Green Dragon Gas buys back further 48,000 shares as part of programme
Green Dragon Gas (LON:GDG) revealed today that it had bought back a further 48,000 shares as part of its share buy-back programme.
The firm reported it bought 48,000 shares at an average price of US$10.16 per share on 29 July and 1 August this year - giving the transaction a total cost of US$487,680.
The company has now bought back 86,000 of its shares in a series of transactions since July 18.
The proposed buy-back programme was launched on 13 July as it dispelled concerns over the company's financial and operating position. The buy-back has also helped lift the stock from its recent lows.
The decision, to buy-back US$5 million of the company's own shares, followed a 40 percent drop in the share price since June 15.
And the share price has improved.
Today, as at 2.18pm it stands at US$11.02 having risen from US$9.50 last Thursday.
On July 13 the firm said it was unaware of any material reason for the fall in share price.
Importantly, GDG said its coal bed methane operations are performing in line with expectations, while financially it is on a sound footing with US$150 million in cash.
It also confirmed that all six of the company's Production Sharing Contracts are in full force and effect, with the required licenses, and operations continuing as planned at all six PSCs.
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