The oil rig disaster in the Gulf of Mexico has damaged BP's reputation will they manage to avoid a share collapse to 350p.?



472p to buy this morning.

More doom and gloom for BP... 200p on the way very soon.


As the first major tropical storm of the season formed this weekend, the warning by the chief of the US Coast Guard's revealed the danger of the approaching hurricane season to the clean-up operation.

Admiral Thad Allen said the two-week disruption would include time before and after the bad weather to prepare and he estimated that plans would need to be enacted five days before the arrival of gale-force winds. Ships in the area, including the vessels that are drilling relief wells to permanently halt the flow of oil, would have to completely evacuate the area.

The admiral said this would leave the oil flowing into the Gulf "unattended" after the "top hat" system was disconnected.

Tropical Storm Alex formed in the Western Caribbean yesterday, but weather forecasters are unclear of the final heading of the storm.

The National Hurricane Centre in Miami said Alex had maximum sustained winds of about 40mph.

This summer's hurricane season is forecast to be more active than usual, with 14 to 23 named storms and eight to 14 hurricanes.

As the tropical storm season gathers pace, work is continuing to drill the relief well and contain oil that is spewing into the environmentally-sensitive Gulf.

"Regarding the longer-term containment, we should by next week have the additional vessel in place," Admiral Allen said.

"That will bring us the three production vessels and the 53,000-barrel capacity we were looking for by the end of June.

The Coast Guard plans to be producing from four different platforms by mid-July, increasing the rate from 60,000 to 80,000 barrels.

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hyleo - i think a short in the morning will be a wrong call, and worse if you already have same - see ST headline

News today also that Libya have granted BP drilling rights in new field.

I'm not suggesting BP's long term woes are over, however i think we'll see a short term pullback to 320/330 pretty quickly. I think those in the USA that matter must realise pretty soon that too deep a fall in BP's share price will leave the company in a position where it cannot afford to cover the clean up costs - so who would pay then?

Even the most hawkish USA observers must recognise that nobody wins if there's no corporate carcass left over to pick clean.

http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/7857981/BP-oil-spill-Barack-Obama-and-David-Cameron-agree-BP-must-not-collapse.html

The oil giant had anticipated completing its work closing the well in early August.

Although this remains the official target date, progress has been faster than expected.

BP is understood to be hoping to seal the well by mid-July, saving millions in clean-up fees.

glad i bought some this morning .... now need to determine how greedy to be

Go for it Cynic it is at the bottom, and we all know you like bottoms.

more of a leg man as a rule, though as a general comment, i just like bodies - preferably alive!

You mean to say you have never shagged a corpse?

Supported 11 of them wearing England shirts yesterday Tabby!

Chris Snap

Of course I meant Corpusas in Corpus Christi Universitylovely girls thereCynic I thought you were educated there?I certainly know you have the body of Christfull of holes?.stop it..apologies.

???????????????????
corpus christi college at oxford do you mean?
actually, i never went to uni

Constituent college of the University of Cambridge old boy.I could see you with an oar.

both actually, but can't remember if founded at similar dates

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New College, Oxford was founded 1379 and one of the 39 constituents of Oxford University.

Corpus Christi! You have started a debate Cynic I bet you have had double pneumonia go to elevenerife on your hols and your wife has three nipples

New College????? .,... what's that to do with anything

CC Oxon is a parvenu founded in 1517, whereas CC Cantab was founded in 1352 .... so exactly as mnamreh states

Looking to plumb new depths, this is one dangerous share.

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UPDATE 1-BP's Hayward set to resign, Russian official says
MOSCOW, June 28 (Reuters) - Russia's top energy official said he expected BP's chief executive Tony Hayward to resign soon and that Russian officials would be told the name of his successor at a meeting in Moscow later on Monday.

'We know that Tony Hayward is leaving his position and he will introduce his successor,' Igor Sechin told reporters ahead of a meeting with Hayward. Sechin, who is deputy prime minister and board chairman at Russia's biggest oil company, Rosneft , was responding to a question asking about the subject matter of the meeting.