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Posts on ‘August 11th, 2005’

ShellNews.net: US Class Action Suit Against Shell CEO Jeroen van der Veer Alleging Securities Fraud Given Consent to Proceed

ShellNews.net: US Class Action Suit Against Shell CEO Jeroen van der Veer Alleging Securities Fraud Given Consent to Proceed

Thursday 11 August 2005

A securities fraud case against the world’s third-largest oil company, Royal Dutch/Shell Group, and named Defendants including Shell Chief Executive Officer Jeroen van der Veer, has been given permission to proceed by U.S. District Chief Judge John Bissell. The 152 page Court Order was issued on 9th August 2005. It is accessible via the link below.

The Lead Plaintiff in the case is the Pennsylvania State Employees Retirement System and the Pennsylvania Public School Employees Retirement System. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Financial Post (Canada): Watch climbing oilsands expenses

Financial Post (Canada): Watch climbing oilsands expenses

Shell’s up by $2.8-billion: “When Shell Canada Ltd. and Western Oil Sands Ltd. told the market earlier this week that they underestimated the expansion costs at their Muskeg River mine and Scotford upgrader by $2.8-billion, the market yawned. But Greg Pardy, an analyst at Scotia Capital, thinks investors better take a closer look.”

Thursday Aug 11, 2005

When Shell Canada Ltd. and Western Oil Sands Ltd. told the market earlier this week that they underestimated the expansion costs at their Muskeg River mine and Scotford upgrader by $2.8-billion, the market yawned.

But Greg Pardy, an analyst at Scotia Capital, thinks investors better take a closer look.

“While the market has remained focused on oilsands projects and growth potential — the big picture — considerably less attention has been placed on escalating capital costs,” he said in a research note yesterday. “We find this disturbing and symptomatic of a frothy energy market.” read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Financial Post (Canada): Watch climbing oilsands expenses: Shell’s up by $2.8-billion

Financial Post (Canada): Watch climbing oilsands expenses: Shell’s up by $2.8-billion

“When Shell Canada Ltd. and Western Oil Sands Ltd. told the market earlier this week that they underestimated the expansion costs at their Muskeg River mine and Scotford upgrader by $2.8-billion, the market yawned. But Greg Pardy, an analyst at Scotia Capital, thinks investors better take a closer look.”

Thursday Aug 11, 2005

When Shell Canada Ltd. and Western Oil Sands Ltd. told the market earlier this week that they underestimated the expansion costs at their Muskeg River mine and Scotford upgrader by $2.8-billion, the market yawned.

But Greg Pardy, an analyst at Scotia Capital, thinks investors better take a closer look.

“While the market has remained focused on oilsands projects and growth potential — the big picture — considerably less attention has been placed on escalating capital costs,” he said in a research note yesterday. “We find this disturbing and symptomatic of a frothy energy market.” read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Irish Independent: Trouble-shooters named as Five spend fifth week in jail

Irish Independent: Trouble-shooters named as Five spend fifth week in jail

“The move comes as the “Rossport Five” spend their fifth week in jail for contempt of court over their opposition to Shell’s Corrib gas field pipeline.”

Thursday Aug 11, 2005

THE names of the experts who make up the Government’s Technical Advisory Group (TAG) for the controversial Corrib development were announced last night.

The move comes as the “Rossport Five” spend their fifth week in jail for contempt of court over their opposition to Shell’s Corrib gas field pipeline.

It also comes amid reports that 200 workers employed on the Co Mayo plant could lose their jobs.

Shell has also already announced that all off-shore pipeline work is to be temporarily suspended until “public discussion and dialogue” takes place. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Irish Times: Dempsey names Corrib group as talks held with Shell

Irish Times: Dempsey names Corrib group as talks held with Shell

“The Minister has also confirmed that he met Shell representatives yesterday to discuss the company’s breach of preparatory works, consent for the offshore pipeline and his proposed safety review.”

Thursday Aug 11, 2005

Lorna Siggins, Marine Correspondent

Minister for the Marine Noel Dempsey has announced the composition of his new high-level advisory group that will monitor the Corrib gas project. The Minister has also confirmed that he met Shell representatives yesterday to discuss the company’s breach of preparatory works, consent for the offshore pipeline and his proposed safety review.

A presentation was also made by Shell in relation to the project’s background and “putting the project in its wider gas market context”, Mr Dempsey said. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

The Guardian: Are record oil prices leading to exploitation of oil shales?

The Guardian: Are record oil prices leading to exploitation of oil shales?

Thursday August 11, 2005

John Vidal

Not yet. Oil companies work the easiest and cheapest fields first and high prices encourage them to drill where it is usually only marginally profitable. Because oilfields are seldom fully exploited before companies move on, the price increases are expected to prolong the life of some fields, bring forward the opening of new ones and encourage companies to reopen others – if the present record prices are maintained.

Even companies making billions of dollars in profits a year are not yet committing themselves to exploiting the world’s vast quantities of “unconventional” oils – especially the hydrocarbon deposits found up to 200ft deep in oil shales and sands. Australia, Canada and especially Utah, western Colorado and Wyoming in the US between them are thought to have several trillion barrels of recoverable oil trapped in these rocks. The US is believed to have more than 60% of the world’s resource. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

The Independent: Shell launches $5bn share buy-back plan

The Independent: Shell launches $5bn share buy-back plan

“Shell hopes its restructuring programme will help put the reserves scandal behind it. It has made settlements worth £137m with the US and UK financial regulators and recently agreed to pay $90m in damages to a group of US employee shareholders who had brought a class action against the oil giant. There remain a further two shareholder lawsuits in the US, while both the Dutch markets regulator, the ASM, and Euronext are still investigating the scandal.”

Thursday 11 August 2005

By Damian Reece

Royal Dutch Shell is to continue the restructuring programme triggered by last year’s reserves scandal by launching a share buy-back programme worth up to $5bn.

The company has merged its old Netherlands-based Royal Dutch operation with the UK-based Shell Transport & Trading to create a unified business.

A lack of management clarity and a complicated ownership structure had been blamed in part for last year’s crisis, when the company was forced to admit it had misled investors by overstating the amount of its oil reserves. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Convenience Store News: Shell Settles Class Action with Workers

Convenience Store News: Shell Settles Class Action with Workers

FROM OUR AUGUST 2005 SHELL NEWS ARCHIVE…

“The Royal Dutch/Shell Group of Companies has agreed to pay $90 million to settle a lawsuit brought by U.S. employees after it revealed it had inflated its oil and natural gas reserve numbers.”

Posted 11 August 2005

HOUSTON — The Royal Dutch/Shell Group of Companies has agreed to pay $90 million to settle a lawsuit brought by U.S. employees after it revealed it had inflated its oil and natural gas reserve numbers.

On Jan. 9, 2004, when Shell admitted to overstating its reserves by 20 percent, the stock sank. Shell Transport and Trade dropped 7 percent that day. Royal Dutch Petroleum dropped 8 percent.

After several more revisions that year, Shell ultimately admitted to overstating oil and gas reserves by more than 40 percent. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Daily Telegraph: How a little solution came out of its Shell to take the world by storm

Daily Telegraph: How a little solution came out of its Shell to take the world by storm

“The story begins almost 10 years ago. Shell was wrestling with a classic business problem that faces most multinational corporations…”

Thursday 11 August 2005

(Filed: 11/08/2005)

Stefan Stern looks at the software start-up that outgrew its UK roots to become a global darling

This is a tale of the unexpected: a made in Britain software company doing great things in the US, an entrepreneurial start-up that began life inside Shell of all places, a hi-tech business winning the approval of venture capitalists, and already whetting the appetite of investment bankers who, Google aside, have not exactly been rushing to float IT companies recently. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

THE TIMES: Angry shareholders tell Shell to halt $5bn buyback plan

THE TIMES (UK): Angry shareholders tell Shell to halt $5bn buyback plan

“FURIOUS shareholders urged Royal Dutch Shell to suspend a large share buyback programme last night amid concerns that it might cost the group up to €220 million (£151 million).”

Thursday 11 August 2005

By Richard Irving

FURIOUS shareholders urged Royal Dutch Shell to suspend a large share buyback programme last night amid concerns that it might cost the group up to €220 million (£151 million).

Investors called on Shell to drop a $5 billion buyback, announced yesterday, while its lawyers finalise a separate deal to buy out residual shareholders in Royal Dutch, the former Dutch parent company.

Shell said that about 1.3 per cent of shareholders in Royal Dutch had failed to swap their holdings into Royal Dutch Shell, the new entity formed out of the merger of the oil giant’s Dutch and UK parent companies. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Daily Telegraph: Shell rebel investors dig their heels in

Daily Telegraph: Shell rebel investors dig their heels in

“David Windsor-Clive, 44, another dissident shareholder and former banker who is facing a £600,000 tax bill on a £2m family holding in Royal Dutch, said he was considering suing Shell if it failed to ease the tax hit.”

Thursday 11 August 2005

By Christopher Hope, Business Correspondent (Filed: 11/08/2005)

A stubborn rump of rebel shareholders in Royal Dutch Petroleum has failed to accept the terms of the merger with Shell Transport and Trading to create Royal Dutch Shell.

British investors in Royal Dutch are holding out because they face a large capital gains tax bill as a result of the restructuring to form a £128.7billion oil and gas giant.

David Hunter: facing a tax bill of tens of thousands of pounds

Shell announced yesterday that, after the offer period had been extended for several weeks, 1.3pc of the shareholders in Royal Dutch had failed to accept the terms. The news prompted Shell to reiterate its threat “to use any legally permitted method to obtain 100pc of the Royal Dutch shares”. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.
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