Although the drilling programme next year carries inherent risk, the first news should be January, so the shares are a hold until then.

It said it would write off the $185m (£117m) spent on the drilling programme.

The drilling programme is anticipated to run to ten exploration wells.

Cairn Energy has plans for four wells in its current drilling programme.

The shallow drilling programme is central to the systematic survey of the continental shelf.

The project was fast tracked by Atlas, going from the first drilling program to production in just over one and a half years.

In 1946, the company decided on one last drilling program from east to west in Alberta.

There were two significant blowouts during this drilling program.

"There's going to be an aggressive drilling program," he said.

The company plans an extensive drilling program in 2008 to delineate the orebody.