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To: MSI who wrote (17031)	1/9/2004 9:21:41 AM
From: Bucky Katt	Respond to of 48463

Yeah, the old 'checks & balances' is on it's way to Mars... Check out the news on RD this morn..... Bad bad bad... LONDON (Dow Jones)--Royal Dutch/Shell Group (RD, SC) Friday stunned markets saying it has significantly overestimated its proved global oil and natural gas reserves. Reserves are the lifeblood of an oil company and fuel future growth of its production. Any downgrade is looked upon negatively, and shares in U.K. component Shell Transport & Trading (SHEL.LN) sank 7.5% in early trading, all but wiping out strong gains made during December. In a statement, the world's third biggest oil company in terms of production said it would trim its proved oil and gas reserves by a fifth, down to 15.6 billion barrels of oil equivalent from 19.5 billion boe estimated at December 2002. Based on current production, Shell's move cuts its reserve life to 10.6 years from 13.4 years, according to J.P Morgan. Shell's production in the third quarter averaged 3.9 million barrels of oil equivalent a day. The bulk of the downward reserves adjustment stems from overestimates on fields in Nigeria and Australia. The pair form part of Shell's so-called heartland regions, in addition to Brunei, Malaysia, Oman and the Gulf of Mexico. The downgrade comes after a comprehensive internal review of the company's reserve base, the company said. A spokesman for Shell said these reviews are conducted on a rolling basis roughly every four years.