RE: NeoM buy early? Probably plenty. Me for a start.
This only got knocked back from the highs because of profit taking following the resource announcements (which were great) and Chariot drill results (which were poor but 600km away!). Since early November Morgan Stanley has Knocked at least 25% off the SP by sustained computer driven selling. Like some sort of stock market water torture! Some retail investors will have cracked under the pressure.
What has changed?
The company has raised money at 40c, has cash of $7.5 million and spending commitments of $10 million from its farm in partner, Azimuth (who came on board the previous placement at 60c). Eco's market cap is now under $20 million. An all time low.
3D seismic campaign is being organised at the moment and will be done alongside other companies in the same area. This will cut costs dramatically.
For the first time we have multiple drills happening in Walvis Baisin based on detailed 3D seismics. Other companies massive drilling expenditure will give Eco vast amounts of information re. geology in their area and may well help determine the detail of the 2013 seismic campaign.
Walvis Baisin has been described by the 'experts' as being the most likely oil prone baisin off-shore Namibia. We have the biggest acreage in this region.
Sticking to the fundamentals, Eco has never been in a better position. I am and will remain a buyer at these prices, funds permitting.