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.

From the Gulf Times .....

BP launches hunt for new investors; Mideast circles

Oil major BP is seeking a strategic investor to secure its independence in the face of any takeover attempts as it struggles with a devastating oil leak in the Gulf of Mexico, newspapers said yesterday.
Britains Sunday Times said the companys advisers were trying to drum up interest among rival oil groups and sovereign wealth funds to take a stake of between 5 and 10% in the company at a cost of up to 6bn ($9.1bn).
Abu Dhabi newspaper The National said BP could get a reprieve from Middle East financial institutions looking to make a strategic investment in the company, citing informed sources.
Proposals from the region have already been submitted to BP advisers in London, the newspaper reported, and could involve Middle Eastern investors purchasing key assets from BP, which has lost more than half its market value since an explosion at the Deepwater Horizon rig on April 20 started the still-gushing leak.

The paper said regional financial institutions might also give financial backing to any capital raising that BP might be considering to reinforce its balance sheet following the environmental disaster, which could cost as much as $60bn to clean up.
The report did not indicate which Middle Eastern financial firms issued the proposals or what the size of investments could be.

Regional sovereign wealth funds, such as the Qatar Investment Authority and Abu Dhabi Investment Authority, have supported Western companies in times of financial crisis by purchasing stakes in western banks and effectively halting declines in their share prices.
Rival oil majors ExxonMobil, Total and Royal Dutch Shell have been mooted as possible bidders.
The Financial Times newspaper reported BP investors expected to see a change in the companys leadership, possibly once the leak is capped, with both chief executive Tony Hayward and chairman Carl-Henric Svanberg in jeopardy.
When this is over there will be a full investigation, and we would expect some action to replace the top team, the British newspaper quoted a top 10 UK shareholder as saying in its Saturday edition.

Without steps to steady the ship, BP could become a takeover target of companies like ExxonMobil, Royal Dutch Shell or PetroChina, the FT said, citing a source working on BPs strategy. A BP spokesman declined to comment.
BPs market capitalisation has shrunk by about $100bn and its shares have lost more than half their value since the spill began.

Company executives have been under intense pressure since the rig explosion killed 11 workers and unleashed the torrent of oil now threatening wildlife and the tourist and fishing industries in the Gulf region.
The Obama administration has also criticised the companys response to the crisis, now in its 75th day.
Meanwhile, the Sunday Telegraph reported that BP was facing fresh criticism over its approach to safety as it emerged it did not use an industry standard process, known as a safety case, to assess risk at the Deepwater Horizon rig.
A BP spokeswoman confirmed that it did not use the procedure, developed in Britain after the Piper Alpha oil rig explosion in 1988, at any of its US wells as there was no legal requirement in the US to use it.

You trading off charts or fundamentals these days MrRSItosser ???

Hows your MeldeX and Jessops looking ?

Good start for me all blue

If BP had a hostile bid any estimates on SP

BP Gulf spill costs hit $3.12bn

The cost of BP's response to the Gulf of Mexico oil spill now amounts to around $3.12bn.

BP said almost 95,000 claims have been submitted and more than 47,000 payments have been made, totalling almost $147m.

BP said two containment systems continue to collect oil and gas flowing from the 'Deepwater Horizon's' failed blow-out preventer and transport them to vessels on the surface.

On 3 July, a total of approximately 25,198 barrels of oil were collected or flared by the two systems and 57.0 million cubic feet of gas were flared.

Work on the first floating riser containment system planned to be connected to the Helix Producer was delayed by Hurricane Alex as it passed through the Gulf of Mexico.

The floating riser system is designed to allow more rapid disconnection and reconnection of the system, reducing the time that collection may be impacted in the case of, for example, inclement weather.

It is currently anticipated that this first floating riser system will be available to begin first operations towards the end of the week. Plans also are being developed for additional containment capacity and flexibility.

These projects are currently anticipated to begin operations around mid- late July.

For those new to " Dill " .........
just remember is a STALKER from Wales, better known as "sheep shagger", who does not know that shares are for TRADING.

The STALKER is back after shagging a few more Wales eves ..... and looking for new ones on any thread after having a bad luck last weekend.

bAHHHHHHHHA

bought some friday at 326 and moderately tempted to buy a few more

Feliz Navidad y prospero ano .

Should be Happy Honica for Cynic

Jewish National Song

Cynic sing a long

       MIDDAY MARKET REPORT

BP was the blue chip leader at midday following reports of that the troubled oil producer it is seeking Middle East investment to stave off bid interest from rivals, offsetting news that the Gulf of Mexico oil spill costs have now hit $3.12bn. BP shares added 10.1p at 332.1p.

clubby - get it at least reasonably correct! - Chanukah
haven't listened, but if hava nagilah, that is a very recent compositon

Sorry Cynic I do not speak Jewish, only English, Thai, Spanish

jewish ain't a language! ..... yiddish and its variations are really just platt deutsch

Go BP my son Clubbie went long Friday

July 5, 2010
Latest news regarding the BP oil spill in the Gulf of Mexico is that one of two relief wells being drilled to stop the oil spill is only days away from completion, although BP only has one shot at this latest attempt to stop the leak.

Latest news regarding the BP oil spill in the Gulf of Mexico is that one of two relief wells being drilled to stop the oil spill is only days away from completion, although BP only has one shot at this latest attempt to stop the leak.

The first of two relief wells is within striking distance of the Macondo, about four and a half metres away from the pipe, although one wrong move as engineers break through the cement and steel pipe of the well could increase the torrent of oil into the Gulf of Mexico.

In the worst case scenario, it could even trigger a blow out in the relief well, but experts agree the chances of such a disaster are remote.

They pretty much have one shot, said Wayne Pennington, the chair of geophysical engineering at Michigan Tech University. Once they hit it and they try to kill it they really just have that one chance.

It may take as few as a couple of hours or as many as five days to decide if the effort is a success or failure.

BP executives and the leading government official for oil spill response say they are confident the DDIII rig will successfully drill through its target, the blown out Macondo well, creating the relief well intended to be the ultimate solution for stopping an oil gusher in the Gulf of Mexico that has persisted for 76 days so far.

There is a chance, a slight chance that they could nick the wellbore, Thad Allen, the coast guard commander, said. A nick risks starting a new small leak or possibly even a collapse of a section of the pipe given that it was damaged in the explosion in ways still not fully understood.

The relief well has bored 3.8 km beneath the seabed and BPs plan calls for the relief well to drill further down, parallel to the blown out well, and intercept it at the bottom.

Once intercepted, BP intends to pump in heavy drilling fluid to stop the oil flow and then cement to plug the leak.

We cant guarantee anything, but I think the technology is there, said Kent Wells, a BP vice president. Weve got the best experienced people around and were set up to be successful here.

If all goes according to plan, operators will install a cement plug, sealing off the oil well for good. If there are further problems, or worse, if this attempt fails and actually increases the oil spill rate then expect hell to break loose

And a bit of bullshit

BP shares rise on 'white knight' rumours

BP shares jumped more than 15p this morning after newspaper reports that it intended to seek a 'white knight' to take a strategic investment in the embattled oil giant as a way of warding off unwanted bid offers from rival oil groups.

The share price has dived by more than 50% since the Gulf of Mexico crisis and major oil rivals are thought to have been preparing a hostile bid for the Group as soon as oil spill is capped.

Today BP said that the cost of its response to the Gulf of Mexico spill had climbed of $3.12bn.

By early afternoon the shares were 15.9p higher at 337.9p - 4.94% on the day.

Well done to all those brave puntersyou all deserve the praise.

Thank you my boy