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Reply #10: Cairn's Greenland oil failure under fire [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-30-11 07:41 AM
Response to Reply #9
10. Cairn's Greenland oil failure under fire

The British oil company leading a controversial drive to discover new oil and gas reserves in the pristine waters off Greenland has come under fire from environmentalists and again disappointed investors after failing to find anything with its sixth well.

Shares in Cairn Energy lost 6.5%, closing at 276p, after it told the London stock exchange that its Delta-1 hole in the West Disko area had been abandoned "without encountering hydrocarbon shows". Six months ago the shares were changing hands at 462p.

Greenpeace also claimed the Edinburgh-based company had irresponsibly pumped more "red-listed" hazardous chemicals into the ocean than the entire oil operations of Norway and Denmark combined.

The campaigners claim more than 225 tonnes of toxic materials described by the Ospar convention as giving "reason for suspicion because of several polluting effects on the environment" had been leaked into the Greenlandic Sea this year by Cairn.
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