UK OIL & GAS PLC

Business and Financial Review • Jan 26, 2023

National Storage Mechanism | Additional information

RNS Number : 8969N

UK Oil & Gas PLC

26 January 2023

Reach

UK Oil & Gas PLC

("UKOG" or the "Company")

Meeting with Energy Minister Rt Hon Graham Stuart

Stephen Sanderson, chief executive of UK Oil & Gas PLC and its wholly owned subsidiary UK Energy Storage ("UKEn"), enjoyed an encouraging meeting yesterday in Parliament with the Minister of State for Energy and Climate, the Rt. Hon. Graham Stuart MP and the MP for South Dorset, Mr Richard Drax, who facilitated the event. The meeting covered all areas of UKEn's energy storage hub project at Portland Port in Dorset.

Discussions included the need for more strategic level energy storage, both natural gas and hydrogen, as a fundamental part of the solution to the post-Ukraine energy crisis, the energy transition and future UK green energy independence.

Delivery of Portland's strategic level underground salt cavern storage, the largest planned in the UK onshore, would, if delivered, double the UK's onshore storage capacity and would be built to handle both hydrogen and natural gas from inception.

Mr Sanderson said: "It was important to gain the support of the Minister for our project and to learn more about the Government's plans to provide a workable business model to attract investment into vital energy storage infrastructure."

"I look forward to taking these discussions further with the Minister, Mr Drax and their teams. I am most grateful to both for their time and enthusiasm for our project."

For further information, please contact:

UK Oil & Gas PLC
Stephen Sanderson / Allen D Howard		Tel: 01483 941493
WH Ireland Ltd (Nominated Adviser and Broker)
James Joyce / Andrew de Andrade		Tel: 020 7220 1666
Communications
Brian Alexander		Tel: 01483 941493

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