News Update: Cairn Energy PLC Strikes Oil "Intermittently" Off Greenland Coast's Alpha-1S1 Well

"A Scottish drilling firm, Cairn Energy PLC (PINK:CRNCY), announced Tuesday that it discovered oil for the first time in its explorations off the coast of Greenland, but it has abandoned an earlier well which triggered an onslaught of excitement when the firm ran into gas.

Cairn said it struck oil ""intermittently"" in a 1,300-foot section of the Alpha-1S1 well, which has now drilled 4,358 meters deep.

""Initial geochemical analysis of various hydrocarbon samples recovered from the well ... confirms the presence of two oil types which have different origins and levels of maturity and are the first oils encountered in the current exploration campaign. Further geochemical analyses are ongoing on a number of oil samples,"" the company said.

Bill Gammell, the company's chief executive, said, ""The presence of both oil and gas confirms an active, working petroleum system in the basin and is extremely encouraging at this very early stage of our exploration campaign for the Sigguk block and the entire area."""

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