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Reply #9: Cairn fails to strike oil off Greenland [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-30-11 07:39 AM
Response to Reply #6
9. Cairn fails to strike oil off 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.
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