Union Jack Oil, a UK-listed onshore oil and gas company, is planning to enter the Bitcoin miningsector by using natural gas from its West Newton field to power crypto mining operations. The company has signed a non-binding letter of intent with Texas-based 360 Energy to install mining infrastructure directly at the production site.
This initiative is part of a joint venture with Reabold Resources and Rathlin Energy, with Rathlin acting as operator. The plan aims to generate early cash flow before full-scale gas development begins.
Turning Gas into Digital Assets
Under the proposal, natural gas from discovery wells at West Newton will fuel generators powering mobile data centers for Bitcoin mining. 360 Energy’s In-Field Computing (IFC) technology will first be deployed at the WNA-2 well site, with potential expansion across the field.
The first IFC unit is expected to be installed at the West Newton A site, subject to regulatory and third-party approvals. The partners believe this strategy could produce revenue much earlier than traditional energy project timelines.
Early Monetization Potential
A feasibility study by Rathlin Energy found the plan could deliver “very attractive returns,” especially as some gas wells might not otherwise be part of long-term development plans.
David Bramhill, Executive Chairman of Union Jack Oil, called the move “an innovative and significant near-term value-generating opportunity.” He added that it reflects the company’s creative approach to using underutilized resources effectively.
Navigating UK Energy Regulations
Bramhill noted that UK regulatory delays have been a challenge but expressed optimism that a more favorable stance toward onshore energy is emerging. The company sees this as a hybrid opportunityto combine traditional oil and gas with blockchain-powered digital innovation.
