By Liam Denning A DOW JONES COLUMN BP's relief wells in the Gulf of Mexico are running ahead of schedule. But some investors hope deliverance will come sooner from sovereign wealth funds. The logic is fuzzy. BP says it won't issue new equity to help pay for cleanup costs in the Gulf. If so, any investment by a sovereign fund would not provide new capital to shore up BP's finances. Rather, it would involve buying shares in the open market like anyone else. So if, as news reports have speculated on, either Libya's or Abu Dhabi's sovereign funds took a big stake in BP, it would amount to a vote of confidence from them that the stock is oversold. The appearance of a rich investor can help put a floor under a stock. But in BP's case, their taking a big stake might also undermine other supportive arguments for the stock, such as the investment complicating any future restructuring or takeover. Most importantly, sovereign funds aren't necessarily better judges of value: Abu Dhabi Investment Authority's $7.5 billion investment in Citigroup in late 2008 looks spectacularly mistimed. Like the financial crisis, BP's immediate problems stem from a black hole that's difficult to put a price on. Sovereign money would add some heft to the buy camp. But relief for shareholders ultimately rests on those wells. And with their timetable having apparently accelerated, would it necessarily make sense to sell to a value investor now anyway? (Liam Denning joined The Wall Street Journal from the Financial Times, where he wrote for the Lex column. Previously, he was an investment banker at Goldman Sachs. He can be reached at 212-416-3618 or by email at liam.denning@wsj.com) (TALK BACK: We invite readers to send us comments on this or other financial news topics. Please email us at TalkbackAmericas@dowjones.com. Readers should include their full names, work or home addresses and telephone numbers for verification purposes. We reserve the right to edit and publish your comments along with your name; we reserve the right not to publish reader comments.) (END) Dow Jones Newswires July 07, 2010 15:05 ET (19:05 GMT)