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September 8th, 2004:

Royal Dutch/Shell sells 338 petrol stations in Spain, other Spanish ops

Sep 8th, 2004
by John Donovan.
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AFX Europe (Focus): Royal Dutch/Shell sells 338 petrol stations in Spain, other Spanish ops

Sep 08, 2004

AMSTERDAM (AFX) – Royal Dutch/Shell said it reached an agreement with Spanish oil company Disa Corporacion Petrolifera SA concerning the acquisition by Disa of 338 Shell petrol stations in Spain, as well as 5 pct of Shell’s Spanish gas trading business and distribution operations throughout the country.

No financial details were disclosed, but press reports have previously put a valuation of 500 mln eur on the assets being sold by the Shell group.

Shell, which will retain its Spanish LPG, lubricant, aircraft and maritime businesses, expects to complete the transaction by the end of the year. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

The Independent: Cairn caps FTSE 100 entry with oil find

Sep 8th, 2004
by John Donovan.
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The Independent: Cairn caps FTSE 100 entry with oil find

“Mr Gammell refused to comment on Shell’s decision to sell the exploration block to Cairn for a pittance,…”

By Michael Harrison, Business Editor

08 September 2004

Cairn Energy, the independent oil exploration group, yesterday celebrated its entry into the FTSE 100 index of leading companies by reporting its fifth oil discovery this year in the north-west Indian region of Rajasthan and announcing that the field could contain up to 1.2 billion barrels of recoverable reserves.

The upbeat news was not enough to prevent Cairn shares slipping slightly as investors expressed mild disappointment that the company had not announced another blockbuster find. However, despite the 2.5 per cent dip in its price, Cairn still eased its way into the blue-chip index with a market valuation of £2.28bn, displacing Bradford & Bingley. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Scotsman.com: Cairn Energy Powers into FTSE 100

Sep 8th, 2004
by John Donovan.
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Scotsman.com: Cairn Energy Powers into FTSE 100

“Cairn has seen its shares more than triple since January when it announced the first of 10 finds in India on an oil field purchased from Shell for £4 million in 2002. The company is now valued at more than £2 billion.”

By David Winning, City Staff, PA News

The meteoric rise of oil and gas group Cairn Energy continued today as its place among the UK’s top 100 firms was confirmed.

The Edinburgh-based group joins larger rivals Shell and BP in the FTSE 100 Index at the expense of banking group Bradford & Bingley following a review of membership of the Footsie.

Cairn has seen its shares more than triple since January when it announced the first of 10 finds in India on an oil field purchased from Shell for £4 million in 2002. The company is now valued at more than £2 billion. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell, PanOcean announce oil discovery

Sep 8th, 2004
by John Donovan.
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Oil & Gas Journal: Shell, PanOcean announce oil discovery AWOKOU-1 on Awoun permit in Gabon

By OGJ editors

HOUSTON, Sept. 8 — Shell Gabon, operator of the Koula prospect in the onshore Awoun permit in Gabon, West Africa, discovered light oil with its exploration well AWOKOU-1. The well is 8 km north of the Total ASA-Shell producing Avocette field and 5 km northwest of PanOcean’s producing Obangue field onshore, West Africa.

Pan-Ocean Energy Corp. Ltd., St. Helier, Jersey, UK, is Shell’s 40:40 coventurer, with Gabon taking a 20% back-in interest.

The Simpler 101 rig drilled the AWOKOU-1 well to 1,926 m TD. The first of a two-well exploration campaign on the permit, AWOKOU-1 found and logged oil in thick Gamba sandstone. The second exploration well, AWODAM-1, will be drilled in October, about 3 km southwest of AWOKOU-1. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Total dismisses idea of takeover bid for Royal Dutch/Shell

Sep 8th, 2004
by John Donovan.
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ChannelNewsAsia: Total dismisses idea of takeover bid for Royal Dutch/Shell

“Total dismissed prospects for a takeover bid aimed at Anglo-Dutch rival Royal Dutch/Shell, which is struggling to recover from a reserves scandal, signalling that such a move would prove too complex.”

8 Sept 04

PARIS : French oil group Total dismissed prospects for a takeover bid aimed at Anglo-Dutch rival Royal Dutch/Shell, which is struggling to recover from a reserves scandal, signalling that such a move would prove too complex.

Total chief executive Thierry Desmarest said he was not studying any acquisitions at this stage.

“To be honest, today I do not see a transaction presenting enough appeal for acquisitions,” he said at a mid-year review news conference.

Rumors that Total was eyeing Shell surfaced last month after the British Sunday newspaper The Observer reported that Shell feared it was a takeover target of Total, citing informed sources at Shell. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Asia’s Elite Jet in for ‘Subdued’ Brunei Wedding

Sep 8th, 2004
by John Donovan.
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FROM OUR AUGUST 2004 SHELL NEWS ARCHIVE

The New York Times: Asia’s Elite Jet in for ‘Subdued’ Brunei Wedding

“new mood of thrift in a palace once tainted by financial scandal.”: “Now, corporate sponsors are funding a big part of the total cost of celebrations, estimated at around $5 million.”: Oil and gas firms Brunei Shell and Brunei LNG and local car distributor Goh Hock Kee are among sponsors for the wedding…

By REUTERS

September 8, 2004

BANDAR SERI BEGAWAN, Brunei (Reuters) – A glittering guest list of Asian leaders and Middle East royalty began jetting into the oil-rich sultanate of Brunei on Wednesday for a royal wedding being billed as low-key by local standards.

The leaders of Indonesia, Malaysia, Singapore and the Philippines will mix with Saudi and Bahrain royalty at Thursday’s celebrations, the climax of weeks of traditional nuptials between the heir to the Brunei throne and his teenaged bride. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell Sells Distrigas, Fluxys Stake

Sep 8th, 2004
by John Donovan.
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THE WALL STREET JOURNAL: Shell Sells Distrigas, Fluxys Stake

“Shell Transport reported Tuesday that Belgian Shell has agreed to the sale of its 16.67% interest in each Distrigas SA, the Belgian gas wholesale company, and Fluxys SA, the Belgian gas transmission company…”

DOW JONES NEWSWIRES

Posted 8 Sept 04

Edited Press Release

LONDON (Dow Jones)–Shell Transport reported Tuesday that Belgian Shell has agreed to the sale of its 16.67% interest in each Distrigas SA, the Belgian gas wholesale company, and Fluxys SA, the Belgian gas transmission company to Suez-Tractebel, the utility group. The prices agreed for the transaction are EUR1,648/share for the shares held in Distrigas and EUR1,600/share for the shares held in Fluxys, in line with share price levels in the recent past. The overall value of the transaction amounts to EUR380.4 million. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell’s Belgian Unit Sells Utilities

Sep 8th, 2004
by John Donovan.
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Forbes: Shell’s Belgian Unit Sells Utilities

Associated Press

Posted 8 Sept 04

Shell Transport and Trading Co. said Tuesday that its Belgian unit is selling its interest in two utilities to Suez Tractebel S.A. for about 380.4 million euros, or about $459.7 million.

Belgian Shell is selling its 16.67 percent interest in Distrigaz SA, a Belgian gas wholesale company, and its former unit Fluxys SA, a gas transmission company.

Suez Tractebel, Belgium’s largest utility holding company, agreed to pay 1648 euros ($1,991) per share for Distrigaz and 1600 euros ($1,933) per share for Fluxys, Shell said. Distrigaz last traded at 1,900 euros per share on the Brussels Stock Exchange while Fluxys traded at 1,757.50 euros per share. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Shell to sell stakes in Belgian gas firms to France’s Suez

Sep 8th, 2004
by John Donovan.
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ChannelNewsAsia.com: Shell to sell stakes in Belgian gas firms to France’s Suez

“(460 million dollars).”: “The agreement is the result of commercial discussions that had been initiated several months ago,” Shell said in a statement to the London Stock Exchange after the close of trading.

Posted: 08 September 2004 0209 hrs

LONDON : British oil giant Shell announced that its Belgian arm had agreed to sell its stakes in two Belgian gas companies to utility group Suez-Tractebel in deals worth a total of around 380.4 million euros (460 million dollars).

Belgian Shell has agreed to sell each of its 16.67-percent stakes in Distrigas, the Belgian gas wholesale company, and Fluxys, the Belgian gas transmission company, to Suez-Tractebel, the Belgian arm of Suez, Shell said.

Suez-Tractebel will pay 1,648 euros per share for Shell’s stake in Distrigas and 1,600 euros per share for Shell’s interest in Fluxys. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

The Times: Cairn waits for green light on Mangala

Sep 8th, 2004
by John Donovan.
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The Times: Cairn waits for green light on Mangala

“Approval by the Government would enable Cairn to start developing Mangala to extract up to 100,000 barrels of oil a day from the Rajasthan desert bloc it bought off Shell two years ago.”

By Peter Klinger

September 08, 2004

CAIRN ENERGY, the Edinburgh oil and gas company, said yesterday that it was confident India’s Government would give the go-ahead to turn its Mangala discovery into a significant oil-producing asset before the end of the year.

Approval by the Government would enable Cairn to start developing Mangala to extract up to 100,000 barrels of oil a day from the Rajasthan desert bloc it bought off Shell two years ago.

Cairn has estimated that the development cost of the Mangala discovery would be about $500 million (£280 million). read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Daily Telegraph: City comment: Too dangerous for us, say auditors

Sep 8th, 2004
by John Donovan.
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Daily Telegraph: City comment: Too dangerous for us, say auditors

“KPMG is the auditor to Shell, where the American class-action lawyers are just getting going.”

Edited by Neil Collins

(Filed: 08/09/2004)

There’s a simple way to encourage good directors, but the DTI won’t do it

“Scrapping the DTI would rob Britain of a key tool in creating jobs, helping businesses thrive and ensuring rights at work are upheld.” Thus did Patricia Hewitt, still secretary of state for trade and industry last night, encapsulate why this department has had its day. “Helping business thrive” is clearly at odds with “ensuring rights at work are upheld”, since executive time spent on the latter does nothing for the former. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Modest Scot who has hit the jackpot

Sep 8th, 2004
by John Donovan.
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Daily Telegraph: Modest Scot who has hit the jackpot

“Seven years ago he invested in an overlooked Rajasthan field, buying the last 50pc from Shell for $7.5m in 2002. By last December, Cairn had spent $100m on drilling. Then in January, it struck black gold.”

(Filed: 08/09/2004)

It’s been a year to remember for Bill Gammell, chief executive of Cairn Energy, who has seen the company he founded 24 years ago in Edinburgh quadruple in value in the 12 months to £2.3 billion.

The 51-year-old started Cairn Energy Management with a friend in 1980 and floated the renamed firm in 1989. Seven years ago he invested in an overlooked Rajasthan field, buying the last 50pc from Shell for $7.5m in 2002. By last December, Cairn had spent $100m on drilling. Then in January, it struck black gold. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

The Guardian: Rajasthan oil takes Cairn into FTSE 100

Sep 8th, 2004
by John Donovan.
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The Guardian: Rajasthan oil takes Cairn into FTSE 100

“Cairn was also able to announce another drilling success in Rajasthan, with a fifth oil discovery near Mangala, which it bought for a song from Shell.”

Doubts remain over field’s potential output

Terry Macalister

Wednesday September 8, 2004

Cairn Energy, the Edinburgh oil and gas group, yesterday became one of Britain’s top 100 companies, despite announcing a 40% slump in half-year profits and facing questions over its key oil discovery in India.

Shares in the company have soared since January when it found the massive Mangala field in Rajasthan. It took its place in the FTSE 100 yesterday at the expense of the building society, Bradford & Bingley. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

The Guardian: Notebook: Time to grow up

Sep 8th, 2004
by John Donovan.
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The Guardian: Notebook: Time to grow up

This is the firm that snatched an exploration licence for the Indian state of Rajasthan from Shell for the comical price of £10m – just before Shell owned up to its serial over-statement of its reserves. Cairn proceeded to make a string of discoveries…”

8 Sept 04

In these days of heady oil prices, it was strange to see an oil company reporting a 40% slump in half-time profits yesterday. But then Cairn Energy is not a normal company – or at least Cairn has enjoyed a rather abnormal year.

This is the firm that snatched an exploration licence for the Indian state of Rajasthan from Shell for the comical price of £10m – just before Shell owned up to its serial over-statement of its reserves. Cairn proceeded to make a string of discoveries in Rajasthan and seems to have identified up to 400m barrels of recoverable crude in a field that may contain 2bn barrels. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

The Guardian: Notebook: Are big fines fine?

Sep 8th, 2004
by John Donovan.
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The Guardian: Notebook: Are big fines fine?

“Ever since the Financial Services Authority clouted Shell with a £17m fine, a debate has been raging about whether it is right that regulators levy hefty penalties on companies guilty of wrongdoing.”

8 Sept 04

Ever since the Financial Services Authority clouted Shell with a £17m fine, a debate has been raging about whether it is right that regulators levy hefty penalties on companies guilty of wrongdoing.

The argument against is that the fine hits shareholders, who should not be held responsible for errant management. The FSA’s chief executive, John Tiner, seemed to concede as much in a speech this week when he stated that the regulators’ fines should not be too onerous since shareholders would usually have been hit by a drop in the guilty company’s share price. read more

This website and sisters royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

Petronas-Shell joint venture strikes gas again

Sep 8th, 2004
by John Donovan.
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Business Times (Malaysia): Petronas-Shell joint venture strikes gas again

Sep 08, 2004

CS MUTIARA Petroleum Sdn Bhd, a 50:50 joint venture between Petronas Carigali Sdn Bhd and Shell Malaysia Exploration & Production, has made another gas discovery in Block PM301, offshore Kelantan.

The Bunga Zetung-1 well, spudded on July 9 2004, was drilled to a total depth of 1,875m and encountered four gas zones, CS Mutiara Petroleum said in a statement.

The gas zones have an estimated recoverable reserve of 0.2 trillion standard cu ft, subject to further technical evaluation.

Bunga Zetung-1 is the second successive discovery in Block PM301, following the success of the Bunga Kamelia gas discovery in November last year. read more

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