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LONDON - UK Oil & Gas Plc (AIM:UKOG) announced Tuesday that trading of its shares is expected to resume following the publication of its annual report for the year ended September 30, 2024, and its 2025 interim results.
The company’s shares had been suspended from trading for approximately six months. According to the statement, trading will resume once both financial reports are available on the company’s website.
In conjunction with the financial reporting, UKOG disclosed that it has impaired its petroleum assets as part of its strategic transition away from the oil and gas sector. The company is pivoting toward hydrogen storage and clean power projects, which will constitute its core focus moving forward.
"The Company decided that it was correct to impair its petroleum assets at this point so that the decks are clear for the Company’s clean power future," said Stephen Sanderson, UKOG’s Chief Executive, in the press release.
The company stated it plans to submit applications for government revenue support for its hydrogen projects in the coming year.
UKOG indicated that copies of the full annual report will be posted to shareholders and made available on the company’s website.
The announcement was approved by Kris Bone, UKOG’s Chief Technical Officer, who has 28 years of experience in the global petroleum industry and is a Chartered Chemical Engineer and Petroleum Engineer.
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