AIM-listed UK Oil & Gas (UKOG) has announced its Interim Results for the period ended 31 March 2026. A copy of the Interim Results are available on the Company's website: www.ukogplc.com.

CHIEF EXECUTIVE'S STATEMENT

The six months ended 31 March 2026 represented a period of significant strategic progress as UK Oil & Gas PLC accelerated the transition of its UK business from oil & gas to clean energy infrastructure, focused on strategic scale geological hydrogen storage.

During the period, our wholly owned subsidiary, UK Energy Storage ('UKEn'), established important strategic alliances through memorandums of understanding with National Gas and Wales & West Utilities. These relationships are important building blocks in our ambition to support the future development of our planned storage projects in Dorset and Yorkshire.

We also continued our engagement with the Dorset Clean Energy Super Cluster ("DCESC") and welcomed the Government's ongoing commitment to developing a UK hydrogen economy, including its support for hydrogen transport and storage infrastructure. We continue to monitor the evolution of the Government's hydrogen policy framework and believe that our Dorset and Yorkshire salt cavern storage projects are well positioned to support the UK's future clean energy infrastructure and industrial decarbonisation objectives.

From a corporate perspective, the restoration of trading in the Company's ordinary shares on AIM on 1 October 2025 was followed by successful placings in October and November 2025, raising £5 million. These funds have strengthened the Company's financial position and are supporting further technical and economic studies across our hydrogen storage portfolio.

During the period, we also successfully completed the Plugging and Abandonment ("P&A") of the Broadford Bridge-1/1z well, demonstrating our commitment to responsibly managing our legacy oil and gas assets.

As part of our strategic transition, the disposal of UKOG (GB) Limited became effective on 3 December 2025 following approval from the North Sea Transition Authority ("NSTA"). Subsequently, in June 2026, the Company agreed the sale of its entire 85.635% interest in the Horse Hill field and surrounding PEDL137 licence to Energy B PLC for £1.0 million, subject to customary regulatory approvals. This proposed transaction represents a further milestone in our planned exit from the UK onshore oil and gas sector and will enable management and financial resources to be fully focused on our hydrogen storage projects and new international energy opportunities under review.

I am most encouraged by the progress achieved during the period. The strategic partnerships established by UKEn, our strengthened financial position, plus the proposed disposal of our remaining UK onshore oil and gas interests, provide a solid foundation for the next phase of the Group's development. The Company is now well positioned to pursue opportunities in the UK's emerging hydrogen economy and in other already identified international energy projects.

OPERATIONAL REVIEW

Health, Safety and Environment

There were again no Lost Time Injuries, reportable environmental incidents or health issues on any of UKOG's sites during the period or post period. The operational team maintain focus on health, safety, and environmental performance as it is number one priority.

Ongoing liaison continues with the Health and Safety Executive and the Environment Agency ("EA") to ensure the Horse Hill site maintains its regulatory obligations.

Long Duration Energy Storage (LDES) Assets

In October 2025, UK Energy Storage Ltd ("UKEn") has executed Memoranda of Understanding ("MOUs") with National Gas Transmission plc ("National Gas") and Wales & West Utilities Limited ("WWU"), strengthening the strategic positioning of its hydrogen-ready gas storage portfolio.

The MOU with National Gas establishes the parties' intent to collaborate on the development of Project Union, the proposed national 100% hydrogen transmission backbone, and its direct connection to UKEn's planned onshore salt cavern hydrogen storage projects in East Yorkshire and South Dorset.

The collaboration is intended to support potential joint engagement under the Government's Hydrogen Transport and Hydrogen Storage Business Model ("HT&SBM"), with allocation rounds scheduled to commence in 2026. National Gas recognises the importance of large-scale hydrogen storage in buffering supply and demand and enabling efficient operation of a national hydrogen pipeline system.

Project Union's first phase, currently targeted for operation by 2032, is expected to connect the East Coast hydrogen cluster, with envisaged routing also facilitating UKEn's East Yorkshire project. National Gas and UKEn both recognise that UKEn's planned South Dorset storage would be critical to facilitate Project Union's connection to the south, southwest of England and south Wales. The South Dorset project being, to date, the sole planned national scale hydrogen storage node in southern England offering strategic importance for the development of a national hydrogen economy. The south coast location also offers itself a key enabler for potential future maritime import and export to national networks.

In March 2026, UKEn also executed an MOU with WWU, the principal gas distribution network operator for Wales and the South West of England. This MOU provides a framework for collaboration on the development of a future hydrogen pipeline connection between WWU's proposed HyLine South West hydrogen transmission system and UKEn's planned South Dorset hydrogen-ready gas storage facility

The parties intend to work together to support potential joint applications under the HT&SBM, recognising the need for coordinated development of hydrogen transport and storage infrastructure.

Together, these MOUs demonstrate growing engagement from both national and regional gas network operators and reinforce UKEn's pivotal role as a potential provider of nationally significant hydrogen storage infrastructure, supporting the development of a resilient UK hydrogen economy.

Letters of support for UKEn's hydrogen storage projects in Dorset and East Yorkshire were received during the year from Sumitomo, SGN, RWE and The Solent Cluster. UKEn also became a founding member of the Dorset Clean Energy Super Cluster, centred on Portland Port, joined Hydrogen South West (HSW), became members of the UK Ammonia Alliance (UKAA) and continued an active programme of regulatory, political and stakeholder engagement.

Joining the UK Ammonia Alliance strengthens UKOG's participation in the rapidly developing hydrogen and ammonia value chain. This is highly complementary to UKEn's proposed Dorset hydrogen storage projects and Portland Port's potential role as a key import, export and distribution hub for future clean energy markets.

South Dorset Long Duration Energy Storage (UKEn 100%)

DEEP.KBB GmbH, one of Europe's leading salt cavern design and underground energy storage engineering groups, completed preliminary project design for the Company's proposed new South Dorset underground hydrogen storage facility, located west of Weymouth.

The design confirms the suitability of the site for a material scale hydrogen storage project, comprising 24 salt caverns (three clusters of 8 caverns) at a depth of ~1330m below surface. The project is fully in keeping with the Government's Clean Power 2030 ambitions.

The Company also continues to review additional strategic Dorset storage locations and collaboration that further enhance the Dorset portfolio development and optionality.

The company's South Dorset hydrogen projects are now positioned at the core of the ambitious £28 billion Dorset Clean Energy Super Cluster (DCESC), officially launched at UKREiiF in May 2025. With full backing from Dorset Council, the cluster brings together clean hydrogen production and storage, 2 GW of offshore wind in the English Channel, carbon capture and storage (CCS), and the development of a new deepwater facility for wind farm fabrication and maintenance-all centred around Portland Port. The company is actively collaborating with the DCESC team to advance its projects, strengthen stakeholder engagement, and build both regional and national political support.

The Company also continues to review additional strategic Dorset green hydrogen production opportunity that further enhance development optionality in the region.

East Yorkshire Hydrogen Storage (UKEn 100%)

The Company is planning a further hydrogen storage project in East Yorkshire, located nearby to the existing SSE Thermal/Equinor Aldbrough gas storage site. Technical studies and land acquisition efforts moving forward in order to mature the project to sufficient levels to achieve the eligibility and assessment criteria for the hydrogen transport and storage business model (HT&SBM) allocation rounds.

The Company is engaging DEEP.KBB to undertake a concept feasibility study for an East Yorkshire development and we look forward to sharing the results once completed.

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Source: UKOG