20 December 2021 - share buyback programme

The Tanzanian focused natural gas company has followed up its trading update last week with news that it is to launch a share buyback programme given the fact that the share price stands at a significant discount to net asset value per share. Last week the company revealed that at the end of November it had net cash balances of $24m.  Following this announcement the company has purchased 7.5m of its own shares at a volume weighted average price of 20p per share.  We re-iterate our recommendation of BUY.

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