Tollcross News‎ > ‎

Cairn shares strike it rich

posted 22 Sep 2010, 05:15 by David Rintoul

Shares in Edinburgh-based Cairn Energy have risen in value after the company announced it had struck oil for the first time off Greenland.

Cairn said it had found evidence of both oil and gas from drilling in Baffin Bay between Greenland and Canada, although the company stressed the find did not guarantee the presence of large reserves.

Shares in the company topped the FTSE leaders' board, valuing it at £6.1 billion.

Source: Evening News