A UK-listed oil and gas company plans to conduct Bitcoin mining in the oilfield and is considering a BTC reserve strategy.

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On August 7, The Block reported that Union Jack Oil (stock code: UJO), a company focused on the production, development, exploration, and investment in oil and gas in the United States and the United Kingdom, plans to monetize its natural gas output at a joint exploration site in East Yorkshire, England, through a new Bitcoin mining business. The UK-listed company stated on Thursday that the joint venture project operated by Rathlin Energy has signed a non-binding agreement with Texas-based gas purchasing and monetization service provider 360 Energy to deploy Bitcoin mining infrastructure. As regulatory latency continues to hinder traditional development paths, mining is seen as an alternative. Both parties expect to further sign a legally binding formal agreement under the same terms. The Union Jack board believes that the proposed Bitcoin mining scheme is a creative approach with strong potential for sustainable returns. If the project is successful, the company may further introduce a Bitcoin reserve strategy in the future.

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