Wednesday, November 30, 2011

Cairn To Abandon Two Exploratory Wells in Greenland; Re-Evaluate Program There


January 21, 2014: Statoil to abandon Greenland for "greener" pastures.

January 23, 2012: Never give up. Now, Statoil will join Cairn in looking for oil off Greenland.

December 1, 2011: Good, I'm not confused. Rigzone reports what I noted below -- "Cairn remains optimistic despite recent failures in Greenland."

November 30, 2011: Well, I'm confused, although it doesn't take much to confuse me. Today, it's being reported that Cairn is optimistic about prospects in Greenland:
Cairn Energy PLC expressed encouragement that all ingredients for commercial success are present off western Greenland after its 2010 and 2011 wells encountered oil and gas shows in multiple basins and found reservoir quality sands in the Atammik block.

The company is evaluating data on multiple blocks and discussing farm-outs in selected areas. It is considering another 3D seismic survey over the Lady Franklin and Atammik region next year that could lead to further drilling in later years.
The rest of the story did not sound all that encouraging, but who knows? That's a rhetorical question; please don't answer. 

Original Post

Link here. Just another example how fortunate North Dakota is to have the Bakken.
London-listed shares of Cairn Energy fell 3.8% after the company said it’s abandoning two exploration wells in Greenland. The company said it would review its exploration program there. 
This was on a day when other oil companies soared; price of WTI solidly at $101/bbl; and US stock market soared 400 points. Not all energy companies are being treated equal.

Note disclaimer at top of sidebar at the right. This is not an investment site. Do not make any investment decisions based on what you read at this site. If something seems wrong at this site, it probably is. Fact check at wiki.

Speaking of Greenland, the Vikings were apparently the cause of anthropogenic global warming a thousand years ago through the use of their coal-powered Viking ships. 

By the way, a bit of trivia. The term "rostrum" comes from the Latin rostum, meaning beak. The beak of the Viking ships were called rostra. Following a successful raid, the victorious Vikings would carry in the rostrum of a defeated opponent and place it in their mead halls as decorations. That's the background to why the speaker's dais of modern day is still called a rostrum. To the best of my knowledge, the Vikings did not need teleprompters.

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