Cairn Energy Plc (CNE.L) said it has reached a farm down agreement with Statoil ASA for the Pitu block in the Baffin Bay Basin west of Greenland. Purusant to the deal, Statoil would acquire a working interest of 30.625% in the Pitu licence, subject to the approval of the Greenland Government. Cairn would retain operatorship of the exploration and Statoil would operate any future development. Nunaoil has an ongoing 12.5% interest in the block.
The company's first phase of exploration programme in Greenland consists of all the necessary geological ingredients, with the processing of the 3D seismic data acquired in 2011 would be completed in the second quarter of 2012 with early interpreted results anticipated in 2012 third quarter.
The 1,500 km2, 3D seismic survey purchased over parts of southern Greenland is currently being processed and fully migrated results are expected in second quarter 2012. Cairn plans to report its preliminary results for the year to 31 December 2011 on March 20, 2012.
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