Wednesday, March 21, 2012

Despite losing $ 1 billion last year and the lack of oil to date, Mr. Bill Gammell said Cairn continue their search for the controversy off the coast of Greenland

Sir Bill Gammell

, president and founder of the oil explorer Cairn Energy, has vowed to continue the controversial oil exploration company off the coast of Greenland, in spite of the present research , a gap year drawing and pushing the company into a loss of $ 1.2 billion (£ 693m) last.

The former Scotland international rugby, said he was "convinced" about the potential of the area, despite a $ 942m for the costs of unsuccessful exploration, and stressed: "If Although we have so far not established commercial quantities of hydrocarbons, we believe that all the ingredients for success are present in Greenland. "

Despite claims of India, the operation also ended with the company making an embarrassing U-turn because the pressure of investors suddenly forced to abandon plans to give 2, £ Gammell 5 million option bonus shares. The company said Tuesday that, after further consultation with shareholders, who "will not proceed with a participation prize" for Gammell.

Although the company recorded a loss of $ 1 billion in its existing operations, asset sales in India meant the company reported a profit of $ 4.6 billion in the year December, compared with U.S. $ 1.1 billion the previous year.

Cairn Energy

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