The British firm Cairn has found substance of oil off the coast of Greenland which could be a possible oil and gas discovery. The Edinburgh based company Cairn is the first firm in the decade to drill oil offshore in the Greenland.

The firm has also said it had found early indication of a working hydrocarbon system in the Baffin coast. On the other hand, the environmental experts have raised the issue of oil disaster fears like the Gulf of Mexico oil spill.

The Greenpeace which is against the drilling of Cairn has sent a protest ship to the Baffin Bay and has also said that the plans would damage the environment of the area. The T8-1 well of Cairn has found small substance of gas in thin sands. The drilling at the site is on progress and the firm has plans to drill at least two other wells by summer.

The company has targeted to drill for depth of more than 4000 meters under water.

The shares of Cairn Energy has fallen down by almost 4% despite of its optimistic statement and as per the analysts this fall could be happened because no oil had been found yet from the site.