Edinburgh-based Cairn has agreed to acquire a 15% working interest in production licences PL497 and PL497B from Bridge Energy in exchange for carrying what the vendor called a "substantial share" of its well costs. The licences contain the Geite prospect, scheduled for drilling in the third quarter. Renowned for making bumper finds in India, Cairn has spent more than $1 billion (£640 million) exploring off Greenland without repeating that success so far. It is investing heavily in the North Sea as part of the directors' efforts to build a balanced portfolio.