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Scots firm in new oil find off Greenland
Source: Agencies |
September 22, 2010, Wednesday
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A SCOTTISH energy company has found oil for the first time in its exploration off Greenland, it said yesterday, but added it has abandoned an earlier well which caused a flurry of excitement when it encountered gas there.
Cairn Energy Plc said it found oil "intermittently" in a 400-meter section of a well which has now gone 4,358 meters deep.
"Initial geochemical analysis of various hydrocarbon samples recovered from the well confirms the presence of two oil types which have different origins and levels of maturity and are the first oils encountered in the current exploration campaign. Further geochemical analyses are ongoing on a number of oil samples," the company said.
Cairn Energy shares were up 3 percent at 439.5 pence on the London Stock Exchange.
"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 and the entire area," said Bill Gammell, the company's chief executive.
Ove Karl Berthelsen, Greenland's minister in charge of mineral resources, said it was "another encouraging result."
Cairn said it has plugged and abandoned its first test well which hit gas but no oil. The company said the volume of gas found was not commercially viable.
Edinburgh-based Cairn started drilling 75 kilometers west of the Disko Island on July 1. In August, it won permission to drill two more deep-water wells off the semiautonomous Danish territory.
Cairn Energy Plc said it found oil "intermittently" in a 400-meter section of a well which has now gone 4,358 meters deep.
"Initial geochemical analysis of various hydrocarbon samples recovered from the well confirms the presence of two oil types which have different origins and levels of maturity and are the first oils encountered in the current exploration campaign. Further geochemical analyses are ongoing on a number of oil samples," the company said.
Cairn Energy shares were up 3 percent at 439.5 pence on the London Stock Exchange.
"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 and the entire area," said Bill Gammell, the company's chief executive.
Ove Karl Berthelsen, Greenland's minister in charge of mineral resources, said it was "another encouraging result."
Cairn said it has plugged and abandoned its first test well which hit gas but no oil. The company said the volume of gas found was not commercially viable.
Edinburgh-based Cairn started drilling 75 kilometers west of the Disko Island on July 1. In August, it won permission to drill two more deep-water wells off the semiautonomous Danish territory.
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