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Oil in Greenland, where the cairn is well write off the cost of 185 m $ (?167m) well in extreme conditions of the Arctic drilling and silence for winter operations.

Edinburgh business will now write off the cost of 185 m $ (￡ 167 m) of drilling in the Arctic extreme conditions and monetary operations in Greenland for the winter it was drilling a third well, but technical difficulties that delayed the completion.

Cairn is willing to spend up to $1. 6bn in the region, after having found traces of oil and gas, but not enough to be a commercial discovery.

Cairn shares fell 29?, or 7 2pc, 382?p, which would make any advance until next year.

There were also delays concern the Greenland by announcing that firms have won more than licenses to explore off its coasts are.

"They obviously have retardé.Elle was designed at the end of the month of August," said Mike Watts, Deputy Chief Executive."This process is very tight in the Danish system."

Cairn is still convinced that oil is in the area of Greenland and the US Geological Survey estimates that 50 billion barrels of oil may be present.

"While the program has failed to produce a commercial success, evidence of a hydrocarbon oil and gas working system is positive," Richard Rose, Oriel securities analyst.

Separately, desire Petroleum Explorer listed purpose Falkland, fell 66?p 6pc after saying that his Rachel wells drilling is underway.

Desire has failed to find any oil last week, but he decided to continue drilling latéralement.Ses actions were stock most traded in London last week.

Evolution securities values yesterday cut his recommendation to "buy" to "add" and lowered his price target by 128% to 66%.

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