Second time lucky for Cairn as it strikes oil off Greenland

first_img Share Second time lucky for Cairn as it strikes oil off Greenland Show Comments ▼ whatsapp KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comPeople-TodayWoman Files For Divorce After Seeing This PhotoPeople-Today OIL explorer Cairn Energy said yesterday it has hit oil off the coast of Greenland, sending shares up 2.3 per cent to 436.5p. Cairn disappointed investors last month when its first well in Greenland produced only a small amount of gas, but its most recent work in Baffin Bay has found evidence of a larger area of oil and gas. “The presence of both oil and gas confirms an active, working petroleum system in the basin and is extremely encouraging at this very early stage of our exploration campaign for the Sigguk block,” Cairn chief executive Bill Gammell said.The firm is waiting for tests on two types of oil found in the well before continuing. Cairn agreed to sell most of its 62 per cent stake in Cairn India to rival Vedanta last month, and said it would reinvest the proceeds in its exploration of Greenland. However, its first well has now been plugged and abandoned, the firm said yesterday, with costs of $84.2m (£54.2m) written off. Research by the US Geological Society suggests there could be billions of barrels of oil near Greenland, though the recent drilling has triggered protests from Greenpeace, who managed to invade and briefly close Cairn’s rig in August. center_img Tags: NULL Tuesday 21 September 2010 8:01 pm whatsapp More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes last_img

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