LONDON: Cairn Energy said the results from its drilling programme in Greenland this summer were as good as it hoped for and said it did not expect delays to the planned sale of a stake in its Indian unit to Vedanta Resources.
"It's about as good as outcome as we could have expected in our first season of drilling," Mike Watts, Cairn exploration director told the RBC Capital Markets exploration conference on Wednesday.
"If we were playing poker, and we got two types of gas and two types of oil, we'd have a royal flush, and that's what we've got in Greenland," he added.
Cairn has completed two wells in Greenland and is working on a third currently.
Watts said Cairn could spend $1.2 billion in total in coming years in drilling in the Arctic country.
Watts also predicted Cairn would close the sale of a stake in its Indian unit, Cairn India , worth up to $8.5 billion, to Vedanta Resources in the first quarter of 2011.
Some Indian newspapers have reported the deal could be delayed for up to two years.
"It's about as good as outcome as we could have expected in our first season of drilling," Mike Watts, Cairn exploration director told the RBC Capital Markets exploration conference on Wednesday.
"If we were playing poker, and we got two types of gas and two types of oil, we'd have a royal flush, and that's what we've got in Greenland," he added.
Cairn has completed two wells in Greenland and is working on a third currently.
Watts said Cairn could spend $1.2 billion in total in coming years in drilling in the Arctic country.
Watts also predicted Cairn would close the sale of a stake in its Indian unit, Cairn India , worth up to $8.5 billion, to Vedanta Resources in the first quarter of 2011.
Some Indian newspapers have reported the deal could be delayed for up to two years.
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