Analysts claim that while the eventual impact of the writedown would be small, it was disappointing news that Shell paid too much for Enterprise Oil, reported the Financial Times.
‘We didn’t think the acquisition was an excellent idea and this confirms what we thought,’ said Vincent Zelenko, oil analyst at JP Morgan.
The news follows a series of announcements about the over estimation of its oil reserves, which caused investor outrage and the eventual removal of top management.
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016