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 what I can make out the fractured pipe is beneath around 5,000 feet of waterand then around 13,000 feet under the seabednow so far BP have tried to activate the well's blowout preventerwhich failedattempted to place a dome over the fracture that got clogged up almost immediately and failedthen there was the top kill maneuver that lasted a couple of days and failedBP then tries another capping strategy but has difficulty cutting off a leaking riser pipewhich failedthen there was this supertanker converted into a super skimmer? That seems to go quite the minute the wind blowsbut the saviour is going to be a relief wellstill weeks from completionthis is going to travel down and along 18,000 feet and hit a target the size of a footballnow using the other attempts as a form lineanyone want to price up the chance of success?they do seem confident though?I believe they are trying to rustle together as much support prior to another failuresuccess would see the SP = 5 failure SP = 2.I cant price up the odds for successbut I dont believe it is an odds on shot!

Just shorted it at 341p... weakness will prevail.

Am also watching for evidence of a DCB. I think you you might be a little early though hlyeo. This could easily go to 370 or 380 before turning back down.

It has retreated from this morning's high... hopefully you're wrong... wish me luck.

Yes it has but IMHO I think the USA will fly up today +290 my prediction and it should take BP up with it.

hlyeo - good luck. Where's your stop? And what's your target?

welcome back to the human race clubby!
i think +290 is pretty wishful stuff, but closing anything ahead of the opening will do nicely

Thank's Cynic Dow 90 up allready my boy

ADRs = $31.48

Their score and success rate with drilling relief wells is 41 tries and 41 successes.

I guess one can say they have now perfected their technique and this latest effort should make it 42/42.

ADRs closed at $31.91 which can't be bad news for tomorrow

ADRs = $31.91 +2.56 or 8.7%

Moving well ahead as it was closing, good start tomorrow

SHORTS?

From the TELEGRAPH ( tomorrow edition )

BP's Tony Hayward tours the Middle East as investors weigh up prospects

Tony Hayward, BP's chief executive, was last night touring the Middle East to reassure the oil giant's partners, as sources said the company is still trying to drum up interest in its shares among Gulf investors.

BP confirmed that Abu Dhabi, rumoured to be interested in taking a stake, was "on Mr Hayward's itinerary" following a stop at the company's operations in Azerbaijan. A spokesman insisted that Mr Haywood was there to offer assurances about the company's stability but would talk about investments "should there be any interest".

BP has ruled out any new shares - either as a placing or a rights issues - but could encourage a new white knight investor to provide a backstop on the declining share price.

The tour comes as BP's management remains under intense pressure to deal with its financial situation in the aftermath of the Gulf of Mexico oil spill. BP's market value has dropped by 50pc since the accident on April 20 killed 11 men and triggered the catastrophic leak.

It is understood that Sir Bill Castell, BP's senior independent director, has been leading a round of talks with shareholders. Sources suggest that BP's leadership team will stand down as soon as the leaking well is plugged. As the senior non-executive director, Sir Bill's role is to liaise between shareholders and management - and smooth over any change over at the top.

The Daily Telegraph has also learned that BP bosses are seeking to calm the concerns of top institutional investors by claiming they are ready to roll out a "robust defence" as soon as the oil leak is capped.

Investors have been told about a "Plan B" which is being secretly worked on by teams of lawyers in answer to criticism that they are failing to defend the company from public attacks. One top ten shareholder said: "We've only heard one side of the story so far. BP has to get the problem solved first but after that we expect the company to come out fighting."

The investors have also voiced their concerns about suggestions that BP could issue shares to bolster its finances. One investor said: "There will be a stink about issuing shares, the company doesn't need either the capital or a row over pre-emption rights. We've made it clear that any new investor must buy shares in the market and support the price."

Instead the company could do a multi-billion pound bond issue for more support which would also underline confidence in its financial position. Experts said the market would support an issue of as much as 10bn.

The developments came as:

BP's oil slick spread deeper into Louisiana's delicate inland wetland areas and tar balls from the spill were confirmed on beaches in Texas.

High waves delayed BP's efforts to catch more oil from the leaking well. It is currently picking up 25,000 barrels per day and hoped to increase this by 10,000 barrels yesterday.

BP's share price rose 3.7pc in London to 345p as drilling for its relief well advanced ahead of schedule.

I guess hlyeo got burned.

Moving higher again after the early profit taking

i bought "too many" yesterday, and as i have been out and about today, set a limit on the "surplus", which has been easily hit and surpassed ..... does one care? ... i think not!

Don't you just love it when markets over-react?

As long as the outfit isn't some sort on AIM-listed busted flush. ;-))

very late in the day, but as always ..... ADRs = $32.80

Looks like good START for FTSE on Thursday