UK-listed oil and gas company Union Jack plans to launch Bitcoin mining at its oil fields and is considering a BTC reserve strategy
BlockBeats News, August 7 — According to The Block, Union Jack Oil (stock code: UJO), a company focused on onshore oil and gas production, development, exploration, and investment in the US and UK, plans to monetize its natural gas output from a joint exploration site in East Yorkshire, England, through a new Bitcoin mining venture.
The UK-listed company announced on Thursday that the joint project, operated by Rathlin Energy, has signed a non-binding agreement with Texas-based natural gas offtake and monetization service provider 360 Energy, with plans to deploy Bitcoin mining infrastructure. Due to ongoing regulatory delays hindering traditional development routes, mining is being considered as an alternative. Both parties expect to sign a legally binding formal agreement under the same terms in the future.
The Union Jack board believes that the proposed Bitcoin mining initiative is a creative approach with strong potential for sustainable returns. If the project proves successful, the company may further introduce a Bitcoin reserve strategy in the future.
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