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Cairn Energy Reports Indication of Working Hydrocarbon System Offshore Greenland

Scotland-based Cairn Energy has detected an early indication of a working hydrocarbon system in the Arctic waters off of Greenland.

The company has two offshore rigs currently operating in the previously undrilled Baffin Bay Basin. The T8-1 well encountered gas in thin sands.

I am encouraged that we have early indications of a working hydrocarbon system with our first well in Greenland, confirming our belief in the exploration potential. We look forward to assessing the results of the remainder of the 2010 drilling program.

—Sir Bill Gammell, Chief Executive

According to the USGS Circum-Arctic Resource Appraisal report, the Arctic continental shelf may constitute the geographically largest unexplored prospective area for petroleum remaining on earth. (Earlier post.)

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