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  • Obstacles for BP plc (NYSE:BP) - Improve Public Image and Rapid Clean-up

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    Friday August 6, 2010 at 09:14 am EST

    The Well is Capped. Now What? Obstacles in BP plc's (NYSE:BP) Path.

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    We had reported earlier this week that after BP plc (NYSE:BP) is done with permanently sealing the well, the path forward will be to do clean up and to save money by avoiding Fraud Claims and also ask its partners Anadarko Petroleum and Mitsui & Co Ltd. to pay their part in the clean up costs. BP plc (NYSE:BP) has already started pumping cement in the well and the it will be permanently sealed when cement is pumped through the relief well.

    Bp plc (NYSE:BP) has to concentrate on collecting enough cash to cover the costs by selling some of its assets. Bp has so far been successful in doing that which is evident from the Apache Deal . Transocean Ltd. (NYSE:RIG) has already refused to pay the clean up cost. BP plc (NYSE:BP) has paid $4 billion till now for the clean up and it is planning to send a bill to Anadarko and Mitsui for their part of the expenses. Bp will also have to monitor the claims issue perfectly as there will be hundreds of Fraud claims along with the legitimate ones.

    BP plc (NYSE:BP) stock is now steadily rising from its recent lows as investors now have better understanding ot the costs for the clean up. BP is capable to pay the costs itself even if it is not getting any help from the partners. BP plc (NYSE:BP) Stock closed at $40.68 on Thursday just above resistance level of $39.61.
    Upside Resistance levels - $42.3 and $48.45
    Support Levels - $39.61 and $38.32.

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