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Greenland proves unsuccessful for Cairn again

28 Sep 2011, 8.52 am GMT

London, 28 September (Argus) — London-listed independent Cairn Energy has announced another unsuccessful exploration well offshore Greenland, the third such failure this exploration season.

The company will re-enter a fourth well on the Atammik block where it will also drill its fifth well of the season.

This is the second season in which Cairn has drilled in the environmentally sensitive waters offshore Greenland without success. When it announced the 2011 campaign, Cairn said it would cost some $600mn and would test a variety of geological structures targeting prospective resources of 3.2bn bl of oil equivalent. The main target has been oil. Individual prospects were assessed as having 10-20pc chances of success.

A lack of success in its Greenland exploration programme has been largely responsible for a collapse in Cairn's share price, which now lies well below 300p ($4.69) compared with over 400p at the start of July.

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