Cairn Energy Starts Drilling At Alpha Prospect In Sigguk Block

1st Jul 2010 07:24

LONDON (Dow Jones)--Cairn Energy PLC (CNE.LN), an Edinburgh-based oil and gas exploration and production company, said Thursday it has commenced drilling operations on the Alpha prospect in the Sigguk Block, located 175 kilometers offshore Disko Island, West Greenland. MAIN FACTS: -The Stena Don, a fifth generation semi submersible and the Stena Forth, a sixth generation drillship, are to carry out the drilling program in Greenland this summer. -The drilling program targets the Alpha and T8 exploration prospects which lie in water depths of between 300 meters and 500 meters. -The wells have planned target depths of 4,200 million and 3,250 million and are anticipated to take 55 and 38 days respectively; Each well is being drilled using a pilot hole through the initial top hole section. -Shares on Wednesday closed at 414.9 pence, valuing the company at GBP5.81 billion. -By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, [email protected] (END) Dow Jones Newswires July 01, 2010 02:24 ET (06:24 GMT)