Posted on 07/06/2010 4:59:30 PM PDT by NormsRevenge
HOUSTON (Reuters) – Drilling of a relief well seen as the most promising way to plug the BP oil spill in the Gulf of Mexico is a week ahead of schedule, the U.S. official overseeing the spill response said on Tuesday.
But crews were still aiming to reach BP's blown-out well only in mid-August, Retired Coast Guard Admiral Thad Allen said on Tuesday, 78 days after an explosion on the Deepwater Horizon drilling rig killed 11 people and burst an oil well, now spewing up to 60,000 barrels of crude into the Gulf each day.
BP's shares rose nearly 9 percent in New York after the company said it could cover the costs of the spill without selling new shares, despite reports it was talking to government-owned funds in the Middle East about buying a stake to ward off takeover attempts.
The oil company's share boost -- its London shares also rose, partly supported by a brokerage upgrade -- came even as oil from the slick spread to Texas, the last U.S. Gulf state whose shores had been untainted by the environmental disaster.
The spill is wreaking havoc on coastal ecosystems, fishing communities and a tourist industry seen as especially important during a time of high unemployment. Vacationers largely avoided beaches tarred by the leaking well during the three-day U.S. July 4 Independence Day holiday weekend.
Investors said that barring other negative news, the stock may have found a floor with its closing price at $26.97 on June 25. Shares are up 16 percent since the close on that day....
...
At one stage during the spill, BP had lost $100 billion in market value.
(Excerpt) Read more at news.yahoo.com ...
Several sovereign funds already hold BP stakes. Norway and Kuwait control about 1.8 percent each, China has 1.1 percent and Singapore 0.7 percent, according to Thomson Reuters data.
Royal Bank of Scotland upgraded BP to "buy" from "hold."
--
They been getting the bejeesus kicked out of them.
Good, the July puts I sold should expire worthless.
Kudlow was talking about a rumor that BP lobbied the British Government to release the lockbie Bomber...
9:03PM BST 05 Jul 2010
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.