U.K. listed oil and gas company Union Jack Oil intends to with partner with a joint venture to deploy Bitcoin mining facilities at a West Newton gas field. Will it lead to a Bitcoin treasury?
Summary
- Union Jack Oil has signed a letter of intent to deploy with Texas-based 360 Energy to deploy Bitcoin mining facilities in West Newton.
- Executive Chairman of Union Jack said the firm may start a Bitcoin treasury if the initiative proves successful.
According to a press release, the plan is still in its early stages, with the U.K firm signing a non-binding letter of intent or LOI with the Texas-based firm 360 Energy, a natural gas offtake and monetization provider. Under the terms of the LOI, both firms will work towards converting the natural gas produced at West Newton to power on-site data centers.
West Newton is estimated to contain nearly 200 billion cubic feet of gross recoverable 2C gas resources, according to an independent assessment undertaken by Renewable Portfolio Standard in 2022 cited by the document.
Through the joint venture, the two firms hope to generate revenue from Bitcoin (BTC) production powered by natural gas-supported data centers.
The initiative is part of a feasibility study conducted by Rathlin Energy Ltd, operator of the PEDL183 license, which includes the West Newton gas discoveries. Union Jack holds a 16.665% working interest in the project, which is operated by Joint Venture partners by Rathlin Energy.
The strategy being considered at the moment involves generating electricity from natural gas extracted from existing wells at West Newton, which would then be used to operate cryptocurrency mining equipment directly on-site.
The proposed plan would initially focus on the WNA-2 well at the West Newton A location, with the possibility of expanding into other parts of the field. The joint venture involved views this strategy as a way to generate early cash flow ahead of any decision on full gas field development.
Is a Bitcoin treasury on the horizon?
Executive Chairman of Union Jack, David Bramhill, said that if West Newton venture proves successful, the board of Union Jack Oil is considering the possibility of establishing a Bitcoin treasury strategy.
“The Board of Union Jack believes this proposed concept to produce Bitcoin through mining operations is innovative, offers strong scope for a sustainable return and could lead to the Company introducing a new Bitcoin Treasury strategy, on success,” said Bramhill.
However, considering the plan is still in its early stages, the strategy remains unclear. Bramhill stated that the board will continue to update shareholders on the development of the joint venture initiative in the future.
How much Bitcoin is left to mine?
According to data from Bitbo, there is approximately 1.09 million BTC left to be mined. So far, about 94.7% of the total BTC has been issued, with 450 BTC being mined per day.
As of August 7, 2025, there are 19.9 million BTC in total. The majority of BTC is widely believed to be held by Bitcoin creator Satoshi Nakamoto, who holds between 0.97 million to 1.1 million BTC.
