Why not file for a buybackIf they file they don't necessarily have to execute it. The way I see it ECO is due roughly $7million upon the transactions completion. I don't see them having many expenses (maybe seismic in Namibia?) so that money will just sit. At the current SP they could buy back 5-10 million shares and be just fine $ wise.
i know folks hate buybacks but tbh ssy they bought back 10 million shares at current levels so 10 mil for $1.8 million. The SP should rise on any catalyst such as total drilling, Guyana or Namibia farmouts.
So let's say the hype of Total drilling brings the SP to $.35 In the buildup they could re-issue those 10 million shares and secure $3.5 million in cash. Seems like one of the easiest returns on relatively small amounts of cash.
just my 2 cents