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Royal Dutch Shell News Friday, 1 April 2005

Royal Dutch Shell News Friday, 1 April 2005

THE WALL STREET JOURNAL: Shell Is in Settlement Talks Over Oil Reserves Scandal: “Royal Dutch/Shell Group said it is in settlement talks on some of the class-action litigation unleashed after it was forced to reclassify its oil reserves.” (ShellNews.net) 1 April 05

Daily Mail (UK): Shell hopes to iron out reserves lawsuit: “SHELL is in talks to settle one of the two major US lawsuits filed over last year’s reserves scandal. It has begun talks with counsel for US pension funds and is hoping for a successful resolution, which would be a big step towards clearing up uncertainty. (ShellNews.net) 1 April 05

THE WALL STREET JOURNAL: Iran Bid For Shell JV Basell Excludes US Ops – Source (ShellNews.net) Posted 1 April 05

THE WALL STREET JOURNAL: Brazil Shell Oil Unit To Invest $200M In 2005 –Report (ShellNews.net) 1 April 05

The Guardian (UK): Shell boss gets £1m bonus despite crisis over reserves: “Jeroen van der Veer, the chief executive of Shell, took home a bonus of nearly £1m last year despite the reserves fiasco that made it the worst year ever for the company’s reputation.”: “The SEC filing reveals that the Anglo-Dutch group’s oil reserve replacement ratio was a dismal 19% last year…” (ShellNews.net) 1 April 05

FINANCIAL TIMES: Shell’s chief executive lands 90% bonus in spite of cuts in reserves: “Jeroen van der Veer, chief executive of Royal Dutch/ Shell, was paid nearly €2.65m (£1.82m) in 2004, a year in which the Anglo/ Dutch oil and gas group had to cut its figures for proved reserves four times”: “The 20-F also revealed that Shell was in settlement discussions with counsel for plaintiffs in legal actions brought under the US Employment Retirement Security Act that it hoped would lead to a resolution. Shareholder class actions are also proceeding, as are separate actions against the company, directors and former directors.” (ShellNews.net) 1 April 05

THE LONDON TIMES: Directors strike it rich after Shell’s investors lament their lost billions: “SHELL lost billions of barrels of oil, investors lost billions of pounds in value and the famous brand lost a century of hard-earned credibility but the directors profited handsomely in 2004, notwithstanding.” (ShellNews.net) 1 April 05

THE LONDON TIMES: Worrying amount of room at the top: “One can understand a certain wariness about taking on the task, given the revelations that have emerged about the culture that allowed Shell to so badly mislead investors” (ShellNews.net) 1 April 05

THE LONDON TIMES: “Royal Dutch/Shell, the oil giant, has replaced less than half the oil that it pumped last year with new finds…” (ShellNews.net) 1 April 05

DAILY TELEGRAPH: Shell earmarks $12m for legal aid: “Shell has been forced to lend $12m (£6.3m) for legal representation to former directors who may have been caught up in the company’s oil reserves scandal. The US Department of Justice has launched a criminal investigation into last year’s reserves restatement and a shareholder class action has been filed with the US District Court in New Jersey. (ShellNews.net) 1 April 05

stuff.co.nz (New Zealand): Shell new discoveries less than half pumped in 2004: “While the figures were broadly in line with previous guidance, they will cement many investors’ worries that Shell has lost its knack of finding oil, following a reserves over-booking scandal last year that led the company to downgrade around a quarter of its oil and gas reserves.” (ShellNews.net) 01 April 2005

Glasgow Evening Times: Union demands inquiry into two deaths on oil rig: “A UNION leader today called for a fatal accident inquiry after oil giant Shell admitted charges over the gas poisoning deaths of two Scots on a North Sea rig.” (ShellNews.net) Posted 1 April 05

NewRatings.com: Shell Settlement Talks Seen As Peripheral: “News that Shell (SC, RD) is in settlement talks on some class action litigation is not surprising, says KBC Peel Hunt analyst Tony Alves.” (ShellNews.net) Posted 1 April 05

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