Cairn Energy announced on Tuesday that it had rolled into a working profit in the year 2008 after a thrashing a year ago. The Edinburgh group recorded operating earnings of $42.7 million previous year in comparison to a decline of $76.2 million a year ago.
Cairn had earned a net gain of $367 million last year, low by 76% from a year before when the group registered a considerable profit on the part-sale of its Indian subordinate.
Company’s discovery activities in Greenland are at a premature stage, however country’s hydrocarbon is promising and its evaluation efforts will carry on while they examine options for premature drilling.