Capricorn awarded Greeland blocks

Greenland has awarded Capricorn, the exploration-focused arm of Cairn Energy, a 92% operated interest in Cape Farewell 1 and 2 blocks offshore southern Greenland.

Offshore staff

EDINBURGH, UK -- Grenland has awarded Capricorn, the exploration-focused arm of Cairn Energy, a 92% operated interest in Cape Farewell 1 and 2 blocks offshore southern Greenland. The remaining interest in each of these blocks is held by Nunaoil A/S, the national oil company of Greenland.

Each block has a seismic acquisition obligation in the first phase of the exploration period, according to Capricorn.

The total combined area of the two blocks is 20,072 sq km (7,750 sq mi) with water depths ranging from approximately 50 to 2,200 m (164 to 7,218 ft).

Little data is presently available offshore southern Greenland and the blocks form part of Capricorn's reconnaissance exploration strategy for this area. Capricorn is planning to acquire around 1,780 km (1,106 mi) of 2D seismic over the blocks.

10/27/2008

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