Gas PLC - Sale of UKOG (GB) Limited

UK Oil & GasAnnouncement

03/07/2025 07:00

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RNS Number : 5041P  UK Oil & Gas PLC  03 July 2025

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.

 

UK Oil & Gas PLC

("UKOG" or the "Company")

 

Sale of UKOG (GB) Limited

 

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that the
Company has agreed the sale of its 100%-owned subsidiary UKOG (GB) Limited
("UKOG (GB)") to Servatec Holdings Limited ("Servatec") for a cash
consideration of £400,000. Servatec are the holding company of a widely
utilised and respected UK onshore oil and gas sector well services and
drilling group. Completion is subject to the normal sector regulatory
consents.

 

UKOG (GB) holds minority non-operated interests in two UK onshore petroleum
licences, a 10% interest in PL211 and a 5% interest in PEDL070, containing the
Horndean and Avington oil fields, respectively. Both licences are located in
Hampshire. The book value of the subsidiary in the 2024 Interim Financial
statements was £635,000. The profit attributable to the subsidiary in the
2023 Annual financial statements was £140,000.

 

Stephen Sanderson, the Company's Chief Executive commented:

 

"This divestment is fully in keeping with the Company's stated transition away
from hydrocarbons into the clean hydrogen storage and production sector, with
the proceeds being utilised to further our subsidiary UK Energy Storage's
material salt cavern hydrogen storage projects in Dorset and Yorkshire. We
wish Servatec well in their future stewardship of UKOG (GB)'s assets."

 

For further information, please contact:

 

UK Oil & Gas Plc

Stephen Sanderson / Matt Cartwright / Kris
Bone
                     Tel: 01483 941493

 

Zeus (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

 

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