London Evening Standard: Shell shock spurs City meeting

20 January 2004

A GROUP of City investors has lined up a meeting with Shell's senior independent director Lord Oxburgh to air grievances following the oil giant's shock downgrade of reserves.

Oxburgh, 69, an expert geologist and former rector of Imperial College, should have no difficulty dealing with the technical issues.

Explaining away the tremors in Shell's share price may be more difficult. At least it stopped falling yesterday, rising 2 3/4p to 362 3/4p. It was 405p before chairman Sir Philip Watts dropped his reserves bombshell.

The Association of British Insurers, whose members own 40% of Shell Transport, the UK arm of the Anglo-Dutch Shell empire, said members were 'very concerned'.

Watts got a helping hand from arch-rival Lord Browne of BP, whose comments on the firmer outlook for oil prices lifted Shell and BP's shares.

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