Cairn Drops After Greenland Well Fails to Find Oil
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Cairn Energy Plc fell in London trading after its first well off Greenland found natural gas rather than crude oil.
An exploration well encountered gas in thin sands in the Baffin Bay basin, the company said in a statement in London today. The find is “indicative of an active hydrocarbon system” and the well hasn’t yet reached target depth, it said.