London (Platts)--24May2004

Shell has shaved a further 120-mil boe off its end-2002 proved reserves, the 
fourth in a line of downward revisions to proven reserves so far this year
which have seriously damaged investor confidence in the major. 

In a statement announcing the May 28 publication of its delayed 2003 annual report, Shell
said the net effect of revisions to the 1999 to 2002 data was a restatement of
4.47-bil boe compared with the latest restatement of 4.35-bil boe on Apr 16.
Shell said the latest restatement had no impact on group cash flow and the
major's shares were unmoved by the announcement, trading in line with the
market at 393.5 pence in London, down 0.38%. "Our focus has been getting our
reserve figures in line with the (US') SEC and I think we've have done that,"
Jeroen van der Veer, Chairman of the Committee of Managing Directors said in a
conference call. "We are working diligently with SEC to resolve all
outstanding issues."