Move over, afternoon tea-Union Jack Oil plc is now brewing something stronger: bitcoin. Yes, you heard that right. This UK-based onshore hydrocarbon producer is swapping scones for servers and exploring bitcoin mining powered by natural gas at its West Newton site. And if this works? Well, they might just start hoarding BTC like it’s the latest Royal Wedding memorabilia.
Union Jack (AIM: UJO), which holds a 16.665% stake in license PEDL183, has announced a feasibility study to see if they can use gas from existing wells to power bitcoin mining rigs. It’s like turning your grandma’s old gas heater into a money-printing machine-but instead of Monopoly money, it’s BTC. The goal? To generate early cash flow while waiting for their full-scale gas field development decision. Because who doesn’t love a good side hustle?
Rathlin Energy (UK) Ltd, the joint venture operator representing Union Jack and others, signed a non-binding Letter of Intent (LOI) with Texas-based 360 Energy Inc. Together, they’re designing a system using 360 Energy’s In-Field Computing (IFC) technology to convert natural gas into electricity. That electricity will then power modular data centers dedicated to mining bitcoin. Think of it as “Bitcoin BBQ”-but instead of grilling burgers, they’re hashing blocks. 🍔➡️₿
The plan is to kick things off at the West Newton A site, using gas from the WNA-2 well. Why? Because apparently, some gas isn’t fancy enough for traditional development schemes but is perfect for bitcoin mining. Who knew crypto could be so inclusive? Preliminary numbers suggest decent returns, though let’s not get too excited-it’s still more concept than reality. But hey, dreams are free, right?
Executive Chairman David Bramhill even threw out the idea of adopting a corporate bitcoin treasury strategy if this whole thing pans out. Imagine Union Jack sitting on a pile of BTC instead of barrels of oil. It’s like they’ve taken notes from companies like Microstrategy (now Strategy), who have basically turned themselves into walking bitcoin wallets. Could Union Jack become the next big player in the BTC treasury game? Only time will tell-but we’re here for the drama. 🎭
In summary, Union Jack Oil is trying to pivot faster than Benedict Cumberbatch learning lines. If successful, this move could position them as pioneers in both energy innovation and corporate bitcoin adoption. Or, you know, they’ll end up looking like someone who brought a ladder to a limbo contest. Either way, it’s going to be entertaining. Stay tuned, folks. 🍿
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2025-08-08 01:59