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CNNMoney.com: Shell says won’t give update on oil reserves in FY results

January 29, 2008: 06:40 AM EST

LONDON, Jan. 29, 2008 (Thomson Financial delivered by Newstex) — Royal Dutch Shell PLC (NYSE:RDS A) will not provide an update on oil and gas reserves estimates alongside its annual results on Thursday, a company spokesman said.

He said the latest reserves figures will be included in the group’s 20F annual report.

‘We’ve said in the Q3 (results announcement in October last year) that the Q4 statement will be purely financial results and we think the right place to give an update on reserves is on the 20F annual report,’ he said, noting the move is consistent with what other major oil companies are doing.

Shell is expected to file the 20F report with the US Securities and Exchange Commission in March.

The change in the timing disappointed some investors who are worried the latest figures could be poor.

Dresdner Kleinwort said the move was ‘regrettable’ but understandable since the company’s reserve replacement had been weakened and made more complex by the impact of the Sakhalin-2 deal.

Shell early last year ceded control of 20 bln usd Sakhalin-2 to Russian gas monopoly Gazprom which took a 50 pct plus one share stake in the project in a 7.5 bln usd deal, halving the Anglo-Dutch oil group’s stake to 27.5 pct.

Shell’s reserves estimates have been closely watched by analysts after the company’s shock admission in 2004 that the figures were overstated. This led to the exit of key executives, including chairman Philip Watts.

Copyright Thomson Financial News Limited 2007. All rights reserved.

http://money.cnn.com/news/newsfeeds/articles/newstex/AFX-0013-22599032.htm

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