BLOOMBERG: Shell Lacks Oil Sources, Merrill Says, Telegraaf Reports: “Royal Dutch Shell Plc isn't succeeding in finding enough new sources of oil, according to Robin Batchelor, a fund manager at Merrill Lynch & Co., De Telegraaf newspaper reported.”: "Batchelor, who heads the $3.7 billion World Energy Fund, sold all of his shares in Shell last year after the company overstated its oil reserves, the newspaper said.": "Batchelor said he isn't planning on buying Shell stock ``anytime soon,'' the paper reported.": Posted Sunday 11 December 2005

Batchelor, who heads the $3.7 billion World Energy Fund, sold all of his shares in Shell last year after the company overstated its oil reserves, the newspaper said.   

Dec. 10 (Bloomberg) -- Royal Dutch Shell Plc isn't succeeding in finding enough new sources of oil, according to Robin Batchelor, a fund manager at Merrill Lynch & Co., De Telegraaf newspaper reported.

Batchelor, who heads the $3.7 billion World Energy Fund, sold all of his shares in Shell last year after the company overstated its oil reserves, the newspaper said.

Batchelor said he isn't planning on buying Shell stock ``anytime soon,'' the paper reported. Calls to Batchelor at his office today weren't immediately returned.

``State geological surveys, academia and industry have identified that globally there are still hundreds of billions of barrels of conventional oil and gas to be found,'' Bernadette Cunnane, a spokeswoman for Shell in London, said today. Exploration ``remains a cost effective and worthwhile ways of adding resource volumes,'' she said.

(De Telegraaf 12-10, T31)

To contact the reporter on this story:

Martin Boer in Amsterdam at mboer1@bloomberg.net 

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