UK- based Cairn Energy will spend $600m as it unveiled plans to commence drilling at four exploration wells in Greenland in Denmark.
Exploration program will involve drilling of wells one in each of the Atammik and Lady Franklin blocks offshore to the west of the capital Nuuk, and one in each of the Napariaq and Eqqua blocks in the southern Baffin Bay west Disko area.
The company will also undertake three 3D seismic surveys for a combined total area of 4,500km2, one in the north of Baffin Bay, one in the south of Greenland and another undisclosed location.
The drilling program will test prospects with different structural styles and play types having a prospective resource potential of 3.2 billion barrels of oil equivalent at target subsurface depths between 2,500 and 4,750 metres.
The wells will be drilled in water depths ranging between 288 metres and 1,530 metres.
The company will also deploy two drilling vessels similar to the three-well drilling program undertaken last year.