One of Cairn's tugs, towing an iceberg out the way of its Arctic oil rig
Bing. Email received. Cairn Energy sent its “Greenland Operational Update” this morning at 7.05am with news to investors of its Arctic drilling. Despite its best efforts to put a positive spin on the news, the important words stood out:
“Plugged”, and “abandoned” for its first two drill sites. “Primary objectives were not reached” for number three, with “further re-entry work depending on the results of further evaluation”.
The media were more blunt, with headlines saying “Cairn Energy fails in Arctic oil drilling”.
