20th Feb 2019 14:33
LONDON (Alliance News) - Eland Oil & Gas PLC on Wednesday said that it will pay a maiden dividend in respect of 2019.
The Nigeria focused oil and gas producer said it will start to pay a dividend in addition to its previously announced GBP3.0 million buyback, in order to return cash to shareholders.
The firm added it has already repurchased GBP2.2 million worth of shares. It will continue until reaching GBP3.0 million.
The maiden dividend will be declared for 2019 and it is expected to deliver a dividend yield of between 2.0% to 2.5% and will be payable semi-annually, split between the interim and final dividend.
"In light of our strong financial performance and record production growth in 2018, we are delighted to announce the introduction of an ordinary dividend within our capital returns policy. Our cash generative business ensures we are fully funded for future growth and will underpin our dividend going forward," Chief Executive Officer George Maxwell said.
Eland shares were trading up 1.2% at 126.50 pence each.
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