03 Aug '11, 3pm

Shares tumble as #Cairn Energy announces it hasn't found oil in the Arctic, despite all that drilling

Today Cairn Energy published the latest operational update for its risky oil drilling off Greenland and the news, at least for the wildcat oil company, was far from good. For the second year in succession Cairn, has announced it has found no oil in the Arctic. The company has been forced to plug and abandon its well in the deep water Lady Franklin block in the Davis Strait, a major setback for Cairn and the rest of the oil industry who see the melting ice caps as a business opportunity. It has also temporarily abandoned the well at the Atammik site to move operations further north and open up two new drill sites, whilst still refusing to make its near-mythical oil spill response plan public. Its share price has taken a hammering, falling over five per cent today and 13 per cent in the last month . Somehow Chief Executive Simon Thomson remains “encouraged” by the news, sayi...

Full article: http://www.greenpeace.org.uk/blog/climate/risky-business-...

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