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Shell News Archive Saturday 27 November, 2004

Shell News Archive Saturday 27 November, 2004

Daily Telegraph: Barrel count delays Shell’s annual report: “Shell, the energy giant struggling to restore its credibility after its reserves debacle, has been forced to delay the publication of its 2004 annual reports because of lingering uncertainty over how much “proven” barrels of oil and gas it has got.”: “Since January, the number of reclassified proven barrels has risen as the company has checked and rechecked its reserves.” ( 27 Nov 04

Yahoo! Finance: Shell postpones AGM: “Sorting out the mess of its reserves scandal has forced oil giant to Shell to postpone its AGM for two months”: “The release of the details of the proposed plan to amalgamate the UK and Dutch sides of the business under one board will also be delayed as they have to be included in the 2004 statements” ( Posted 27 Nov 04

CBS MarketWatch: Shell may delay 2004 financials: Oil giant delays board unification: “Shell’s annual general meeting will now be held on June 28 next year.”: Three senior executives, including former chairman Philip Watts, were ousted in the debacle. Shell agreed to pay the U.K. Financial Services Authority and the U.S. Securities and Exchange Commission a total of $157 million in penalties to settle investigations into its accounting practices. ( Posted 27 Nov 04

Los Angeles Times: Shareholder Meetings Postponed by Shell: “Oil giant Royal Dutch/Shell Group said it had postponed its shareholder meetings as it continues with a strategy review after a scandal over the amount of its oil and natural gas reserves.” ( 27 Nov 04

Yahoo! Business News: Shell delays AGM as another reserves cut looms: “The news unnerved investors, who feared that the delay could mean the reduction could be bigger than what Shell advised”: “The latest cut, if confirmed, will bring the overall reserves reduction to 5.4 bln barrels, equivalent to over a third of the group’s proved reserves base.”: “Standard & Poor’s Ratings Services said it placed its AA+ long-term ratings on Shell on CreditWatch with negative implications immediately after the company announced on Oct 28 that it plans to cut reserves again. ( Posted 27 Nov 04

Financial Times: R Dutch/Shell gives itself breathing space: “The reserves review might also require a restatement of financial statements for previous years, which would delay publication of the 2004 results. All such statements for 2004 and previous years will be subject to regulatory review before publication.” ( Posted 27 Nov 04

THE TIMES (UK): Shell delays AGM to end chaos over its reserves: “Shell’s decision to postpone its annual meeting is extremely unusual. They are postponed occasionally if an outstanding event needs to be resolved before shareholders make decisions, such as a corporate raider indicating it may make a takeover bid or the company being in negotiations with creditors.”: “Yesterday’s news came as police in Nigeria released on bail three members of a minority rights group who protested against Shell’s activities.” ( 27 Nov 04

Nigeriaworld: RE: OGONI 9 DESERVED TO DIE: “The “Ogoni Nine” were not tried in any known court of law in Nigeria. They were rather tried by a hand-picked military tribunal specially set up to guarantee their conviction”: “On the role of Shell in the murder of the Ogoni Nine…”: “Ken Saro Wiwa himself wrote: “On January 4, the alarm bells rang in the ears of Shell. I was to know no peace from then on. I became a regular quest of the security agencies….”: “Yet, more evidence of Shell involvement: In two separate meetings in London and Amsterdam in March 1993, Shell resolved to monitor the movements of Ken Saro Wiwa and other key players in the Ogoni struggle, including Body Shop International which has been very involved in projecting MOSOP campaigns abroad” ( Posted 27 Nov 04

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