Belfast Telegraph

Oil firm hails signs of find in Greenland

By Holly Williams

Edinburgh-based explorer Cairn Energy hailed signs of a possible oil discovery in the untapped waters off the coast of Greenland.

Cairn - the only firm so far to have been granted permission to drill for oil offshore in Greenland - told investors there were "early indications of a working hydrocarbon system" in the Baffin Bay basin.

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

The news is expected to spark a rush of interest in the Arctic waters from the oil industry - but campaigners were quick to raise concerns in the wake of BP's Gulf of Mexico oil spill disaster.

Greenpeace warned that Cairn's announcement was "grave news" and threatened the fragile Arctic environment.

Cairn said it was too early to gauge the potential of its find, with the well not yet drilled to its target depth. It has been drilling in the area since July.