UPDATE 1-Cairn Energy finds gas in Greenland

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LONDON, Aug 24 (BestGrowthStock) – UK oil explorer Cairn Energy
(CNE.L: ) said it had struck gas in Greenland with the first well
to be drilled in the Arctic territory in a decade.

While the news could be a disappointment for investors who
had hoped for an oil find, Cairn said its offshore well had not
yet reached target depth, holding out the prospect that oil may
yet be found.

Cairn did not say how much gas it found. Large volumes would
be required to make any find economic to develop. Given
Greenland’s distance from a major gas market, a liquefied
natural gas facility would need to be constructed, likely at a
cost of billions of dollars.

UPDATE 1-Cairn Energy finds gas in Greenland