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Tue Jan 29, 2008 9:14am GMT: Reuters: Shell shares fall as reserves worries mount

Tue Jan 29, 2008 9:14am GMT

Shares in oil major Royal Dutch Shell are flat as concerns mount that the company had a tougher time in replacing reserves in 2007 than thought.

Shell’a London-listed “A” shares trade down 0.1 percent at 1818 pence, compared to a 1.2 percent rise in the DJ Stoxx European oil and gas sector index .

Shell told analysts earlier this month that it would not publish its reserves replacement rate with its full year results, as it usually does, but would wait until later this year to do so.

Analysts understood complications associated with the deconsolidation of Shell’s stake in the Sakhalin oil project in Russia and difficulties in how to estimate reserves in Nigeria where violence has shut in fields, were the reason for the delay.

Nonetheless, they expected some guidance on the reserve replacement rate on Thursday when Shell reports. However, anlaysts at Dresdner Kleinwort said in a research note on Monday that the company was not even planning to comment on reserves. No one was available for comment at Shell.

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08:26GMT 29Jan2008

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