Cairn Energy climbs on Greenland update as commodities help FTSE edge higher

Guardian Tuesday 24th May, 2011

has climbed nearly 4% after giving more details of its controversial plans to drill for oil in Greenland this summer.The company - which is currently attempting to gain regulatory approval to sell its Indian business to Vedanta Resources - said it planned to drill four more wells in Greenland at a total cost of $600m. Environmentalists are concerned about the consequences of any oil spill in the area, although Cairn maintained its drilling would be carried out with a focus on safety.Cairn's shares closed 16.6p higher at 435.8p but analysts were hedging their bets. Richard Griffith at Evolution Securities said:

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