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Cairn Energy sells off Greenland stake

posted 23 Jan 2012, 06:31 by David Rintoul   [ updated 23 Jan 2012, 06:35 ]

Oil explorer Cairn Energy has sold off a 30% stake in one of its Greenland exploration licences to Norwegian group Statoil.

It is part of Cairn's plan to bring in a partner in to share the costs of exploration in the Arctic.

The Edinburgh group has so far failed to make a commercial discovery of oil or gas in its Greenland campaign.

Under the agreement, Statoil will acquire a working interest of 30.6% in the Pitu licence.