I only heard about this for the first time on Saturday from a friend, as when i saw this thread i assumed it to be a tanker or something.
Fuck it's a huge disaster this one. Anyway, on another forum i frequent, i came across this. May or may not be some nutjob - I know fuck all about Oil Wells - but still worth a read as this bloke details how this Well is unstable and WILL collapse.
It's a long read by the way and doesn't make you feel this will get any better, not in our life times anyway.
http://www.theoildrum.com/node/6593#comment-648967