Union Jack Oil to Harness Gas from East Yorkshire Field for Cryptocurrency Mining

Union Jack Oil's joint venture partner Rathlin Energy (UK) has conducted a feasibility study for an early development and monetisation strategy at the West Newton discovery in East Yorkshire, which includes using gas to generate on-site electricity for cryptocurrency mining activities. Rathlin has been working with 360 Energy to design a Bitcoin mining solution at the site, subject to regulatory and third-party approvals. The partners believe cryptocurrency mining presents a significant near-term value-generating opportunity, providing early production and cash flow in advance of any planned full gas field development decision.

Key Takeaways:

• Union Jack Oil's joint venture partner Rathlin Energy (UK) will use gas from the West Newton development in East Yorkshire for cryptocurrency mining, including Bitcoin, after conducting a feasibility study.
• Rathlin has partnered with 360 Energy to design a Bitcoin mining solution at the site, subject to regulatory and third-party approvals.
• The joint venture partners believe cryptocurrency mining offers a significant near-term value-generating opportunity, providing early production and cash flow.
• The plan involves generating on-site electricity using gas to power cryptocurrency mining activities.
• Union Jack executive chairman David Bramhill stated that onshore developers and producers have been forced to "think outside the box" to make progress and deliver growth due to regulatory uncertainty and planning challenges.
• The company's board believes the proposed concept to produce Bitcoin through mining operations is innovative and offers a strong scope for a sustainable return.

Statistics:

• Union Jack Oil holds a 16.665% interest in the West Newton discovery.
• The company is expected to enter a binding definitive agreement with 360 Energy.
• The cryptocurrency mining solution at West Newton is subject to regulatory and third-party approvals.

Sources:

• Union Jack Oil announcement (no specific date mentioned)
• Interview with Union Jack Oil executive chairman David Bramhill (no specific date mentioned)
• Perfomance on Cryptocurrency Mining.