Good news at last from Greenland for Cairn
Oil giant Cairn Energy saw its share price rise 4% after it reported encouraging results from its five well exploration drilling campaign offshore Greenland.
Oil giant Cairn Energy saw its share price rise 4% after it reported encouraging results from its five well exploration drilling campaign offshore Greenland.
The AT7-1 well on the Atammik Block in South Ungava has encountered a 113m gross interval with approximately 50m of reservoir quality sands.
Mud losses and poor hole conditions have hampered the full evaluation of this interval which is of potential interest because of oil and gas shows, the firm said. Part of the interval is behind casing.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
A logging programme is ongoing across the well, following which the well will be deepened to reach the anticipated total depth. A tester programme is planned to try and recover fluid samples to surface.
Meanwhile, the AT2-1 well has reached a total depth of 4,847m having encountered minor hydrocarbon shows. Logging operations are currently under way.
The firm said operations will continue to the end of November to allow activities on the last two wells in the Atammik block to complete.
The share price rose 3.99% to 299.6p by 08:27.
NR
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Christmas at Chatsworth: review of The Cavendish Hotel at Baslow
MoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
By Dr Matthew Partridge Published
-
Tycoon Truong My Lan on death row over world’s biggest bank fraud
Property tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
By Jane Lewis Published