Union Jack Oil (ticker: UJO), a U.S. and UK-focused onshore hydrocarbon production, development, exploration, and investment company, plans to monetize gas production at a joint venture discovery site in East Yorkshire through a new bitcoin mining operation.
The UK-listed firm said on Thursday that the joint venture, operated by Rathlin Energy, has entered into a non-binding agreement with Texas-based natural gas offtake and monetization provider 360 Energy to deploy the bitcoin mining infrastructure, as regulatory delays continue to hamper traditional development pathways. A binding, definitive agreement is expected to follow under the same terms.
Following a feasibility study, the proposed initiative would convert gas from existing wells into electricity on-site, powering modular data centres that mine bitcoin, subject to regulatory and third-party approvals, according to a statement. The companies plan to roll out the initiative in phases.
Union Jack said the joint venture partners view bitcoin mining as an innovative way to generate near-term value, offering early production and cash flow ahead of any full gas field development. The company added that initial economic estimates suggest the approach could yield “very attractive returns” from stranded or uneconomic natural gas wells that might otherwise remain unused. The site has been independently assessed to contain nearly 200 billion cubic feet of recoverable gas.
Union Jack’s stock is currently up 1.5% on Thursday at £5.08 (~$6.82) following the news, but remains 44.8% down year-to-date, according to TradingView.
Potential bitcoin treasury adoption
“Alongside our joint venture partners, we are delighted to offer a positive update on the possible development of a gas monetization and bitcoin mining concept at West Newton,” Union Jack Executive Chairman David Bramhill said. “We continue to believe that this asset holds material value which could eventually deliver significant volumes of onshore low-carbon sales gas into the UK’s important domestic natural gas market.”
Bramhill explained onshore energy developers have had to adopt unconventional strategies to overcome challenges and drive growth, adding that Union Jack’s board sees the proposed bitcoin mining concept as a creative approach with strong potential for sustainable returns, which could ultimately support the introduction of a bitcoin treasury strategy if successful.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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