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Sale of UKOG (GB) Limited

3rd Jul 2025 07:00

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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END
 
 
DISUUSBRVAUBRAR

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