If Cairn Energy (CNE.LN) were to continue finding gas off Greenland, commercial development would be unlikely, says Bernstein Research.
If Cairn Energy (CNE.LN) were to continue finding gas off
Greenland
,
commercial development would be unlikely, says Bernstein Research. If sizeable
resources are discovered, an Arctic liquefied natural gas project similar to
Norway
's
Snoehvit would be possible, but, "given that both European and the
U.S.
gas
markets are oversupplied at the moment, this is a long shot," it says. However,
the area continues to hold great promise and, "we are fortunate to have
avoided the worst case scenario of no reservoir rocks, no hydrocarbons and
dry," it adds. Gives outperform rating and 550p target price. Shares +0.2%
at 466p.
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