2019 Capex and Patent update6M 2019 capex, strictly maintnance. 5 Gen II's are now listed as inactive. Feb 6th is the patent appeals court date and follow up with May 10 to deal with the legal cost reimbursement.
I'll play it conservative and assume oil stays low $50's(highly unlikely, I think we close out 2019 near $70). At the current price levels, little problem generating 16M of EBITDA in 2019. Subtract the 6M in capex and we get approx 10M in free cash flow. Add in 10M from the patent legal cost reimbursement and I see ESN with 20M available in 2019 to buy back stock.
Garnett is no spring chicken, late 50's I believe. Last of the high priced cashless stock options from 2013 expire soon. Majority will now be priced well under .80 and more to be issued in the next several weeks. Patent case over by summer, stock buyback and punt the company to a bidder sometime by year end. I thnk we are nearning the end game for ESN.
https://web.tmxmoney.com/article.php?newsid=6210691251231279&qm_symbol=ESN