Scottish firm Cairn energy have found new oil just off the coast of Greenland

Edinburgh based energy company Cairn Energy have struck oil for the first time just off the coast of Greenland.

Early analysis indicates two types of oil have been found, with natural gas also present in the Baffin Bay basin.

Further analysis is needed to determine the quality and size of the find.

Cairn is the only firm to be granted permission to drill for oil offshore in Greenland so far, but it is thought their discovery could trigger an oil rush as other firms scramble to get permission to explore the area.

Cairn’s shares have unsurprisingly recently shot up by 2.27 percent yesterday.

Cairn’s exploration is at a very early stage and it remains to be seen just how profitable this venture could turn out for them, especially with rivals aware of their findings.

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