#flipitwhenwesniffit13 Nov 2020 16:48
I've seen a lot of references to #flipitwhenwesniffit on twitter from UJO shareholders. This may well suit Union Jack, as £50m to £75m in the bank would be transformational for the company in bringing on Wressle/Broughton North, North Kelsey, Keddington and Biscathorpe, plus there appears little appetite amongst shareholders to fully prove up West Newton, let alone Ellerby and Spring Hill.
This provides an interesting scenario for Rathlin and RBD. Firstly, I would imagine RBD would be more likely to fully prove up the licence than UJO. Of course this takes money, but perhaps they could sell Humber's old 16.65% interest, for say £50m to £75m, to someone like Shell, but what about Rathlin. Raising cash would be far more difficult, bearing in mind they are a private company. I have felt all along that Stephen Williams was put on the board of Europa for a very specific reason. If Rathlin were to reverse into EOG, being a public company it would allow fundraising for the further exploration of the licence area far easier.
Or do RBD shareholders share the UJO view of 'flip it when we sniff it'? Personally, I don't.