Union Jack Oil taps Reabold Resources to mine Bitcoin in partnership with 360 Energy

Union Jack Oil plc and Reabold Resources have collaborated with 360 Energy to mine Bitcoin using freely available gas at the Newton gas field in the UK. The strategic plan involves deploying on-site data centers powered by electricity converted from natural gas. Union Jack Oil plc revealed that the approach would deliver a long-term Bitcoin treasury strategy.

The joint venture is operated under Rathlin Energy Ltd, which has already completed the feasibility study. The study supports the possibility of early-stage Bitcoin mining operations using gas produced from existing wells.

Union Jack Oil owns 16.665% of the PEDL183, which includes the West Newton gas fields. 

West Newton gas field powers new Bitcoin mining operation

Rathlin Energy will work on behalf of the joint venture under a non-binding Letter of Intent (LOI) with Texas-based firm 360 Energy to power a Bitcoin mining plant. The mining plant will receive power directly from gas extracted from the WNA-2 well at the West Newton A site.

360 Energy will utilize in-field computing (IFC) technology to convert natural gas into electricity to power the data centers on-site.  

#ujo $ujo

West Newton Update

*Gas to be produced from the existing discovery wells to
generate on-site electricity to power cryptocurrency mining
activities

*Non-binding Letter of Intent with Texas-based, 360 Energy
Inc. to design a Bitcoin mining solution at West… pic.twitter.com/0LryvxibU8

— Union Jack Oil plc (@UnionJackOilplc) August 7, 2025

According to the proposed feasibility study, the mining operations will target gas volumes that are currently abandoned and cannot be economically transported or sold via traditional channels. The collaboration aims to generate an alternative revenue stream without a fully developed gas infrastructure. 

David Bramhill, Executive Chairman of Union Jack Oil, said the asset holds material value and could deliver a substantial onshore low-carbon gas sale into the UK’s domestic market. He added that the move shows the company’s intention to extract value from West Newton’s gas reserves while navigating the challenging regulatory landscape in the onshore gas sector. 

An analysis report by the Texas-based 360 Energy revealed that crypto mining offers a more immediate solution by providing a more straightforward path to monetize smaller volumes of gas that would otherwise go unused.

360 Energy combines its experience from using IFC technology in the U.S to power similar off-grid Bitcoin mining data centers. The IFC technology offers a modular and portable nature of installations, allowing for rapid deployment and scalability.

Bitcoin mining is an alternate revenue stream for energy firms

Union Jack Oil revealed that a successful deployment of the initial project could pave the way for further mining operations across the field. West Newton gas field reportedly contains nearly 200 billion cubic feet of recoverable gas. The petroleum products firm has also hinted that the partnership could evolve into a formal Bitcoin treasury, allowing it to hold mined cryptocurrency as a financial asset. 

Increased scrutiny and regulation across the natural gas industry have made traditional pathways for monetization challenging. Rising gas volumes, limited pipeline capacity, and strict environmental policies in the U.S. have led producers to seek alternative revenue streams such as Bitcoin treasuries. 

Some analysts have noted that such projects have remained rare in the UK energy sector, making the collaboration a pilot test for similar ventures. 360 Energy will provide technical and operational support for the project. As the partnership grows, more details will follow. 

According to an analysis report by ez blockchain, Brent Whitehead and Matt Lohstroh, A&M alumni, founded Energy Slutions in 2019 to mine Bitcoin using freely available natural gas. Their solution utilized wasted flare gas to generate electricity for mining, which helped cut emissions by 63%. Today, the gas is converted into electricity to power mining units on-site through transformations. The process curbs CO2 emissions and generates alternative revenue streams by turning waste into profits.   

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