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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