MARKET TALK: BP Still Hasn't Plugged The Hole

21st Jun 2010 10:18

0918 GMT [Dow Jones] Following last week's developments, focus will now revert back to BP's (BP.LN) effort to contain the spill in the Gulf of Mexico, says Dolmen Securities. It notes work continues to progress ahead of schedule on the two relief wells which offer the best chance of a solution to the leak. Dolmen reckons these wells could now reach target depth by mid-late July, adding this is an improvement on the originally forecasted date of early August. "Our view remains that BP is a strong and viable company that will be able to absorb the fallout from the spill, however, last week's developments highlight the power that the White House has over the eventual outcome of the disaster for BP." Buy rating. Shares -3.6% at 345p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 21, 2010 05:18 ET (09:18 GMT)