UK’s Union Jack Oil to turn stranded gas into Bitcoin

Union Jack Oil’s new Bitcoin mining plan could turn stalled gas wells into early cash flow, potentially paving the way for one of the UK’s first corporate Bitcoin treasuries.

Union Jack Oil, a publicly traded UK energy company, has announced plans to convert natural gas from its West Newton site into electricity to power Bitcoin mining, marking what could become one of the country’s first “oil-to-crypto” monetization projects.

The move could generate early cash flow from wells that would otherwise remain undeveloped, the company said on Thursday in an operations report.

The project is being pursued in partnership with Rathlin Energy and Texas-based 360 Energy, which specializes in turning stranded or flared gas into power for on-site data centers.

Under a non-binding letter of intent, the companies aim to deploy 360’s In-Field Computing technology to begin mining Bitcoin directly at the West Newton A site, subject to regulatory approvals.

If successful, the new project could also lead to Union Jack “introducing a new Bitcoin Treasury strategy,” according to Executive Chairman David Bramhill.

Instead of waiting for full-scale approvals and infrastructure, Union Jack plans to use the gas on-site to power Bitcoin mining rigs, generating early revenue without relying on traditional development timelines.

“Onshore developers and producers have been forced to think outside the box to make progress and deliver growth,” Bramhill said. He described the proposed Bitcoin mining venture as “innovative” and offering “strong scope for a sustainable return.”

This is the first shift in the most efficient way to monetize energy