Cairn Energy Acquires Greenland Blocks

Thursday, January 10, 2008      

Cairn Energy has secured interests in a total of six hydrocarbon licences offshore west Greenland through its exploration focused arm Capricorn.

The total combined area covered by these licences is approximately 52,000 km2, which is equivalent to 231 North Sea blocks. Water depths in the blocks range from 300 metres to 1,400 metres.

• Capricorn has been awarded an 87.5% operated interest in two blocks (Sigguk and Eqqua) in the Disko West Licensing Round and a 92% operated interest in a further two blocks (Kingittoq and Saqqamuit) in the Open Door Area. The remaining interests in each of these four blocks are held by Nunaoil A/S, the national oil company of Greenland. Each block has a seismic acquisition obligation in the first phase of the exploration period.

• In addition to the above awards, Capricorn has acquired a 40% non-operated interest in two other blocks (Atammik and Lady Franklin) offshore west Greenland from EnCana Corporation ("EnCana"). The remaining interests in these two blocks are held by EnCana (47.50% and operator) and Nunaoil A/S (12.5%).

Only six offshore wells have been drilled in Greenland to date, one in 2000 and the rest in the 1970s. Further details of Capricorn’s activities in Greenland will be provided in the preliminary results announcement to be made on 27 March 2008.

Dr Mike Watts, Exploration and New Business Director of Cairn, and Chief Executive of Capricorn, commented:

"We are delighted to have secured an interest in these six exploration blocks. Greenland is a true frontier country where oil and gas exploration is at an embryonic stage. We look forward to working closely with the authorities and our joint venture partners in Greenland as we commence our work programme activities."


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This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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