Cairn talks up Greenland 'oil find'

Aug 24 2010

Edinburgh-based oil and gas exploration company Cairn Energy has said it may have found oil in the untapped waters off Greenland.

Cairn, the only firm so far to be allowed to drill for oil around Greenland, told investors about "early indications of a working hydrocarbon system" in the Baffin Bay basin.

The group said it has found gas in thin sands in the area, which signals potential for oil.