ABERDEEN-based Eland Oil & Gas has announced plans to return up to £3 million to investors through share buy backs. Eland, which focuses on Nigeria, said its board believes the company’s current share price substantially undervalues the assets of the firm its business to date and prospects. “The Company’s robust balance sheet provides the opportunity to take advantage of prevailing market conditions to repurchase shares at advantageous levels,” said Aim-listed Eland. Chief executive George Maxwell noted the company was maintaining capital investment in Nigeria.