Overview

• Union Jack Oil and its joint venture partners signed a non-binding letter of intent with Texas-based 360 Energy on August 7 to pilot Bitcoin mining at the WNA-2 well of the West Newton field.
• The pilot will deploy 360 Energy’s modular In-Field Computing data centers to turn raw natural gas into electricity to power on-site cryptocurrency mining rigs.
• By monetizing nearly 200 billion cubic feet of stranded 2C gas reserves, the project aims to generate early cash flow without waiting for full field development.
• Union Jack’s board is considering a corporate Bitcoin treasury strategy if the mining initiative proves successful and scalable across the wider field.
• Commencement of operations depends on securing local council and national planning approvals under the UK’s fragmented onshore development framework.