A HOLE lot of makeup....
You have no clue what you are talking about in regards to the “expected pressures of + or - 3 psi.”
It is quite common for a well that has been allowed to flow at such a high rate, for such a long time, to deplete the capability of the formation to where it loses volume, pressure and production potential. They tend to collapse in on themselves and break down the communicability/permeability of the formation.
Once they get full control of the well and isolate and seal the casing, (Through a relief well) they can redrill the formation and even Frac to get the original rate to return.
As far as your claim that the casing has been “fractured below surface” it becomes quite obvious you have little to no experience in this industry. If you did, then you would certainly know that most down-hole blowouts occur at the intermediate shoe and usually breech the annular. There is no indication that this is happening however. The pressure is holding steady, which indicates that the well is temporarily under control. They still need to drill a relief well and do a kill procedure on this one.
For the industry's sake, if you like BP or not we do not need any further complications. Too many people will lose income, salaries will become lower and job opportunities will suffer greatly from this before it is said and done.