Cairn makes $1bn loss but keeps faith in Greenland

Oil firm Cairn Energy racked up a 1.19bn dollar loss in 2011 but said it was still optimistic about striking it big in Greenland.

Oil firm Cairn Energy racked up a 1.19bn dollar loss in 2011 but said it was still optimistic about striking it big in Greenland.

The loss on continuing operations was almost all down to unsuccessful exploration costs during the year of $942m.

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