Reply #9: Cairn fails to strike oil off Greenland

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http://www.guardian.co.uk/business/2011/nov/30/cairn-fails-oil-greenland

Cairn has suffered another blow in its search for oil off the coast of Greenland, after two more wells failed to discover commercially viable hydrocarbon reserves.

The AT7-1 and the AT2-1 wells have been abandoned, Cairn said.

Tests on fluid samples taken from the AT7-1 well "revealed only mud filtrate and failed to establish hydrocarbons". The AT2-1 well found only "minor hydrocarbon shows."

Cairn shares slumped almost 6% on Wednesday morning on the news. They had risen more than 5% last month on indications that the two wells were showing positive signs.