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
-
-
Savers will benefit from Plum’s 4.94% money market account
Savers will benefit from Plum's 4.94% product that relies on money market funds that closely track the Bank of England’s base rate. We explain why this could be good news for savers.
-
Revealed: Best funds for DIY investors
Wondering where to put your money? With thousands of investment options, which funds, ETFs, trusts are the best? Bestinvest has just released it’s best funds list - we have all the details to help you strengthen your portfolio
