A Glimmer Of Hope Or More Nightmares For Bruised BP Shares And Company Forecast

July 12, 2010 - PRLog -- ROME- Palatine Financial reports that despite all the negative issues surrounding the European oil company BP, a recent rise of more than 5 percent in shares has the company hoping they have weathered the many storms over the past  three months from their disastrous oil spill.

“While they will continue to have an uphill battle repairing their public image and investor relations, and while clean up expenses will continue to rise as even more oil is spilled, their recent actions of continuing to proceed as planned and reaching goals ahead of time have helped restore a slight bit of confidence” said Palatine Financial Analyst John Ferranti.

Ferranti continued by saying that “the recent stock rise reflects, from an investors standpoint, that the company will once again thrive if it continues to shows they are not too badly damaged from the recent incidents and utilizes its industry relations to establish positive business moving forwards.”

In an update on the progress of work to try to cap the damaged well, which began over the weekend, BP said it removed the original cap on the failed blow-out preventer on Saturday afternoon, local time. While that means oil is now gushing unhindered into the sea, the next step is to install what BP calls a "capping stack" that should contain the whole flow.

Attempts of a rival firm have begun to look at the opportunity to implement a hostile takeover, which has helped to push the BP share price higher. Exxon Mobile, the world’s largest oil firm poses a very viable threat to takeover the British rival company, and the Obama administration has stated the it would not stand in the way of such events. A merger between the two oil giants would create a stock market value well of $400 billion plus.

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