U.K.-listed oil and gas company Union Jack Oil is exploring plans to deploy Bitcoin mining facilities at the West Newton gas field in partnership with a U.S.-based energy firm—potentially laying the groundwork for a future Bitcoin treasury strategy.
In a recent press release, Union Jack revealed it has signed a non-binding letter of intent (LOI) with Texas-based 360 Energy, a company specializing in natural gas offtake and monetization. The agreement outlines a collaborative effort to convert natural gas produced at the West Newton site into electricity to power on-site data centers dedicated to Bitcoin mining.
The West Newton field is estimated to hold nearly 200 billion cubic feet of gross recoverable 2C gas resources, based on a 2022 independent assessment by Renewable Portfolio Standard.
The initiative falls under a broader feasibility study led by Rathlin Energy Ltd, the operator of the PEDL183 license encompassing the West Newton discoveries. Union Jack holds a 16.665% working interest in the license, which is being developed by a joint venture led by Rathlin Energy.
Initially, the plan targets the WNA-2 well at the West Newton A site, with the potential for expansion across other parts of the gas field. The proposed strategy involves using extracted natural gas to generate electricity on-site, which will power cryptocurrency mining equipment—creating a potential revenue stream ahead of full-scale gas field development.
The move positions Union Jack Oil among a growing number of energy companies exploring Bitcoin mining as a means of monetizing stranded or underutilized natural gas resources while possibly paving the way for future digital asset treasury initiatives.
Is a Bitcoin treasury on the horizon?
David Bramhill, Executive Chairman of Union Jack Oil, has confirmed that the company is exploring the potential for a Bitcoin treasury strategy—contingent on the success of its proposed Bitcoin mining venture at the West Newton gas field.
“If successful, this innovative concept to produce Bitcoin through mining operations could pave the way for Union Jack to introduce a new Bitcoin treasury strategy,” Bramhill said. “The Board believes the project offers strong potential for sustainable returns.”
While the plan remains in its early stages, Bramhill emphasized that the board is closely monitoring progress and will provide shareholders with updates as the joint venture initiative develops. For now, the specifics of the strategy remain under evaluation, pending further feasibility results and operational outcomes.
How much Bitcoin is left to mine?
As of August 7, 2025, approximately 19.9 million Bitcoin have been mined, accounting for around 94.7% of the total 21 million BTC supply, according to data from Bitbo. This leaves roughly 1.09 million BTC still to be mined, with about 450 new coins entering circulation each day.
A significant portion of the existing supply is believed to be held by Bitcoin’s pseudonymous creator, Satoshi Nakamoto, whose holdings are estimated to range between 970,000 and 1.1 million BTC.
