Greenland oil trace for Cairn

CAIRN Energy yesterday gave a positive update on one of its exploration wells in Greenland after disappointing drilling results so far this year.

The FTSE-100 company found signs of oil and gas at the AT7-1 well, although it has been unable to evaluate the results fully because of difficult operating conditions.

The company’s first three exploration wells drilled in Greenland this year, as part of its five drill programme, were found to be dry.

Cairn has concentrated on exploration in Greenland after agreeing to reduce its stake in its Indian unit.