Drilling Update on BP By my calculations the well should be at around 800ft from target depth with a drill rate of 50ft per day. Therefore intermediate logging should be in place and there will currently be data accumulating on the production capacity of the well. In addition if there is any kickback being experienced then that will also give an indication of presence and density of volume. The previous run on the stock started approximately 10-14 days before the expected positive release on Arco Mclean. I estimate that we are now 16-25 days from an announcement here, possibly sooner. I would expect an announcement prior to Christmas. An announcement today that the EIA has reduced (in a large way) the reserves of natural gas, hence pushing up the price should also add value to this stock. If i was short TNEN I would close my position, if i was neutral I would Buy, If i had stock i would load up some more. All my own opinion of course.
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