An Opportunity To Pick Up This 6% Yielder On The Cheap

Thu, 03/29/2012 - 16:23 EDT - Seeking Alpha

By Bret Jensen:The oil company Total (TOT) has not had a good week. The company was forced to shut down its North Sea Elgin platform following the news that it had not been able to plug a persistent gas leak. The company now must decide to take six months to drill a relief well or to send down engineers to "kill" the leak, which is a solution that is much faster, but much more risky. The stock has lost more than 8% of its market value since this event, but I believe this represents a great opportunity to purchase this high yielding oil major at a discounted price. Key Facts

Although the market took out its wrath on Total's stock, this is not like the BP Plc. (BP) spill. It is a gas leak, not an oil spill. It is a much smaller release by orders or magnitude than that tragedy, no

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Elgin North Sea gas platform resumes production almost year after leak
Total profit drops 7% on oil sands loss and lower production
Total SA, Europe’s third-largest oil producer, said earnings fell 7 percent on losses from a cancelled Canadian oil sands project and lower output. Profit excluding changes in inventories fell to 2.9-billion euros (US$3.8-billion) in the first quarter from 3.1-billion euros a year earlier, the Paris-based company said today in a statement. That’s in line with the 2.92 billion-euro average estimate of 14 analysts surveyed by Bloomberg.
Why Total SA Is A Good Oil Industry Buy
By Emerging Money:Total SA (TOT) is a major French oil and natural gas company that has a myriad of very appealing features for investors, particularly with its recent price drop.
Leak work 'could take six months'
Oil company Total reveals it could take six months to drill a relief well to stop the gas leak on its Elgin platform in the North Sea.
Big Opportunity In Big Oil: Total
On March 25, France-based Total (TOT) announced that it had detected a natural gas leak at its Elgin Platform in the UK portion of the North Sea, about 240 kilometers (150 miles) from the Scottish coast near Aberdeen. The company shut in the wells surrounding the platform and evacuated all personnel safely with no reported injuries. Total also set up a 2-mile safety perimeter around the field to protect passing boat traffic from danger.
Weekly Performance Update On 5 Large Foreign Integrated Oil And Gas Companies
By Power Hedge: This proved to be a remarkably slow news week for the five large foreign oil and gas companies that I track in these weekly performance updates. The biggest story of the week was Total's (TOT) continuing gas leak at the Elgin platform in the North Sea. Additionally, this was a shorter trading week than normal due to Friday's market holiday.
Total to send staff to gas leaking Elgin platform
LONDON (Reuters) - French oil major Total plans to fly a team of experts to its gas-leaking Elgin platform in the North Sea and on Monday will meet health and safety experts to discuss the risks involved, Britain's Health and Safety Executive (HSE) said on Sunday. "The company has prepared risk assessments for landing a helicopter on the platform and sending a team to carry out observations at the site of the gas release," a spokesman for the body said. ...
Total Plays Down Gas-Leak Risks
Oil major Total sent a ship to evaluate the gas leak at the Elgin platform in the North Sea. The risk for the environment is low, the company said.
Flare still burning at North Sea gas leak
Total still trying to identify cause of North Sea leak

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An Opportunity To Pick Up This 6% Yielder On The Cheap

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