UK Oil Firm Explores Bitcoin Mining to Monetize Stranded Gas, Eyes BTC Treasury Strategy
Union Jack Oil (LSE: UJO) has announced plans to turn unused natural gas at its West Newton site in East Yorkshire into electricity for on-site bitcoin mining. The move comes under a non-binding agreement with Texas-based 360 Energy, a specialist in natural gas monetization, as regulatory delays continue to slow traditional gas development projects.
The joint venture, operated by Rathlin Energy, would power modular data centers directly from existing wells, with the rollout planned in phases pending regulatory and third-party approvals. An independent assessment estimates the site contains nearly 200 billion cubic feet of recoverable gas.
Union Jack Oil says the initiative could provide early production revenue from gas that might otherwise remain untapped, with initial studies pointing to “very attractive returns.” Executive Chairman David Bramhill added that, if successful, the venture could pave the way for a bitcoin treasury strategy.
The company’s shares rose 1.5% to £5.08 ($6.82) following the announcement, though they remain down 44.8% year-to-date.