Churchillentered the picture by acquiring a 75% stake in fournewlicencesforthe same area, which had been awarded to the Ridlatama Group, an Indonesiancompany.
The group recently sold off a 30% stake in one of its Greenland exploration licences to Norwegian group Statoil as part of a plan to bring in a partner to share the costs of exploration in the Arctic.
That was at the bottom of range of analyst predictions for the group which has been repositioned after disposing of its tenanted pubs and off licences.
Churchill entered the picture by acquiring a 75% stake in four new licences for the same area, which had been awarded to the Ridlatama Group, an Indonesian company.