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Cairn Energy (LON:CNE.L) report: Operations update – Greenland
October 26, 2010, Tuesday, 17:26 GMT | 12:26 EST | 20:56 IST | 23:26 SGT
By Daniel Stewart & Co
- According to their agreement with the Greenland Bureau of Minerals and Petroleum all operations ceased at the end of the drilling season and the two Stena rigs have been released
- Alpha-1S1 well has been suspended still in volcanics and the Mesozoic has not yet been reached
- T4-1 did not find any significant hydrocarbons albeit in a different stratigraphic level to T8-1. The T8-1 (announced Aug 24) encounterd gas but in this levels. T8-1 and T4-1 are not commercial and $184m will be written off
- Geophysical work continues in the area
- New exploration plans for the area will be announced in Q1 2011
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